How Property Division Works in a Concord, NC Divorce

No matter how amicable you and your spouse try to remain, divorce is a challenging process. One of the most complicated aspects of a divorce, however, is the division of marital property and assets. In Concord, a property division case follows the state’s equitable distribution laws, and understanding how property division works in Concord, NC, divorce is vital. Many people find themselves with more questions than answers, and a Concord divorce lawyer can help.

The division of assets is one of the key issues in a North Carolina divorce and may be the first time you find yourself heading into the Cabarrus County court system. This can be an intimidating experience, especially if you are not familiar with all that a property division process can entail. That is why it is so important that you understand certain key terms and North Carolina laws as they pertain to your divorce and division of marital property.

The Basics of Property Division in a Concord Divorce

North Carolina, like many other states in the country, is an “equitable distribution” state. This means that all property must be divided between a divorcing couple equitably, but this is not always as simple as just dividing the property evenly between the two spouses. The division of the property must be deemed fair and just.

When a couple is unable to reach a determination regarding the division of their marital property on their own, they will need to look to the courts to make this decision for them. The courts will be allowed discretion when dividing up the property, which is why it is so important that you have a Concord family law attorney on your side who understands the laws of equitable distribution.

At Lancaster and St. Louis, our firm has a long history of handling property division cases and boasts a proven track record of success when it comes to fighting for desirable outcomes for our clients. Our legal team has a firm understanding of the North Carolina property division laws and how property is categorized during a Concord divorce. The three main categories of property in North Carolina include:

• Separate Property: This property is that which you or your spouse owned prior to entering the marriage, and also any gifts or inheritances that were solely granted to one party. For example, if you owned a car prior to your marriage, the car would be considered separate property and not subject to the equitable distribution laws. Likewise, if you received an inheritance during the marriage, it too would be separate property.
• Marital Property: This is the property that was bought, acquired, or gained value during your marriage. This can include any income, property obtained, and retirement accounts that were either started after the marriage took place or before the date of official separation. This might include other items such as the daily home, other real estate holdings, and home furnishings.
• Divisible Property: During the period of time between your separation and when the property is finally distributed, assets can still be acquired. Any assets or debts that have been obtained by either party during this time are known as divisible property. Depending on the exact circumstances of your divorce, this property may be subject to the laws of equitable division.

The Process of Concord Property Division

North Carolina has a divorce rate of 2.7 per 1,000 residents. In every one of these cases, property division will be an issue that will need to be resolved. At Lancaster and St. Louis, we know how to effectively go about this process to ensure that your rights are protected and your interests are looked out for. There are four main steps that occur during this process, including:

• The identification of all property owned by the couple
• A classification of all property as either marital, separate, or divisible
• A valuation of the property in order to determine how the property can be equally divided between the couple
• The official division of the property between the spouses in a manner deemed by the courts as equitable and fair

FAQs

Q: What Is a Complex Property Division Divorce?

A: Complex property divisions can occur when the divorcing couple shares a large number of high-value assets, multiple real estate holdings, a business or business interests, or in cases where marital property and separate property have been commingled.

Q: How Can an Attorney Help with Property Division in NC?

A: When you hire an attorney to assist you through a divorce and division of property in North Carolina, there are several ways your attorney might be of service. First, they can help you determine which items are separate property, which are considered marital property, and which are labeled as divisible property. They can also help you if you believe your spouse is hiding any assets during the process and ensure you get your fair share of assets.

Q: How Long Can a Property Division Take in Concord?

A: It can be difficult to offer a time frame on how long a property division process might take in Concord during a divorce. There are several variables at play that can impact the overall timeline of the case. These variables can include the complexity of the assets owned, the viability of the courts, and the level of cooperation between the involved parties.

Q: What Are Some Mistakes to Avoid in a Property Division Case?

A: There are several mistakes you may want to avoid making during a property division case. First, not hiring a lawyer can have a negative impact on the success of your property division. It is also not a good idea to try to hide assets during the process, and it is important to take all tax implications of the property division into account.

Concord Property Division Lawyers Ready to Serve You

If you are undergoing a divorce in Concord, you want a legal team that is both successful and has a long-standing history of handling these cases. At Lancaster and St. Louis, we understand all that is at stake in Concord property division cases and are here to offer you the legal support and guidance you deserve. Contact our offices today to schedule an initial consultation with our team.