Salisbury Asset & Debt Division Lawyer

The Law Offices of Aimee E. Cain Salisbury Asset & Debt Division Attorney

Once a divorce becomes inevitable, many spouses naturally begin thinking about how their property will be divided. Property division is handled differently, state by state. In North Carolina, both you and your spouse are entitled to the equitable division of marital assets and debts. Some people may try to take more than what is lawfully theirs. You can protect your assets by hiring a Salisbury asset & debt division lawyer who understands your rights. That way, no one takes advantage of you during the divorce process.

How Property Division Works in North Carolina

North Carolina is an equitable distribution state for divorce. Therefore, the state views the debt and property that was acquired during marriage as belonging to both parties. During a divorce, the courts will work to equitably and fairly divide debt and property.

In some cases, the courts may find that an unequal distribution of assets or debt would be more fair. One exception would be if one spouse has a health condition that requires specialized treatment, and the ill spouse may not be able to afford it on their own.

Marital Property and Personal Property

During any divorce case in North Carolina, the courts will classify assets and debts as marital or separate property. Marital property is divided equitably (equally in many cases), while personal property is owned outright by the spouse who inherited or acquired the asset or debt before the marriage or after the separation.

Common examples of marital property include:

• Cars
• Homes
• Bank accounts
• Credit card debt
• Furniture
• Insurance policies
• Retirement accounts
• Pension benefits

Under state law, both partners are entitled to a fair distribution of marital assets. The details of asset allocation can be mutually agreed upon. In cases where an agreement cannot be reached, a judge will determine the division of property and debts.

Separate Property

Separate property includes the assets that were acquired before the marriage, along with any gifts and inheritance that were acquired before and after the marriage. Property that was not bought using marital assets after separation may also be considered separate property. If one party asserts that a property is separate under state law, they bear the burden of proving that it’s theirs and not marital property.

One way that you can protect your separate property assets from being divided by the courts is by working with an experienced family law attorney who understands North Carolina’s family laws.

How Can My Attorney Help Me Achieve an Equitable Distribution of Assets?

One way to protect your assets is by working with a family law attorney. They can assist you in filing for equitable distribution and handling important family law matters, like alimony, child support, and child custody. All these issues must be resolved before your divorce can be finalized.

Both parties must disclose their assets and debts before the assets can be divided. This extensive asset disclosure process can be quite stressful, but your attorney can guide you through it. Your family law attorney can also hold your spouse accountable if they show signs that they are not fully disclosing their properties and assets.

When determining how to divide debts and assets, a judge considers various factors, including the parties’ ages, length of marriage, earning capacities, and financial conduct after separation. If both parties agree on asset and debt division, a judge will not need to intervene.

FAQs

Q: Who Has to Leave the House in a Separation in North Carolina?

A: North Carolina’s requirement that a couple be separated for at least one full year before filing for divorce can create unique problems for divorcing spouses. To qualify as separated, both spouses must continually reside in different homes. During the initial separation, the spouse who owns the home has the legal right to stay.

The court may order that children stay in their current home. Ideally, both spouses will work together to determine what living arrangement is fair and in the interest of their children.

Q: Can a Wife Be Held Responsible for Her Husband’s Debt in North Carolina?

A: With few exceptions, assets and debts that were accrued during marriage are considered marital property. This means that a wife can be held responsible for paying half of her husband’s debt before a divorce is finalized. Similarly, a husband may have to pay for half of his wife’s debt as part of a divorce process. Debt accumulated after separation is generally not considered community property.

Q: How Do I Know If My Spouse Is Hiding Assets?

A: Unfortunately, some people think that they can hide assets during a divorce. They believe that this can keep them from having to fairly divide their estate. Hiding assets can lead to serious consequences for the at-fault party. If your spouse has full or nearly full control of managing assets and expenses, you can work with an experienced family law attorney who understands how to look for signs that your spouse is concealing assets.

Q: How Is Debt Split in a Divorce in North Carolina?

A: North Carolina views all debt accrued during a marriage as marital property that should be equitably divided between both spouses during a divorce. Some people assume that debt built by one spouse should be paid by that party, but this is not generally how the courts view the matter.

During a divorce, the courts expect full disclosures of all assets and debts by both spouses. With the exception of assets and debts that are deemed separate property, all debts are divided in a fair and equitable manner between both spouses.

Q: Is North Carolina a 50/50 Divorce State?

A: North Carolina is a 50/50 divorce state, where marital assets and debts are equitably divided between spouses during a divorce. Property and debts that were accrued during the marriage belong evenly to both spouses, even when one spouse technically paid for it. There are specific circumstances where the courts may decide that an unequal division of property is more appropriate.

Schedule Your North Carolina Asset Division Consultation Today

During a divorce, both you and your spouse have the right to a fair and equitable distribution of marital property. This does not mean that your spouse can claim more than is lawfully theirs. One way to protect your fair share of assets and properties is by hiring an experienced family law attorney who can protect your rights.

At The Law Offices of Aimee E. Cain, we strive to provide exceptional legal representation to all our clients. With the right legal counsel by your side, you can resolve asset division disputes in a fair and favorable manner. To schedule your next consultation, contact our office today. .