One of our Charlotte, NC divorce lawyers has answered a list of 5 questions about dividing property that we are commonly asked by separating spouses: If I divorce, will my spouse get half of everything? May one spouse get more than half of everything? If an asset is held in my name only, will that asset automatically be 100% mine? How do we split the marital home? How do we create an enforceable agreement for property division?
The process by which North Carolina courts classify and distribute property is known as equitable distribution. In short, the answers to the questions above are as follows:
NC courts assume that a 50/50 split of all marital and divisible assets is fair unless there is evidence showing otherwise. However, property classified as separate will typically go 100% to the spouse to whom the separate property belongs. One spouse may receive a greater than 50% share of the assets but most show that he or she is entitled to a greater share based on the factors listed in NCGS 50-20(c). The distribution of assets in North Carolina has more to do with the source of funds used to purchase the asset rather than whose name the asset is held in. As such, assets titled in one parties name only, such as a bank funded using marital funds, will typically be split 50/50 between the spouses by a court. Dividing the marital home can be difficult as there are often emotional attachments involved. The parties must decide whether to keep or sell the house, who will remain in the house if the parties decide not to sell, and how to distribute any equity fairly between the parties if the property is marital in nature. The terms that spouses agree to regarding property division upon separation may be made enforceable by creating a separation agreement or consent order, or if the spouses cannot reach agreement, litigation may be required and a court will eventually enter an order dictating how property should be divided.
For more in depth answers to these questions, visit our full blog of answers to 5 common questions about property division in North Carolina.
Written by Bill Hunter
Hunter & Hein, Attorneys at Law, PLLC