North Carolina uses the equitable distribution model to divide marital property. One of the first things you will learn as you approach the property division stage of your divorce is that equitable does not necessarily mean equal. As a result, you could end up with less or more property than your spouse once your divorce concludes.
We have spoken about equitable distribution before in our blog because many people do not have a good grasp of what it means. In this post, we will tell you about several factors to keep in mind during the property division phase of divorce. They include:
- Fault for the divorce plays no role in dividing property: In the eyes of the law, it does not matter if you or your spouse did something that led to your divorce. Courts will only look at how to split all the marital property shared between you and your spouse fairly.
- Proper appraisals are vital to your case: Getting accurate appraisals of your property means you have a better chance of acquiring a fair split. In high-asset divorces, having an accurate appraisal is particularly important.
- Proof of separate property can lead to a fair settlement: Any assets or property acquired before your marriage remain separate from marital assets. However, disputes often arise between spouses over what constitutes separate property. If you can provide dated receipts or financial statements, it will help you prove certain assets are exempt from property division.
Our family law attorneys invite you to learn more about protecting your property and your rights by continuing to review the information on our website. You may also reach out to us if you need personalized assistance with your divorce.