One of the most complicated aspects of a divorce is dividing your assets. Even in amicable divorces, asset division can be complex. At Lehnhardt Price Family Law, located in Weddington, our legal experts can help you determine a fair distribution of your marital assets. We work with you to formulate a defense to ensure you are treated fairly throughout the divorce, including the division of assets.
In some states, the division of property accumulated during your marriage is subject to equal distribution based on value, in a 50/50 split between you and your spouse. These states, commonly referred to as “community property” states, require that both spouses are awarded half of all shared assets accumulated during their marriage. In North Carolina, however, this distribution is determined by a judge, with each spouse receiving a fair and equitable portion of your pooled assets. So, depending on various factors concerning you and your spouse as separate people, such as employment status or personal income, or any documents like prenuptial agreements, a judge will be able to determine what “equitable division” means in each case.
Every state has a different process for property division during a divorce. In North Carolina, there are three categories that your property can fall into:
There are lots of complexities and overlap in these three categories, which is why an experienced legal team is so crucial.
The process of evaluating your property can be daunting, especially in preparation for a divorce hearing. From figuring out what category your property falls under to drafting your argument, a legal team well-equipped to deal with these kinds of issues is imperative to helping your case. Choosing a legal team able to help you determine which of your personal assets fall into these categories is essential to helping you retain your items of value, which can help you immensely throughout the property division portion of your divorce.
Before going to court for your divorce proceedings, creating a comprehensive list of which assets you would like to keep, as well as a timeline as to when you’ve accrued those assets, is an important first step before going to trial. Once in front of a judge, factors concerning your health, income, marriage longevity, and your individual contribution to your amassed property will determine the ways in which it is split between you and your spouse. Once a complete list of your assets is evaluated by a judge, alongside you and your spouse’s backgrounds, the process of property division can begin.
In some cases, the division of assets in this manner can cause disputes between both parties, either because of complicated assets like family-owned businesses or general disagreements between both parties, and solving these issues may require a longer legal process. Our legal team is here to provide you with counsel during these disagreements, and we can help advocate for you and your rights over your property.
If you and your spouse are on good terms and are able to discuss the terms of your separation fairly, you may be able to submit a collaborative separation agreement outlining which assets are to be awarded to whom during your settlement. North Carolina General Statutes sections 50-20 (d) outline this process, allowing you and your spouse to create an informed decision as to which assets are awarded to whom. When reviewed by a judge, if the terms in this written memo are found to be less than equitable, court negotiations will begin and resolve any issues outright.
Regardless of how amicable your divorce is, property division can be both complex and emotional. Our compassionate attorneys can help you navigate this difficult time as easily as possible.
The legal process surrounding divorce is already tumultuous enough, but with the added strife created by a division of your assets, the best defense you can provide is a stellar legal team. At Lehnhardt Price Family Law, we can provide excellent counsel of legal professionals working to ensure that you retain ownership over the property that is of the most important value to you. For high-quality legal advice that can help you retain your property, look no further than Lehnhardt Price Family Law. Serving the communities of and around Weddington, our team can provide a top-notch defense for your case. For your consultation, visit our website and contact us today.