Charlotte Property Division Lawyer | Attorney for Splitting Assets

Charlotte Property Division Lawyer

Equitable distribution of property in divorce proceedings can be confusing and frustrating. It is often difficult for couples to prioritize the assets and debts acquired throughout their marriage. Under North Carolina law, courts require an equitable property division upon the dissolution of a marriage. This means that the distribution of property must be fair to both sides. In some instances, the courts allow for an unequal distribution of property in which one side would get more than 50% of the marital estate or debts.

This might seem overwhelming, but guidance from a qualified divorce attorney can make a significant difference in how effectively you can enforce your rights and protect your best interests during the property division process. If you need help understanding the nuances of this process, you should work with a Charlotte property division lawyer today. Our dedicated legal team can assist with dividing assets and ensuring equal distribution.

How State Law Defines Different Types of Property

In North Carolina, property owned by parties who are going through a divorce or legal separation is divided into one of three categories.

Separate Property

Separate property refers to assets owned solely by one party prior to their marriage, property received by one party during the marriage as a gift or inheritance, or property obtained by one party after their separation date, with their own separate income. These assets are not factored into the property division process and are not subject to division between divorcing or separating spouses.

Marital Property

Marital property, on the other hand, is divisible and usually represents the bulk of assets that end up playing a role in the division process. Under state law, “marital property” includes assets and debts acquired during the marriage and jointly owned by both parties, along with items like pension, retirement benefits, and gifts from one spouse to the other.

Divisible Property

Finally, divisible property refers to any increase or decrease in the value of marital property, passive income generated by such property, increases in marital debt, and property obtained after the parties’ separation date (as long as this acquisition was started before the couple’s separation date). As a Charlotte property division attorney could further explain, the value of marital property is determined on the initial separation date, whereas the value of divisible property is not finalized until the trial that formally decides how assets will be split.

What Factors Do Courts Consider During Property Division?

North Carolina General Statutes §50-20 lists several specific factors courts must take into account when deciding what an “equitable” split of marital and divisible property would look like in a particular situation, including:

Each party’s average income and/or debt obligations
Which parent has custody over children produced by the marriage, and/or has support obligations from prior marriages
How much effort each spouse made to acquire and/or increase the value of specific assets
Contributions one spouse made to the other’s education and/or career
The relative value of “liquid” and “non-liquid” assets
Tax implications
Any conduct by either party which served to preserve or waste marital assets

A skilled Charlotte lawyer’s help can be vital to emphasizing certain factors over others in pursuit of a positive resolution to the property division process.

Seek Help from a Charlotte Property Division Attorney

Property division in a divorce can often be overshadowed by custody and spousal support disputes. You need a divorce attorney who sees the big picture and has the experience and knowledge to understand your rights.

At Sussman Law Firm, PLLC we believe in your property rights and will fight for you to get what is fair, especially as you prepare to leave your marriage and support yourself. People often don’t understand how property division works and without representation you may end up leaving valuable assets on the table. Call today to schedule a consultation with our qualified attorneys to make sure you get everything you are entitled to.