Division of Marital Property
If you are going through a divorce, you might need to learn about the laws involved in handling property and debts of separating spouse. We understand how the law works and what laws are involved in the division of your assets. It is important that you know your rights as quickly as possible, so you are not blindsided. We can teach you everything you need to know.
Divorce is a painful process. It can be volatile and unpredictable, and it is for this reason that divorce attorneys do not waste time when it comes to informing their clients of their rights. We can educate you on your property rights and advocate for your rights legally from start to finish.
In the state of North Carolina, the courts will generally accept any reasonable and logical property, and debt division agreement that separating spouses agree to, however, if they are unable to agree on the division, the courts will have to step in and divide the assets equitably between the spouses.
North Carolina adheres to equitable distribution between spouses while other states follow community property distribution. Community property recognizes the 50/50 rights of separating spouses, but "equitable" distribution may not. However, separate property is not subject to division. This may include:
- Property owned before marriage
- Inherited property
- Property received as gifts from someone other than the spouse
Some factors are considered when dividing marital property:
- The length of the marriage
- The age, and health of each spouse
- The contribution of each party in terms of income, property, and liabilities
- Custody of the children
- Pensions ore retirement
- Contributions by one spouse to the education of the other
- Tax consequences
- Any other relevant factors
What happens to retirement accounts?
Pensions are divided between spouses like all their other property. Vested and unvested pensions are considered marital property. If the spouses share retirement or pension plan, then they need to complete a Qualified Domestic Relations Order (QDRO), a set of instructions that explains to an administrator how the separating spouses are going to divide their pension plan.
Dividing Debts in North Carolina Divorce
Marital debts are treated like marital properties during divorce. The judge determines whether the debt can be characterized as marital or separate before the court makes a decision. If it is a separate liability of either spouse, the judge will either split it equally or divide it equitably between the couple.
Do you have legal questions about the division of property?
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