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Property Division in North Carolina

Divorce means that a couple decides to go their separate ways, and one of the contingents to this is the division of property, including assets and liabilities. All states have laws that determine how property will be divided, but these laws differ in significant ways. This is why the website of law firm Marshall & Taylor emphasizes the need to consult with divorce lawyers that practice in the relevant state. For example, if you reside in Raleigh and want a divorce, you should consult with an experienced Raleigh divorce lawyer.

North Carolina is an equitable distribution state, same as the majority of other states (38 aside from North Carolina). Equitable distribution means that any property accumulated in the course of a marriage will be divided fairly (equitably) rather than 50%-50% (equally). The presumption is one spouse may have contributed more to the acquisition of the property but it may not have been possible without the help of the other spouse.

For example, if one spouse worked so that the other may finish medical school, and that spouse’s income enabled the acquisition of property later on, the supportive spouse may still be entitled to a larger portion of the property because without his or her help, the other spouse would not have been able to acquire property at all.

In an equitable distribution agreement, the court may assign a percentage of the value of the total value of the properties to each spouse, so it is possible that some assets will go entirely to one spouse if it is within the percentage to which that spouse was assigned, while the other spouse will get other property that is likewise within the scope of the award. In many instances, spouses attempt to cheat the system by hiding assets, and this is illegal and can bias the court against that spouse, but only if they are caught.

If you are getting a divorce in North Carolina, it is important that you protect your rights to the marital property. Enlist the help of a divorce lawyer that will ensure that no assets are being hidden by your future ex-spouse, and to ensure that an equitable distribution takes place.