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How Marital Property Is Divided In A Divorce
When it comes to dividing marital property, it’s important to have an attorney who is not only sensitive to your needs, but also assertive enough to ensure that your best interests remain the focal point of each decision. Since 1999, the attorneys at The Law Office of Tamela T. Wallace P.A. have dedicated their careers to helping families throughout Charlotte with all of their legal needs. You will work directly with an attorney who will get to know your personal situation well so that she can provide the most comprehensive and strategic counsel to obtain the results you deserve.
What Is Marital Property?
One of the most complicated parts of the divorce process is the division of property and assets. What is considered fair and just by one party is likely not seen that way by the other party involved. North Carolina is an equitable distribution state, which means that splitting assets is more complex than just splitting everything down the middle. There are laws regarding what constitutes marital property, which is considered property and assets acquired during the marriage and excludes other assets.
Assets that would not be divided include:
- Property that was owned before the marriage
- Certain types of gifts
The division of debt is handled in the same manner as the division of assets, meaning debt must be determined to be marital or separate.
How Is The Division Of Assets Determined?
The court will take into consideration a wide variety of factors when making determinations regarding the division of assets, including:
- Duration of the marriage
- Child custody
Each spouse’s income
Other issues that make for more complicated arrangements include pensions and retirements accounts, which may require a qualified domestic relations order (QDRO).
We’ll Help You Find The Best Way To Get The Most Desirable Outcome
Like most family law matters, it’s often preferable for the parties involved to come to a decision on their own rather than leaving it up to a judge to decide. It will save both time and money if a mutually agreeable decision is made outside of the courtroom in mediation. If that is not possible, however, our lawyers are prepared to work tirelessly on your behalf to make sure you receive all you are entitled to.
Call us at 704-371-4212 to discuss your legal concerns.
You Deserve Justice. Let Us Help You Get It.
The Law Office of Tamela T. Wallace P.A.
Charlotte, NC 28204