Property division can be one of the most challenging and technical aspects of the divorce process. If you are struggling to come to a fair agreement on the equitable distribution of your assets, it’s essential to seek representation from a skilled divorce attorney.
At King Law, our highly skilled divorce lawyers can fight for your best interests and ensure that there is a fair distribution of property in your divorce agreement. Whether you need help negotiating with your spouse or taking your case to court, our team is here to help. Here is some essential information to know about how property division works in Asheville divorce cases.
What Property Is Subject to Division in an Asheville Divorce Case?
In North Carolina, couples who are pursuing divorce should be aware of the implications a divorce can have on their shared assets and property. When spouses own property that was acquired during their marriage, it is referred to as marital property.
It is important to note that “property” is a wide term that encompasses much more than physical homes or objects. Under North Carolina law, marital property is defined as real and personal property that has been acquired by one or both spouses prior to the date of their separation. This means that marital property can include pension or retirement plans, investment accounts, sentimental items, etc.
How Does the Court Determine Property Division in Asheville Divorce Cases?
Divorce and separation are typically more stressful for spouses who are financially dependent on their partners. When one person in a marriage has depended on their spouse for financial support, such as income or housing, divorce can have serious financial implications that can drastically affect their quality of life.
Because of this, North Carolina courts employ an equitable distribution approach to determining how property is allocated in a separation or divorce. This does not mean that all marital property is split 50-50. Instead, courts take into account a variety of factors to reach a fair arrangement. Some of the factors the court considers when determining property division in a divorce include:
- The length of the marriage
- Prenuptial agreements
- The earning capacity of both spouses
- The health, age, and mental conditions of both spouses
- How taxes will affect property division
- Which spouse bought or maintained certain assets (this is most applicable to family businesses)
- If one spouse owns substantially more assets or property than the other
These are just a handful of factors the court considers when determining how property will be divided. If you are unable to negotiate property division with your spouse, it’s essential to provide or collect as much evidence and information as possible to support why your request represents a fair distribution. Representing yourself in this endeavor can be challenging, and with so much on the line, it’s best to seek legal counsel from a trusted attorney.
Asheville Property Division Lawyers You Can Trust
One of the biggest pain points in divorce cases is determining how a couple’s assets and property will be divided. If you are concerned about securing a fair and equitable distribution of property that reflects your financial needs, the family and divorce lawyers at King Law are here to help. Our experienced attorneys are deeply acquainted with the intricacies of North Carolina family law and are committed to fighting for a property division arrangement that will serve your best interests.
At King Law, we are dedicated to building relationships with our clients, learning their top priorities in their divorce, and helping them achieve the future they are looking for post-divorce. When you partner with our team, we will work tirelessly to help obtain the most desirable results for you and your family. Call the office of King Law at (888) 748-5464 or reach out to us online to schedule a consultation.