Albemarle Asset and Debt Division Lawyer

The Law Offices of Aimee E. Cain Albemarle, NC Asset and Debt Division Attorney

Couples who divorce aren’t just separating from each other; they also have to separate their assets, debts, property, and more. Some couples are able to do this without much hassle, while other couples struggle with the emotional complications of divorce. If you are considering a divorce, contact our firm. The right Albemarle asset and debt division lawyer can help you through the process.

When to Contact an Albemarle Asset & Debt Division Attorney

Property division can be a contentious process, but we can help you avoid unnecessary arguments. The Law Offices of Aimee E. Cain can evaluate your situation and make decisions that lead to an ideal solution. We have several years of experience addressing assets and debt while ensuring the process runs smoothly.

You may not know how to divide your assets and debt fairly, but you don’t want to risk financial mistakes that could be avoided. Our firm can help you get the most optimal outcome for your situation.

How Property Is Defined

There are three types of property according to North Carolina law, and your property is placed into each category depending on what it is or how you obtained it. These categories include:

• Separate property. Any property that was owned by either individual spouse before the marriage, given to a spouse via inheritance or a gift, or anything obtained after a legal separation falls into this category.
• Marital property. In this category, assets that were obtained during the marriage. Assets such as accrued debts, real estate, pensions and retirement, and gifts that were given to each other during the marriage. However, if the gift was established as separate property at the time of giving, it wouldn’t be placed into this category.
• Divisible property. Any assets that decreased or increased after separation but were considered marital property are placed into this category. Property that was obtained by either spouse through marital assets after separation is also included. Finally, any increased marital debt that is accumulated after separation is considered divisible property, as well.

The process of filing for divorce is already challenging, and property division can also be difficult to navigate effectively. However, in this case, hiring a knowledgeable lawyer to help you can make a significant difference in how your case proceeds.

How Assets and Debt Are Divided

North Carolina law states that couples are entitled to equitable distribution of property, but this doesn’t always mean you can acquire half of all assets. While North Carolina is a 50-50 divorce state by law, if splitting assets evenly would put one spouse at a significant advantage over the other, the court may not go through with this.

You don’t have to be married for a certain amount of time to qualify for equitable division of property, but the court must consider various other factors to determine how to divide your property. The court reviews factors such as:

• Income, property, and debts
• Retirement benefit expectations
• Marriage timeline
• The overall health of both spouses
• Any contributions that would increase the value of separate property

The court gets the final outcome on your case, which can be worrying if you don’t want to lose certain property that you feel is yours. While not required, hiring a lawyer who could help you explain your case can be beneficial. You may miss key details that could help you retain the property you want to keep, or you may struggle against an intimidating judge. Instead, let a family lawyer assist you.

FAQs

Q: Is North Carolina a 50-50 State for Divorce?

A: Yes, North Carolina is a 50-50 divorce state. However, there may be cases where it may be more appropriate to distribute property unevenly, as an equal split wouldn’t be fair. In most cases, in Albemarle, NC, splitting property in half is considered equitable, but this does not guarantee that your property division case will be the same. It is crucial that you speak with a qualified lawyer about your options so you understand how your property could be divided.

Q: What Is the Equitable Distribution Law in North Carolina?

A: Equitable distribution means that the court examines your assets and debt in a divorce, determines how to fairly divide it all, and then proceeds with the division. This doesn’t always mean your property is divided 50-50, as there may be circumstances that result in an uneven split. For instance, if one spouse has access to more or higher-valued assets, they may not be awarded as many marital assets.

Q: What Happens to Property Owned Before Marriage in North Carolina?

A: In most cases, property that is owned by a spouse before marriage is placed into the separate property category. This means that anything you owned prior to your marriage cannot be divided after a divorce unless you place these assets into marital property. For instance, credit card debt you accrue prior to a marriage stays with you after a divorce and is not divided through this process.

Q: Is Mediation Required for Equitable Distribution in North Carolina?

A: According to North Carolina law, you must go through mediation before the equitable distribution reaches court. However, you and your spouse can choose your own mediator if you can both agree on one. Otherwise, the judge selects a mediator. Also, you and your spouse are responsible for the costs of mediation unless you can prove that you are indigent, meaning you can’t cover the cost. In this case, the judge provides a mediator at no charge.

Asset and Debt Division Attorney in Albemarle

No divorce proceedings are easy, and it’s easy to find the process distressing. Factor in your asset and debt division, and you may struggle to make sense of it all. Fortunately, you don’t have to address this by yourself, as a trustworthy asset and debt division attorney can work with you every step of the way.

Our staff at The Law Offices of Aimee E. Cain is prepared to evaluate your case and determine how we can serve you. To avoid unnecessary risk, rely on us to help resolve your case. Contact us today so we can get started on your case.