Equitable Distribution Of Marital Property in North Carolina
Separation is a difficult process in every respect, particularly in the separation of two peoples' financial affairs. To minimize your financial risk during the divorce process, it is important to have an experienced lawyer on your side.
At Weaver, Bennett & Bland, P.A., in Matthews, we have more than 25 years of experience helping people in Union County and the Charlotte area. We provide skilled counsel during negotiation of property settlements to protect what is important to you.
Property Settlements
We work to see that your interests are protected during the processes of identification and classification of assets and debt, whether the marital estate is modest or large and complex. Under North Carolina law, assets and debts of a married couple fall into three categories:
- Marital assets and debt are those acquired during the marriage through marital effort, including real estate, automobiles, bank accounts, retirement accounts, stock and equities, personal property and debts of all kind, including credit card debt.
- Separate assets and debt include those brought into the marriage, received as a gift or inherited, and were kept identifiably separate during the marriage.
- Mixed assets and debt are those where separate interests are blended with marital contributions. Mixed assets include family businesses that existed before marriage and grew during marriage; homes brought into marriage as separate properties, after which marital assets were used to make mortgage payments and improvements; and retirement and pension accounts that existed before marriage and grew during marriage through contributions.
There are exceptions and gray areas to the above categories. For example, if there is credit card debt acquired as a result of an extra-marital affair, that debt will be entirely the responsibility of the unfaithful spouse. Mixed assets may be apportioned by formula, but can be negotiated. Division of businesses is complex, with the issue of valuation being at the forefront of the challenges.
Equitable Distribution of Marital Assets
If you are unable to agree on terms, the court will order equitable distribution of marital assets and debt. Equitable distribution does not necessarily mean an equal 50-50 split. The judge may determine that another division is equitable based on length of the marriage, different earning potentials of the spouses, health issues or other factors.
Negotiating a Financially Favorable Separation Agreement
When negotiating a separation agreement, we consider all aspects of your financial position, including alimony and post separation support, tax liability, child support, assets and other factors in light of your personal goals in order to preserve what is important to you.
Our attorneys focus on the protection of all assets, and when appropriate, call on lawyers from our firm's income tax, real estate, corporate and estate planning practices to assist in protecting you during the process of designing an appropriate separation agreement.
How Can We Help You?
If you want to find out how we can help you protect your property during a separation, call 704-321-8031 or e-mail us to schedule an appointment with our experienced Charlotte and Union County property division attorneys.
