Waxhaw Property Division Lawyer

Waxhaw Property Division Attorney

If you are contemplating filing for divorce or recently found out that your spouse wants a separation, you may be wondering how your property will be divided. Every state handles property division during a divorce differently. Your spouse could be entitled to certain assets and property, but you can protect your rights by hiring a Waxhaw property division lawyer. The attorneys at Lehnhardt Price Family Law can protect your interests so you are not taken advantage of during the divorce process.

North Carolina Equitable Property Distribution

North Carolina works under the framework of equitable distribution during the divorce process. The state generally views property acquired during a marriage as belonging to both spouses. When filing for divorce, either spouse can ask the judge to evenly divide debts and assets acquired during the marriage. To understand how this process works, it is important to understand what the state considers marital property versus separate property.

Marital Property

All property and debts identified during the divorce process will have to be classified as either marital or separate property. Any personal or real property (land) that was acquired by either spouse during the marriage will likely be classified as marital property. The same goes for debts. Examples of marital property include:

• A home
• Cars
• Credit card debt
• Bank account balances
• Furniture
• Pension benefits
• Cash value of insurance policies

Both spouses have a legal right to the equitable distribution of marital assets. The specifics of who receives which assets can be agreed upon by both parties. If both parties cannot agree to the terms of property and debt division, a judge will make that decision.

Separate Property

Separate property includes any assets that were acquired before marriage. Inheritance is also not subject to division during a divorce. If one spouse received a gift, that gift is theirs and is considered separate property. If one party claims that property should be classified as separate, the burden is on that party to prove that the property is theirs and not marital property.

How Do I File for Equitable Distribution?

Your family law attorney in Waxhaw, NC will help you file for equitable distribution. Other important requests you can make during divorce can cover alimony, child support, and child custody. Equitable distribution can be more complex than other issues.

Both parties often have to go through an exhaustive asset disclosure process. Without proper and full disclosures, the division of assets may not be seen as legitimate. Marital property is equitably divided, but the courts may find situations where a 50-50 division is not fair to one party. For example, if one spouse stayed home to care for their children to allow the other to advance their education and career, a 50-50 division may be considered unfair.

When reviewing your case and deciding on how debt and assets are divided, a judge will consider several factors, which can include the parties’ ages, length of marriage, earning potentials, and financial misconduct after separation. If both parties agree on how to split assets and debts, there will be no need for a judge to make those decisions.

FAQs

Q: Who Has to Leave the House in a Separation in NC?

A: Who has to leave the house in a separation in NC can vary. If one spouse owned the home before the marriage or later paid for the home in full using inheritance money, the home is not considered marital property. The spouse who owns the home can ask the other spouse to leave. When spouses are in agreement over who lives where, they can make whatever living arrangements they wish as long as they live in separate residences during the separation period.

Q: Is a Husband Required to Support His Wife During Separation in NC?

A: There is no law that automatically requires a husband to support his wife during separation in North Carolina. The husband may voluntarily provide financial support for his wife, and this can be written into the separation agreement. The courts consider awarding post-separation support on a case-by-case basis. The wife will have to show that she cannot support herself without help from her husband.

Q: How Much Does a Property Division Agreement Cost in NC?

A: The cost of a property division agreement in North Carolina can vary depending on your lawyer’s fees. You can negotiate an agreement with your spouse outside of court, but it will need to be approved by a judge in order to be finalized. When property agreements are drafted fairly, the courts should recognize the document. Your family law attorney may charge by the hour if they are assisting in drafting an agreement. In this case, your expenses will be larger if it takes longer to negotiate.

Q: How Is Property Divided in NC?

A: Property is divided in North Carolina through the legal principle of equitable division. The courts view property and debts bought or accrued by spouses during the marriage as marital property that will be divided evenly between both parties. Any property or assets that were brought into the marriage remain the property of the original owner.

Q: What Happens if I Don’t File for Property Division or Spousal Support?

A: If neither spouse files for property division by filing an equitable distribution claim, both parties will forever forfeit the right to ask the court to oversee property division once the divorce is finalized. Assets and debts would belong to whoever is the named owner. For property that has both ex-spouses named as owners, those assets would belong to them both. The same rules would apply to debts.

If neither spouse files for spousal support, it will not be awarded.

Schedule Your Waxhaw, North Carolina, Separation or Divorce Consultation

While the division of assets and debts sounds straightforward, even relatively small estates require the work of experienced family law attorneys. Without legal representation, you may inadvertently forfeit more property than necessary. To protect your rights and ensure an equitable division of assets, trust the lawyers of Lehnhardt Price Family Law to advocate for your case with compassion and attention to detail. Contact our office today to schedule a consultation.