Payne & Associates, PLLC

Marital property is any property that you and your spouse collected during your marriage. Whether it's a home you purchased or debt you accrued together, if the family unit used the item, it's likely to be considered to be marital property.

In North Carolina, community property isn't recognized. That means that your divorce won't automatically result in a 50/50 split of your assets. Instead, the state recognizes equitable distribution guidelines, which allows your assets to be split in a fair manner. How the assets are split can vary, and one person may get significantly more or less than another if that is found to be fair.

If you ask the court to determine your asset division settlement, then the courts will look at any obligations you had before your marriage as well as the number of assets you had beforehand. The duration of the marriage and the health of both parties has to be considered. Your age will matter, too, because an older adult may not have as good a chance of finding good work or continuing education as a younger person, and the older adult won't be able to work for as long in most cases.

Custody arrangements can be determined in court or with a parenting plan, but the court looks at how custody is arranged to help balance the division of your assets. Values related to your properties, businesses or other assets also have to be calculated to make sure the equity or potential growth are understood before dividing the assets between the parties. Once this is all done, the court will issue a ruling that you and your spouse need to abide by following your divorce.

Source: FindLaw, "North Carolina Marital Property Laws," accessed Dec. 23, 2016

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Payne & Associates, PLLC
206 North Spruce Street, Suite 1B
Winston Salem, NC 27101

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