Keeping Your Share In Your Divorce
When someone realizes that a divorce is in their future, one of the biggest concerns they may have often involves who will end up with what assets. Keeping ownership over your nonmartial assets while determining what you own in martial assets by yourself is rarely simple. Thankfully, you do not have to go through it on your own.
At Stauff & Gross, PLLC, our North Carolina lawyers know the challenges that come with a divorce, and we know how to help our clients resolve their legal needs in a swift and effective manner. Our goal as your attorneys is to provide you with the compassionate, responsive and committed representation you deserve throughout every step of your divorce.
The Challenges Of Asset Division
A key part of any divorce agreement is dividing a couple’s assets or debts, which are called “marital property.” The legal term for this division is “equitable distribution.” While the term suggests that assets will be divided equitably, or fairly, this is not always true. In fact, in some cases, it is not at all fair to divide the assets evenly. Because of this, property division can be a very contentious part of the divorce process.
Before attempting to divide your property on your own, engage a divorce attorney who is experienced in handling equitable distribution cases in North Carolina courts. This is the best way to ensure that you are receiving the property you are entitled to without unknowingly giving up your rights to it.
Frequently Asked Questions About Property Division In Divorce
Our North Carolina divorce attorneys regularly address client questions about property division. Below are answers to some common concerns that arise during the equitable distribution process.
How do I value complex assets like businesses for property division?
Valuing complex assets such as businesses, professional practices or retirement accounts often requires specialized expertise. Our attorneys work with financial analysts, business appraisers, and forensic accountants to determine accurate valuations of these assets.
The valuation process typically examines multiple factors, including revenue history, market conditions, growth potential, and goodwill. We recommend beginning this process early in your divorce proceedings, as thorough valuations take time and require the right expert, but are essential for fair distribution.
How does North Carolina handle property acquired during separation?
North Carolina has specific rules regarding property acquired during the separation period before divorce finalization. Generally, assets acquired after the date of separation are considered separate property and are not subject to equitable distribution.
However, complications can arise when these assets were funded by marital resources or when the separation date is disputed. Documentation of when you separated is critical, as this date serves as the cutoff point for acquiring new marital property. Our attorneys help clients establish clear separation timelines and properly classify assets acquired during this period.
What if my spouse is hiding assets during our divorce?
If you suspect your spouse is concealing assets, our legal team employs several discovery methods to uncover hidden property. These include depositions, interrogatories, requests for document production, and subpoenas for financial records. We can also engage forensic accountants to analyze financial discrepancies or unusual transactions.
North Carolina courts take asset concealment seriously, and judges may penalize dishonest spouses by awarding a larger percentage of marital property to the innocent spouse or imposing monetary sanctions.
Can I appeal a property division decision?
Yes, you can appeal property division decisions in North Carolina, though successful appeals require demonstrating that the trial court made a legal error or abused its discretion. Appeals must be filed within a strict time frame after the final judgment. Additionally, post-judgment motions to modify property division are extremely limited once the divorce is finalized.
Our attorneys carefully review court decisions and advise clients on the viability of potential appeals based on the specific circumstances of their case. These property division matters highlight why experienced legal representation is crucial during divorce proceedings.
What types of property are subject to division in a divorce?
In North Carolina, only marital property is subject to division during divorce. Marital property includes assets and debts acquired during the marriage, regardless of whose name is on the title or account. This typically includes:
- Real estate purchased during the marriage
- Retirement accounts and pensions accrued during the marriage
- Vehicles, furniture and household items
- Bank accounts and investments
- Business interests developed during the marriage
- Debts incurred during the marriage
Separate property, which is not subject to division, includes assets owned before marriage, inheritances or gifts specifically given to one spouse and property designated as separate in a valid prenuptial agreement. However, separate property can become marital property if it is commingled with marital assets or if the nonowner spouse contributes to its increase in value.
What happens if my spouse and I cannot agree on property division?
If you and your spouse cannot reach an agreement on property division, the court will make these decisions for you through the equitable distribution process. A judge will consider multiple factors, including:
- The income and earning potential of each spouse
- The length of the marriage
- The age and health of each spouse
- Direct and indirect contributions to acquiring property
- Tax consequences of property division
- Support obligations from prior marriages
When the court intervenes, you lose control over the outcome. This is why we strongly recommend attempting negotiation or mediation with proper legal representation before resorting to litigation.
Can I sell the property before the divorce is finalized?
We strongly advise against selling or transferring property before your divorce is finalized without either your spouse’s consent or court approval. Once a divorce action is filed, temporary orders may prohibit disposing of marital assets. Violating these orders can result in serious consequences, including being held in contempt of court or receiving an unfavorable property settlement.
How long does the property division process take?
The timeline for property division varies significantly based on the complexity of your assets and the level of cooperation between you and your spouse. Simple cases with few assets and mutual agreement might be resolved in a matter of months. Complex cases involving businesses, extensive investments, or high-conflict situations can take a year or longer.
Start Planning With Us Today
If you are facing a divorce, or plan on initiating one soon, come to our Raleigh office for the guidance you deserve. Call us at 919-891-8812 or email us here to schedule your initial consultation today, and take the first step in protecting your best interests through every step of your divorce.