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Jeff Marshall is a board certified specialist in Family Law
Raleigh Divorce Blog
How Is Property Division Determined in NC?
When you’ve decided to divorce, one of the things you and your soon-to-be-ex may argue about is the division of property. There are several considerations you should keep in mind when you decide how to handle who gets what.
Marital property is any personal and real property owned that one or both spouses acquired during the marriage before the date they decided to separate. Examples include:
Vested and nonvested military pensions under the federal Uniformed Services Former Spouses’ Protection Act
Separate Property
Separate property is real and personal property either spouse owned before getting married or acquired during the marriage as a gift or inheritance. Separate property might also include assets acquired after the date of separation. Examples of separate property include:
A home owned before getting married
A gift one spouse received from the other for a birthday or holiday
Acquired property using separate property assets with the intent to keep it as separate property
Gifts received from a third party while married
Property only in one spouse’s name and acquired during the marriage but not used for the benefit of the other spouse
Inheritance received from family before or during the marriage
Property indicated as separate in a written contract, such as a post-nuptial agreement
Divisible Property
Divisible property is all personal and real property, such as:
Property, property rights, or any such portion received after the separation date but before the distribution date acquired by the efforts of either spouse while married but before the separation date, including bonuses, contractual rights, and commissions
Diminution and appreciation in marital property and divisible property value of the spouses occurring after the separation date and before the distribution date, except appreciation or diminution in value resulting from post-separation activities or a spouse’s actions not treated as divisible
Passive income from marital property received after the separation date, such as interest and dividends
Passive decreases and increases in financing charges and marital debt and interest related to any marital debt
Factors Contributing to the Division of Property in North Carolina
Typically, the court rules for equitable distribution when dividing property between divorcing spouses unless there’s a reason that equal division might not be equitable. That generally means a 50/50 split of the assets to both parties.
If you and your spouse can agree to the terms of property division, you have more control over the outcome. Coming to an amicable resolution allows both of you to walk away from the marriage with the assets you want the most or rightfully deserve.
However, if disputes arise and you have to settle the matter in court, the judge will review various factors to determine how to divide your property. These factors might include:
Age and health of each spouse
The necessity for the custodial parent to remain in the marital home if the divorcing spouses share young children
Income, property, and debts owned by both parties
Duration of the marriage
Obligations from previous marriages, such as child support for children shared with an ex
Any direct or indirect contribution, interest in, or equitable claim to acquiring marital property by the party without a title, including any joint effort or expenditures and services and contributions, or lack of effort as a parent, spouse, homemaker, or wage earner
The expectation of retirement, pension, or other deferred compensation rights considered to be separate property
Contributions one party made to the other for their education or career advancement
Tax consequences for each spouse, including state and federal tax consequences they would have incurred if they liquidated or sold the divisible and marital property on the valuation date
Direct contributions to increase the value of the separate property during the marriage
Difficulties evaluating any interest in a business or component asset, profession, or corporation and the economic desirability of retaining an interest or asset intact and free from interference or a claim by the other
Liquid or nonliquid character of all divisible and martial property
Actions by either spouse to preserve, maintain, expand, develop or neglect, waste, devalue, or convert the divisible or marital property, or both, after separation but before distribution
The judge can also use additional factors they deem appropriate to determine how to divide the property between you and your spouse in a way they believe is equitable or fair.
Contact Us
If you’re going through a divorce in North Carolina and want to learn about your legal options for the division of property, contactMarshall & Taylor PLLC immediately for a confidential consultation. We can review the circumstances of your divorce to determine what type of property you have and create a legal strategy to fight for the assets you want and deserve.
I work with Jeff Marshall about the custody suit about my granddaughter and he is so smart about the laws and so pleasant that i felt as if i had know him all my life. I will never forget how nice he was to me and i felt that he really cared about me and my situation. This was my first time working with an attorney except in real estate closings and he was excellent at making me feel comfortable with the situation. I am glad that i got to meet him and he is a asset to wake county and north Carolina.
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I found myself in a position of impending separation/divorce. My situation involved marital misconduct in another country(a very difficult to prove situation), did my due diligence; read reviews and went to visit 5 different attorneys... My case outcome was much better than the original offer I made to my ex spouse(before I had a lawyer) and giving credit where credit is due; Jeff’s knowledge to execution is what made the difference. I must add Jeff made me look past my anger and really had the best interests of me and my children in mind...
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Jeff and his team helped me with my seperation and divorce. I was very happy with my settlement and the way they were able to just focus on the buisness at hand which was to protect my interests. Most of this process was conducted while I was living in another state, but Jeff and his team kept me informed throughout the process. I would recommend him without reservation.
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Marital property is any personal and real property owned that one or both spouses acquired during the marriage before the date they decided to separate. Examples include:
Typically, the court rules for equitable distribution when dividing property between divorcing spouses unless there’s a reason that equal division might not be equitable. That generally means a 50/50 split of the assets to both parties.