When a couple has accumulated wealth, the division of assets is always a major conflict if they divorce. Generally, all the properties acquired during the marriage are considered marital property under the law and are subject to division in a divorce. The split of these assets is expected to be fair, irrespective of the method used to divide them. If you have an amicable divorce, you may propose on the division and present the proposal to the court for approval. Working with an experienced lawyer in North Carolina to protect your interests during property division is crucial. So, how are assets divided in a divorce in North Carolina? Here is an overview of the process.
During property division, it is critical to have legal help to ensure the division is equitable and meets your needs. Contact a lawyer before you agree to divide your bank accounts, retirement savings, and real estate during the divorce. The professional will help you make the right decisions and protect your interests. You can divide the assets in three ways depending on what you are comfortable with and the situation. It can be through a separation agreement, a consent judgment, or equitable division court order.
The Process of Dividing Marital Property During Divorce in North Carolina
Property division is a process. If the couple cannot agree, they may involve the court. All in all, the process involves four main steps.
The first step to asset division during divorce is identification. Both partners must list their assets and debts during the separation or when both stop living together. Identifying the properties will facilitate the other processes.
The next step after identifying the properties is classification. The assets will need to be classified as separate or marital. Any asset you receive as a gift or inheritance during the marriage is considered separate. However, all the properties you gained after marriage or before you separated will be marital assets and subject to division.
Asset valuation is important for equitable distribution. Therefore, you will need to calculate the value of an asset as of the separation date. In that case, you may need a professional to calculate the value of items like homes, boats, real estate, motorcycles, cars, etc. The current value of assets in the market is vital to ensure both parties come to a fair settlement.
Lastly, the expert or court will decide how these assets will be distributed based on their value. The properties must be distributed equitably and fairly to ensure everyone benefits. However, factors like marriage duration, marital fault, and custodial parent’s needs may affect how property is distributed.
Contact a North Carolina Lawyer for Asset Division
From the information above, you can see three ways of dividing wealth, and each process involves four steps. Therefore, it can be complex, so working with experienced divorce lawyers is the best option. The professionals will provide all the help you need to ensure you get a fair settlement and avoid mistakes that can affect how property is distributed.