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Also known as equitable division, property division is often an important part of the divorce process. This division process includes not only assets, but liabilities as well.
What Are Some Common Assets and Liabilities?
- Joint Bank Accounts
- Retirement Accounts, Stocks, Bonds
- Furniture and household items
- Taxes (taxes owed, refunds, and tax credits)
- Student loans
How does the property get divided?
Both assets and debts accrued during the marriage are considered marital property in North Carolina. When a couple opts to divorce in North Carolina, the court will seek to divide the marital property equitably. Assets and debts acquired pre-marriage, or post-separation will not be considered part of the marital property.
What factors can be considered when the court seeks to divide the property?
- Length of the marriage
- Ages of both parties
- Education level of both parties
- Consideration of pre-nuptial agreement
- Past, current, and future earning ability of both parties
How does the court value assets?
Some assets are fairly simple to value, but others may be more difficult. For example, the value of a closely-held business may be difficult to determine without an in-depth analysis of all aspects of the operation, assets, and liabilities. Expert appraisers and accountants are often involved in this type of valuation.
The division of assets and liabilities can often be a very complicated process. Therefore, it is important to consult with an experienced attorney to ensure that your rights are being protected.