Divorce can be challenging, and one of the biggest questions you might face is, “What happens to our stuff?” Whether it’s the home you shared, the car you drove, or the savings you built together, dividing assets can feel like a daunting puzzle.
In this blog, we’ll explain the process of splitting up assets after a divorce in North Carolina, helping you understand what to expect and how to protect what’s important to you. Read on to learn how to take this crucial step in your new beginning.
Property division in North Carolina
The state follows the “equitable distribution” rule, meaning that assets and properties are divided fairly, though not equally. The first step in this process involves categorizing all assets as either “marital” or “separate.”
Marital properties include anything acquired during the marriage, while separate assets are those owned individually before the marriage or received as inheritances. The court will focus primarily on dividing marital assets.
Once the court identifies the properties, the judge will determine the value. This process may involve appraisals for items like real estate or businesses. After establishing the value, the court considers several factors to decide on an equitable division, including the following:
- The duration of the marriage
- The income that each spouse brought into the relationship
- The standard of living established during the marriage
- The age and health of both parties
- Any direct or indirect contributions to the education or career of the other spouse
The court also considers the needs of each spouse and any agreements made between them. While this process can seem complex, understanding these components can help you navigate it more effectively.
Get the share you deserve
Remember, the main goal is to reach a fair and equitable distribution that respects the contributions and needs of both parties. Consider seeking guidance from a lawyer who can help protect your interests and support you through this transition.