The decision to dissolve a marriage through divorce signals the beginning of many more decisions you will make in the days, weeks and months to come.
The subject of property division can be contentious, especially if the couple did not sign a prenup. North Carolina marital property laws require that all assets acquired during the course of the marriage are divided equitably between the spouses. But what exactly does this mean?
Understanding the doctrine of equitable division
Equitable distribution means that what you own (and owe) will not necessarily be divided down the middle during the divorce. Rather, the court takes into account several factors while distributing what is considered to be marital property.
From the onset, the court presumes that an even division of marital property is fair. That being said, the court also understands that a number of factors can render dividing marital property on a 50-50 basis unfair.
Here are some of the factors the court will consider when distributing marital property during a North Carolina divorce:
- The duration of the marriage
- Each party’s relative health and age
- Each party’s contribution to the marriage
- The standard of living during the marriage
- Each party’s working capacity and earning potential
- Each party’s obligations, including child and spousal support obligations
- Tax implications associated with sharing the marital property
Protecting your interests
Property division can lead to serious disputes during the divorce. Knowing your legal obligations during the divorce process can help ensure that you get your fair share of marital property moving forward.
