Property Division In A Divorce: Understanding Your Rights
Deciding how to divide your property can easily become one of the most challenging aspects of any divorce. The process itself is overwhelming, with valuations and assessments of your marital assets and debts. But deciding who gets what can be a source of contention, and a property division attorney can help.
My name is Steven M. King, and I have dedicated my legal career to family law. From my office in Asheville, I help my clients in western North Carolina get through the divorce process, protecting their rights in the complex division of assets and debts. I want to help you sort through the uncertainty and find a resolution that works for you.
Dividing Property In A North Carolina Divorce
In North Carolina, the division of property in a divorce is guided by the principle of equitable distribution. This means that marital assets are divided fairly between both parties. While there is a strong presumption for an equal distribution of assets, it is possible to ask for an unequal distribution. The court considers various factors, including the length of the marriage; income, property, and liabilities of each spouse; as well as the contributions each made to the acquisition of marital assets, including indirect contributions as a parent or homemaker.
What Is Marital Property?
Marital property includes all assets acquired during the marriage and before the date of separation, with some exceptions. Some examples of marital property include:
- Retirement accounts, including pensions, 401(k)s and IRAs
- Bank accounts
- Business assets
- Investment portfolios
- Real estate, including the family home and investment properties
- Vehicles
Separate property, on the other hand, does not need to be divided in a divorce. Examples of separate property include inheritances, gifts, and assets acquired prior to the marriage. However, if separate property was commingled during the marriage, it might be subject to division and a point of disagreement between divorcing spouses.
What Should You Do If Your Spouse Is Hiding Assets?
If you suspect that your spouse is hiding assets, it is essential to take action quickly. As your divorce attorney, I can help you uncover hidden assets through financial disclosure, engaging a forensic accountant, and by other legal means. Don’t let your spouse’s deception jeopardize your financial stability post-divorce. Seek legal assistance from an experienced family lawyer who can protect your interests in a divorce and ensure that you receive a fair share of marital assets.
Talk To An Asheville Property Division Attorney
I am available by appointment for initial consultations. I can help minimize the stress and provide much-needed guidance throughout the property division process. You can schedule an appointment by calling The Law Office of Steven M. King at 828-900-3674. You can also send me a message through my website. I look forward to answering your questions and telling you more about how I can help you with your case.