Property division is one of the biggest worries for North Carolina couples who are going through a divorce.
Divorce usually involves a lot of emotions and difficult feelings to work through. Even if you and your spouse are parting amicably, it is still a sad situation, and you may be worried about losing your home or other property.
The court aims for an equitable division of property
North Carolina law states that marital property should be divided equitably. It is important to know that an equitable division is not always the same as an equal division.
The purpose of an equitable division of marital property is to achieve a fair result to both parties. Sometimes this can be done through an equal split, but sometimes it cannot.
There are many factors that a court considers when determining how to equitably divide marital property, including:
- You and your spouse’s incomes and debts
- Your ages and the length of your marriage
- Any potential tax consequences
How custody and child support can affect property division
Any custody or child support orders are additional factors that are considered. For example, if you are paying child support for a child from a prior marriage, that may be viewed the same as a debt.
The expectation of any future inheritances or other financial benefits you may receive are also considered. The court may award you less of the marital property if there is proof that you are going to be receiving a large inheritance soon.
Factors that are not considered
Things like adultery or other marital misconduct are not property division factors. You may have very valid feelings about your spouse’s negative behavior or actions during your marriage; however, those do not affect the property division laws.
Every divorce is different. These standards are meant to provide a set of guidelines to the court when couples cannot agree on property division.
Knowing how to use these factors to your advantage is important. Professionals can advise you on the best options for your situation.