Part of ending a marriage is figuring out what to do with shared property and shared debts. Who gets the house? Who's responsible for the mortgage payments? Who gets which cars? How are you going to handle retirement or investment funds?
North Carolina law assumes that property or debts acquired during the course of the marriage are "marital property." For example, the balance on a credit card held in both spouses' names is presumed to be marital debt, even if only one spouse made most of the charges. This is a very general statement of a complex rule, and there are many exceptions to the definition of marital property. For example, if one spouse receives an inheritance during the marriage, those funds are presumed to be separate property.
You should file your property division petition before you file for the absolute divorce in North Carolina. If you do not do so, the property division process becomes unnecessarily complicated, and you may lose your ownership rights to certain assets.
Property and debt division is a central part of the divorce process. In North Carolina, property division occurs according to the rules of equitable distribution. Equitable distribution is a flexible set of guidelines — marital property and debts should be divided equally if possible, but can be divided unequally if it would be more equitable to do so.
Resolving Marital Property Division Conflicts
If you believe that you and your spouse will have difficulty agreeing about division of marital property and debt, then it is critically important to seek legal advice as early as possible.
At the well-established local Charlotte law firm of Douglas K. Simmons & Associates, PLLC, our family law attorneys have extensive experience negotiating and litigating property division disputes for divorce clients. We will clearly explain the advantages and disadvantages of different schemes for the division of your marital property — including potential tax consequences. We will also negotiate on your behalf, working to find an acceptable compromise solution so that the property division battle does not have to be fought in open court — a public and expensive process.
Contact Us For Further Information
We encourage you to use this website to learn more about our team of attorneys and our family law practice. For answers to specific questions, contact us to make an appointment with one of our lawyers. Call 704-269-4223 or send us an email. A representative of our office will return your call as soon as possible.
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