If a couple cannot reach an agreement regarding property and debt division through negotiation, the court will step in and divide the property and debt at their request. At Hedahl & Radtke Family Law Center, we represent clients in property division disputes.
More questions on property division following a divorce? Contact us today!
Marital property is defined as the property acquired during the marriage that still exists on the date of separation. It also includes all retirement benefits and vested or non-vested pensions obtained between the date of marriage and the date of separation. Both spouses share an equal right to marital property by presumption, and courts must determine how to equitably distribute this property in the case of a separation or divorce, considering any fairness factors presented by either party.
Separate property, on the other hand, is property accrued by each spouse prior to the date of marriage or after their date of separation. This may also include gifts by a third party or an inheritance received during the marriage, and can also include property acquired solely with pre-marital savings or income. A gift from one spouse to another, however, is considered marital property, unless the spouse specifically intended the gift to be separate property. Some property can also be mixed in classification, part marital and part separate.
Divisible property concerns passive, as opposed to active, changes to debts and the value of the marital property which occur after the separation and is valued at the time of the trial, not at the date of separation like marital property. In many ways, the court treats it as marital property and attempts to divide it equitably between both spouses. The Fayetteville, NC divorce attorney at Hedahl & Radtke Family Law Center can help you understand what kinds of property your case is dealing with and answer your questions along the way.
North Carolina courts are required to make an equitable distribution of marital property and assets, meaning that the courts divide marital and divisible property fairly and equitably between both spouses. While it is presumed and equal division is equitable, there is no numerical formula for determining how to divide marital property. The courts consider several factors. These include tax consequences, the income and debts of each spouse, the health and age of the parties and the liquid or non-liquid nature of the property.
If you need legal assistance for property division disputes, contact our Fayetteville, NC divorce lawyer at (910) 684-3370 today.