Division of Assets during Divorce
Many assets are among the most valuable pieces of property individuals will own in their lifetimes. These assets dictate financial stability as well as livelihood. As a result, it is imperative that a spouse does everything possible to ensure they get their fair share of assets during a divorce. The psychological effect of a divorce is overwhelming for most people, but if a spouse does not act quickly, the right to their assets may be in jeopardy. At Marshall & Taylor PLLC, our attorneys have helped divorcing couples find an agreeable division of property for many years, and our extensive experience can assist you during your divorce too.
Factors That Can Affect Asset Division
While emotions may run high during a divorce, spouses must focus on a fair division of all assets and debts to ensure that no spouse ends up in a worse position. In many divorce proceedings, judges receive broad power to decide what an equitable division of property is. Judges will use many factors to help them determine a fair split, but one of the largest factors is economic fault. Economic fault occurs when one spouse’s actions affect the marital estate or misuse of marital assets. These faults can include hiding assets, wrongful spending of joint funds, or fraud. Some other factors that can affect asset division include:
- Length of marriage
- Fault or no-fault divorce
- Earning potential
- Income disparity
Due to the factors that vary in different divorce cases, divorce laws are often vague as to what determines an equitable division of assets. It is up to the spouse to find legal representation who will build a strong strategy to defend their rights to assets.
Contact a Raleigh Property Division Attorney
If you or someone you know is about to go through a divorce, Marshall & Taylor PLLC is here to help protect your rights to assets. Our attorneys are dedicated to finding property division solutions that benefit all parties involved. Contact our office at (919) 833-1040 today to learn more about how we can assist you in your property division case.