Property division is often one of the most complex and disputed issues in a divorce matter. No one wants to give up something they own, particularly when they believe it is their separate property. Addressing these cases can be difficult, which is why it is always worth hiring a lawyer familiar with our equitable distribution laws. If you are going through a divorce, Morgenstern & Associates will take care of you. We will let you know about North Carolina divorce laws, property division and equitable distribution.
If you and your spouse can’t come to an agreement about how to divide property, the court will decide. North Carolina is an equitable distribution state.
NC Property Division Laws address 3 kinds of property
The court looks at all of the property involved and puts it into three categories: marital, divisible, and separate.
Marital – Everything owned as of the date of separation which was acquired during the marriage and prior to the date of separation.
Divisible – Any passive change in value of marital property occurring after the date of separation which may include, interest, dividends and payments.
Separate – Owned prior to the marriage or acquired after the date of separation or otherwise acquired by gift from a third party or bequest.
Factors involved in property division
The court looks at a variety of factors when deciding how to divide property. These include the ages of the spouses, their income, assets, and health. In addition, the length of the marriage and how each person contributed to the joint assets play a role.
Property division can be a very complicated issue. This is why you need a lawyer who is looking out for your interests. To ensure your rights are protected, contact Morgenstern & Associates. Our experienced divorce lawyers want to help.