Couples who divorce aren’t just separating from each other; they also have to separate their assets, debts, property, and more. Some couples are able to do this without much hassle, while other couples struggle with the emotional complications of divorce. If you are considering a divorce, contact our firm. The right Albemarle asset and debt division lawyer can help you through the process.
Property division can be a contentious process, but we can help you avoid unnecessary arguments. The Law Offices of Aimee E. Cain can evaluate your situation and make decisions that lead to an ideal solution. We have several years of experience addressing assets and debt while ensuring the process runs smoothly.
You may not know how to divide your assets and debt fairly, but you don’t want to risk financial mistakes that could be avoided. Our firm can help you get the most optimal outcome for your situation.
There are three types of property according to North Carolina law, and your property is placed into each category depending on what it is or how you obtained it. These categories include:
The process of filing for divorce is already challenging, and property division can also be difficult to navigate effectively. However, in this case, hiring a knowledgeable lawyer to help you can make a significant difference in how your case proceeds.
North Carolina law states that couples are entitled to equitable distribution of property, but this doesn’t always mean you can acquire half of all assets. While North Carolina is a 50-50 divorce state by law, if splitting assets evenly would put one spouse at a significant advantage over the other, the court may not go through with this.
You don’t have to be married for a certain amount of time to qualify for equitable division of property, but the court must consider various other factors to determine how to divide your property. The court reviews factors such as:
The court gets the final outcome on your case, which can be worrying if you don’t want to lose certain property that you feel is yours. While not required, hiring a lawyer who could help you explain your case can be beneficial. You may miss key details that could help you retain the property you want to keep, or you may struggle against an intimidating judge. Instead, let a family lawyer assist you.
A: Yes, North Carolina is a 50-50 divorce state. However, there may be cases where it may be more appropriate to distribute property unevenly, as an equal split wouldn’t be fair. In most cases, in Albemarle, NC, splitting property in half is considered equitable, but this does not guarantee that your property division case will be the same. It is crucial that you speak with a qualified lawyer about your options so you understand how your property could be divided.
A: Equitable distribution means that the court examines your assets and debt in a divorce, determines how to fairly divide it all, and then proceeds with the division. This doesn’t always mean your property is divided 50-50, as there may be circumstances that result in an uneven split. For instance, if one spouse has access to more or higher-valued assets, they may not be awarded as many marital assets.
A: In most cases, property that is owned by a spouse before marriage is placed into the separate property category. This means that anything you owned prior to your marriage cannot be divided after a divorce unless you place these assets into marital property. For instance, credit card debt you accrue prior to a marriage stays with you after a divorce and is not divided through this process.
A: According to North Carolina law, you must go through mediation before the equitable distribution reaches court. However, you and your spouse can choose your own mediator if you can both agree on one. Otherwise, the judge selects a mediator. Also, you and your spouse are responsible for the costs of mediation unless you can prove that you are indigent, meaning you can’t cover the cost. In this case, the judge provides a mediator at no charge.
No divorce proceedings are easy, and it’s easy to find the process distressing. Factor in your asset and debt division, and you may struggle to make sense of it all. Fortunately, you don’t have to address this by yourself, as a trustworthy asset and debt division attorney can work with you every step of the way.
Our staff at The Law Offices of Aimee E. Cain is prepared to evaluate your case and determine how we can serve you. To avoid unnecessary risk, rely on us to help resolve your case. Contact us today so we can get started on your case.