In a divorce, a property division refers to the dividing up of assets and debts between the divorcing spouses. This can be one of the most contentious parts of a separation. Seeking legal assistance from a Gastonia property division lawyer may provide you with the support and guidance you need during this stressful time.
Divorce attorneys understand the rules and expectations around property division and how to protect their clients during the divorce settlement process. Fully understanding your legal rights and property interests is vital to receiving your share in a divorce settlement. If you need legal representation during a divorce, contact our dedicated family attorneys now to schedule a consultation.
Before any decisions can be made regarding property division, the divorcing couple will need to identify all of their marital property, including debts and assets. In North Carolina, marital property includes any real or personal property acquired by either spouse during their marriage.
Separate property refers to real or personal property acquired before the marriage. Property obtained through devise, descent, or gift during the marriage also qualifies as separate, as does any property acquired in exchange for separate assets.
Commingled property is an asset that is a mix of both marital and separate assets. This can occur when property is purchased with both marital and separate assets. Dividing up commingled property during a divorce can become complicated, but a property division attorney in Gastonia could help identify all marital, separate, and commingled property and create a plan for fair division.
Our state follows the equitable distribution rule, which requires courts to divide property fairly between spouses. While the process begins with a presumption of a 50/50 split, the court may determine that an equal division is not equitable and adjust the distribution accordingly.
There are several different factors the court will consider when approving a marital settlement agreement or imposing a property division order. Some things the court may consider when dividing assets include:
Besides the equitable distribution rule, a prenuptial agreement may dictate how marital property is divided. A lawyer may review any existing premarital agreement and determine how it may affect the Gastonia property division.
Property division can be one of the most intense and emotional parts of a divorce proceeding. A property division lawyer in Gastonia could provide valuable legal support throughout this process, protecting their client’s rights and crafting a settlement agreement that secures their interests.
Typically, an attorney begins by reviewing the couple’s assets, income, and debts. They will then classify this property as either marital, separate, or commingled. With this information, a lawyer may then create a plan for dividing these assets in accordance with state law and any prenuptial agreements. This information can also be crucial for making demands for support and maintenance.
An attorney may then negotiate and draft a marital settlement agreement. Once the agreement has been finalized, the lawyer may then present it to the court for approval. After the settlement agreement is approved, a property division lawyer may help with the transfer and sale of assets.
At the Law Office of Regina M. Taylor, P.C., our Gastonia property division lawyer understands the importance of fair and equitable property division during a divorce. The end of a marriage can be challenging, but it is also the start of a new chapter. Finalizing a divorce and property division is not just about getting what you are owed but about laying the foundation for your new life.
With more than 30 years of legal experience, our knowledgeable lawyers could provide you with sound legal advice and guidance. If you are separating or divorcing, do not wait to seek legal counsel. Contact us today to schedule your case consultation.
