Raleigh Property Division Attorneys
Property acquired and shared by partners during a marriage must be fairly divided upon divorce. Equitable distribution is the legal term for dividing marital debts and assets in separation and divorce. Splitting up assets, property, and debt fairly may seem overwhelming, but our team at Gantt Family Law can help.
Understanding North Carolina Property Division Laws
Here is an overview of how the state views property division matters in divorces:
Marital vs. Separate Property
Property must first be classified as marital or separate when looking at what can be divided by the court. Marital property is everything acquired or earned during a marriage, between marriage dates and separation. Separate property is everything that each spouse brings into a marriage, which remains in the sole ownership of each respective spouse or property obtained after the date of separation.
Equitable Distribution
Equitable does not mean equal in all cases. A 50/50 division of marital property is a presumption that can be rebutted, depending on your circumstances. Courts take into many factors, including the duration of the marriage, the income and property of each spouse, child custody and more.
Our attorneys can help you review any assets you accumulated before or during the marriage, establish which ones will be subject to division, and help with any negotiations involving those divisions.
Dividing Real Estate Holdings And Other Complex Assets
Untangling and dividing assets like vacation homes, businesses and stock portfolios can all come with additional nuances. These assets can be tightly controlled and regulated and involve additional stakeholders. A former spouse might also be hiding assets in an effort to protect them from being shared. We have years of experience handling these complex assets for divorcing spouses, and we can conduct these transitions and divisions legally and effectively.
Frequently Asked Questions
At Gantt Family Law, we understand the complexities of property division and why these issues can become contentious. Splitting up marital property is one of the most complex parts of a divorce and the area where disputes often arise. To help you get started, here are a few of the most frequently asked questions our firm sees:
Is marital property always divided 50/50 in North Carolina?
No. That is only done in community property states, but North Carolina is an equitable distribution state. This means that the court tries to find a solution that is fair under the circumstances, though it may not be equal. One spouse may have a greater financial need, for instance, or a lower earning capacity. Courts often seek equal division unless a different division is fair.
How can I protect my retirement, 401k and investments in a divorce?
Retirement benefits like these can be divided during divorce. As such, if you are the holder of the account and you want to prevent it from being split with your ex, you need to make previous arrangements. For instance, you could ask your spouse to sign a postnuptial agreement saying that they relinquish their rights to a portion of the retirement plan.
What often worries people, however, is when their ex is the holder of the plan, and they want to ensure that they still get the retirement benefits they were expecting. These financial assets can often be divided in advance with a qualified domestic relations order (QDRO). Considering factors like when the benefits started and how long the marriage lasted, the court can issue an order dividing future payments once the plan holder actually retires. This may not be a 50-50 split, but it can protect a portion of these benefits.
What percent of Social Security does a divorced spouse get?
It is possible, though not guaranteed, for an ex-spouse to get 50% of a Social Security payment. But there are stipulations. The ex-spouse needs to be at least 62 years old, for example, and the marriage has to have lasted for at least a decade.
We Can Help You Divide Assets Amid Divorce
You need an advocate who understands North Carolina’s equitable distribution laws. Gantt Family Law is experienced in handling various marital assets and debt types. Additionally, we work closely with financial and business professionals who can help accurately evaluate any companies you have a stake in. If you and your spouse are separating or obtaining a divorce, we can assist you in dividing your property. Call 919-518-9540 or visit our contact page to set up a consultation.
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