Helping You Understand How Assets And Property Are Divided In A Divorce
Even if a divorce is proceeding smoothly, there can be disagreements and issues with how money and property are divided between the divorcing spouses. In North Carolina, property is divided equitably and fairly. This is called “equitable distribution,” meaning everything is not divided exactly equal or 50-50 but fairly. It is important to know your rights when it comes to property division and have a knowledgeable lawyer on your side who can protect your rights.
At Benton Family Law in Goldsboro, our attorneys and staff concentrate their attention on divorce and family law issues. We are highly knowledgeable of the laws that govern all aspects of divorce, including property division and equitable distribution. Our firm works closely with clients to ensure they get the property to which they are entitled during the divorce whenever possible.
What Gets Divided?
- Primary residences
- Vacation homes
- Rental properties
- Undeveloped real property
- Personal property such as cars and jewelry
- Retirement accounts such as IRAs, Roth IRAs and 401(k)s
- Foreign accounts or offshore accounts
- Employee benefits such as stock options
- Closely held and family-owned businesses
Property Division In High-Asset Divorces
When a couple’s income is of high value and they decide to divorce, this can often increase the complexity of the property division aspect of the divorce. Not only will there be more to divide, but also a thorough evaluation of the entire value of all property. This is to ensure equitable distribution of the assets.
For example, a business that is owned in part or in total by one or both of the parties must have a comprehensive business evaluation completed to fully understand the value of the business, at the present time and the potential revenue in the future.
Factors will be taken into consideration, including the length of the marriage, the income of the parties, the income-earning potential of the parties, the financial contributions to the marriage and more.