How Real Estate Is Divided
When you and your spouse decide to divorce, the thought of dividing your shared real estate can seem daunting. Indeed, the division of real estate can be the most contentious issue you face.
At Bull & Reinhardt, PLLC, our lawyers can protect your property rights under North Carolina’s equitable distribution rules. These rules apply to all real estate, including a marital home, second home, investment property, business property, family property and more.
Determining What Constitutes Marital Property
The largest area of litigation in a divorce proceeding is often determining what portion of real estate is marital property and subject to division versus what is separate property. Marital property is any property acquired during the marriage. Separate property is anything acquired before the marriage, or given directly to one spouse or inherited by one spouse.
Real estate often isn’t all one or the other. Even a house or other property owned prior to the marriage can include a marital property contribution based on what happens during the marriage. Here are a few examples:
- Property owned prior to marriage may be sold. The money from the sale, along with marital property, can be used to purchase new property.
- Separate property may have marital property contributions, based on improvements, mortgage payments or appreciation during the marriage.
- A separate property home may become marital property if the owner refinanced it during the marriage and added the spouse’s name to the deed.
How An Attorney Can Protect Your Interests
Attempting to divide real estate without the help of an experienced attorney can be costly. Real estate, along with retirement accounts, is often the largest asset category in a divorce. Our attorneys have decades of family law and litigation experience, which can benefit your case should the situation requires a resolution in the courtroom.
Contact A Skilled Property Division Attorney
The division of real estate can have a significant impact on your life after divorce. Consult with our attorneys to ensure that you receive the representation you deserve. Contact our Asheville office by calling 828-348-8053 or by sending us an email.