Spouses who are getting a divorce go through a complicated process wherein they do not just seek to put an end to their marriage. They also need to make requests on matters such as alimony, child support, child custody and property division.
When spouses make legal claims for property division, they are requesting for equitable distribution. In North Carolina, the law presumes that dividing marital property equally is fair or equitable. However, a 50/50 division does not happen all the time.
What factors determine property division?
Sometimes, the courts decide on an unequal division of property if a 50/50 division would be unfair for both spouses. If you are seeking divorce in North Carolina, these are some of the factors that determine property division:
- Duration of the marriage
- Age and health condition of the spouses
- Implications of taxes
- The property, income and debts of the spouses
- A spouse’s contributions to the earning power of the other spouse
Meanwhile, marital misconduct is usually not a factor in determining equitable distribution. The only time that the courts consider marital misconduct is when financial misconduct happens after the separation.
Can the courts divide all types of property?
In general, the courts can divide marital property and divisible property. Marital property pertains to the assets and debts that the spouses obtained during their marriage. While divisible property refers to property that the spouses acquired between their separation and divorce.
On the other hand, the courts cannot divide separate property because they are property that each spouse had before their marriage. However, spouses may have some claims to assets that enjoyed active increases in value during their marriage.
Demanding your fair share
Ending your marriage may be stressful especially when the property division process becomes grueling and taxing. With legal guidance, you may demand your fair share so that you can move on from your marriage with freedom and financial security.