Payne & Associates, PLLC

Did you know that approximately 50 percent of all American marriages eventually end in divorce? With this in mind, property that once belonged to one person may be divided during the divorce process.

Because of this, you need to become familiar with the ways to protect gifts and inheritances during your marriage and potential divorce.

The state of North Carolina follows what is known as the "equitable distribution" rule. The court looks at a variety of factors when deciding who should get what. This is in contrast to a community property state, for example, when all items owned by either spouse are considered to be owned by both.

With the help of a trust agreement, you can ensure that any gifts or inheritances you receive during your marriage remain separate in the event of a divorce. Without this, it's possible that the asset could end up as part of the divorce case, meaning that it will be divided accordingly.

It's easy to believe that your marriage will last forever; however, you don't know what the future will bring. This is why you need to think about matters of property division upfront, such as through the creation of a prenuptial agreement. This doesn't mean that your marriage will end in divorce. It simply gives both individuals peace of mind.

Don't wait until the divorce process is staring you in the face to learn more about how gifts and inheritances are treated by the court. Instead, learn more about the law and your rights before and during your marriage, as this will put you in position to make better decisions.

Source: Wilmington Biz, "Defending Inheritance And Gifts From Divorce," Susan Willett, accessed May 12, 2017

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

Phone: 336-283-2937
Fax: 336-217-8784
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