Often, the main stumbling block when spouses negotiate a divorce settlement is the division of property and assets. In North Carolina, an experienced Winston-Salem divorce attorney at LAWSMITH, the Law Offices of J. Scott Smith, can see to it that you get to keep what’s yours.
Usually, what’s deemed as marital property is property acquired during the marriage, while personal property is property that was acquired by inheritance, gift, or ownership prior to the marriage. Dividing marital property sounds easy, but in some divorces, it is exceedingly difficult.
IF YOU DIVORCE, WHAT WILL YOU NEED TO KNOW?
If you are divorcing, you need to know what property will be considered yours and what you will have to divide with your ex – as well as who will be responsible for the marital debts.
North Carolina is an “equitable distribution” state. A precise 50-50 split isn’t necessary, but the marital property must be divided in a way that is fair and just. If spouses cannot come to their own mutual agreement about the division of property, a court will divide the property for them.
When a court divides marital property, it considers the past efforts and future needs of both divorcing spouses. The result must be a property division that is fair, even if it’s not “50-50.”
HOW CAN YOU SAVE TIME AND MONEY IN THE DIVORCE PROCESS?
A court’s involvement presumes that the partners cannot resolve the property dispute privately. If spouses can agree on the division of property, the court will usually accept that agreement, and the spouses can save themselves a great deal of time, money, and aggravation.
At LAWSMITH, the Law Offices of J. Scott Smith, an experienced Winston-Salem divorce attorney will negotiate with your spouse’s attorney to reach a property division agreement that’s fair and that satisfies both sides in the dispute.
If no such agreement can be reached, we will advocate aggressively on your behalf to ensure a just and fair division of the marital property by the court and to ensure that you get to keep everything that is rightfully yours.
WHAT WILL THE COURT CONSIDER WHEN MARITAL PROPERTY IS DIVIDED?
The court will consider the length of the marriage and how each spouse contributed to the marriage. Contributions as a homemaker count as much as monetary contributions, and you’ll have a better chance of retaining the family home if you have custody of your children.
The property divided in a divorce often includes the family home, personal property like jewelry, and intangible property like income, benefits, dividends, and debts. In a North Carolina divorce, debts are treated the same as any other property.
HOW ARE MARITAL DEBTS HANDLED IN A DIVORCE PROCEEDING?
Before dividing a debt, a court will have to determine when it was acquired, who acquired it, and how it was used. If the debt is not the separate personal liability of either partner, the court will divide it equally between the partners or apply other factors to assign responsibility for the debt.
A good attorney’s help is your fundamental legal right throughout the divorce process. The family law team at LAWSMITH offers aggressive representation in divorce proceedings, and we routinely find effective solutions to disputes regarding the division of property and debts.
HERE’S HOW TO REACH AN ATTORNEY AT LAWSMITH
If you are divorcing or anticipating divorce in the greater Winston-Salem area, call LAWSMITH, the Law Offices of J. Scott Smith, at 336-306-8644 – or complete the contact form here on our website – right now.
The LAWSMITH offices are located in Winston-Salem at 250 Executive Park Boulevard, Suite 100, and in Greensboro at 204 Muirs Chapel Road, Suite 104. Thousands in the Winston-Salem or Greensboro area have trusted us with their family law concerns, and we are ready to work for you.