Understanding Property Division In North Carolina Divorces
At Scott Law Group, our attorney and his staff know how challenging divorce proceedings can be, especially when it comes to the division of property. You may worry about losing an item or a property that’s precious to you, or which you depend on for its lasting value. With 25 years of experience in family law, attorney Robert “Bobby” Scott is dedicated to guiding residents of the Piedmont Triad and the Winston-Salem metro area through the complexities of asset division during a divorce.
Marital Property Vs. Separate Property
In North Carolina, “marital property” includes all assets and debts acquired by either spouse during the marriage up until the date of separation. This can encompass everything from real estate and vehicles to retirement accounts and credit card liabilities. This designation for property holds true regardless of who bought the item, or who has title to it.
“Separate property” refers to assets one spouse owned before the marriage or acquired assets that are acquired as a gift or as part of an inheritance during the marriage. For example, if you purchased and restored three classic cars before you got married, they are your separate property.
It’s important to classify property accurately, as only marital property is subject to division upon divorce. At our firm, attorney Scott will ensure that your property is classified correctly to secure a fair division.
How Assets Are Divided In An Equitable Distribution State
North Carolina is an equitable distribution state, which means that marital property is not automatically split 50/50 but rather divided in a way that is equitable, or fair. The court considers many factors, including the earnings and economic circumstances of each spouse, the duration of the marriage and contributions made by each party. When marital property is accurately evaluated, it is possible to negotiate equitable trade-offs that deliver each divorcing spouse with the resources they need to move forward.
Attorney Scott brings a background as an assistant district attorney and a military lawyer. He can advise families on asset division questions that are unique to active-duty military servicemembers. Our firm’s approach to property division is tailored to meet your individual goals. Whether you are concerned about retaining your home, dividing retirement accounts or managing debt responsibility, we are here to assist.
Get The Legal Support You Need From Scott Law Group
Let us help you move toward a brighter future with confidence and peace of mind. Contact us today to learn how we can assist you in managing the division of marital and separate property, ensuring a fair and equitable resolution to your divorce proceedings. Call our office in Kernersville at 336-310-8569 or send a message using our online intake system. We serve the greater Winston-Salem area, including Forsyth, Guilford, Stokes and Surry counties.
