Dividing Property With Your Ex
It is extremely rare for parties to agree on absolutely everything throughout the divorce process. However, effective advocacy and legal strategy can make the experience easier for everyone involved. Here are a few tips from our divorce attorneys in Monroe, NC on how to divide property with your spouse:
Know The Law
Courts divide property in two ways: through equitable distribution and community property. With equitable distribution, courts take into account the spouse’s shared assets to create a fair and just division of property amongst the two parties. However, in community property states, assets are merely divided in half with no evaluation of fairness. North Carolina is an equitable distribution state.
Additionally, there are different types of assets. Property is categorized as either marital or separate property. Marital property is assets acquired during the marriage, while separate property is any items acquired:
- prior to the marriage
- after the date of separation
- as a gift received during the marriage
A qualified family law attorney can help you understand the law and achieve an agreeable solution when you are dividing your property with your ex.
Fault Not Considered
Under North Carolina law, there are 13 considerations for determining the division of property not on a 50/50 basis. Fault is not considered. Rather, courts generally remain neutral about the circumstances of the divorce and will not consider fault when dividing marital assets.
Enter into a Separation and Property Settlement Agreement
A separation agreement is a contract that must follow certain rules to be binding upon the parties to a separation. These agreements are usually quicker and less costly than litigation. Because these agreements can have long-standing repercussions, you should always consult with an attorney when entering into any separation and property settlement agreement.
If you can’t agree, hire a mediator.
Hiring a mediator is an important part of the process of dividing marital property. Mediators are third-party neutrals who attempt to settle disputes and help couples reach a settlement. If you and your spouse resort to litigation, mediation is often required during the divorce process.
A mediator will help assess the major issues in your case and aid the parties in reaching an amicable agreement. Successful mediation followed by an agreement or an order is often less costly overall than litigation.
An experienced divorce attorney in Monroe, NC can help through the divorce process. Contact the lawyers at Perry, Bundy, Plyler and Long LLP to discuss your family law challenges today. You can reach us at 704-289-2519.