Dividing property during a divorce can be a very challenging process. Both parties often have very different views on what belongs to them. The state of North Carolina follows the principle of “equitable distribution,” meaning property should be divided fairly, though not necessarily equally. A skilled property division lawyer from Wilson, Reives & Doran can be a crucial asset in negotiating a fair division of property, working closely with the opposing lawyer to help you and your spouse reach an agreement.
When an agreement can’t be reached, the court may step in and make decisions on your behalf. It’s always preferable to avoid this outcome. Our attorneys are committed to providing you with the best advantage for a favorable resolution.
What is Equitable Distribution?
Equitable distribution is the legal process whereby the court identifies, classifies, and values the assets acquired by both spouses during their marriage, and then distributes these assets between them. The laws surrounding equitable distribution in North Carolina are continually evolving.
The state recognizes three categories of property:
While North Carolina law presumes that property and debts acquired during the marriage should be divided equally between both spouses, “equitable” does not always mean “equal.” There is a strong presumption favoring an equal split of marital assets, suggesting each spouse should receive half of the marital estate. However, the law allows for specific factors where a spouse can seek an unequal distribution, potentially receiving more than half of the assets.
How Does Equitable Distribution in North Carolina Work?
If you and your spouse cannot reach an agreement on your own or through negotiation, the court will determine how to divide your marital property. Marital property includes assets accumulated jointly during the marriage. Separate property—such as inheritances, gifts to one party, or property acquired before the marriage or after separation—may not be considered.
Since North Carolina follows the principle of “equitable distribution” when dividing marital property, the court aims for a fair and just division. But this isn’t necessarily a 50/50 split, although that is common. In some instances, an equal division may not be appropriate due to various factors.
The court considers several factors when deciding on property division, including:
Hidden Assets in Divorce Proceedings
In property division cases, each party must fully disclose all separate and community property to each other and the court. Both parties have a fiduciary duty during a divorce, meaning neither can sell, alter, destroy, or otherwise affect marital property without the other’s and the court’s knowledge and consent.
However, some individuals may attempt to hide assets from their spouses to achieve a more favorable outcome. For example, a spouse might:
If you suspect your spouse is hiding assets, consult your attorney. They can help you work with professionals like forensic accountants to uncover hidden assets, report them to the court, and strive for a fair judgment in your property division dispute.
Consult a Property Division Attorney in Sanford, NC
As you navigate property division during a divorce, it’s important to have an experienced divorce and property division attorney on your side who will protect your interests and help you achieve a fair outcome. Our lawyers at Wilson, Reives & Doran have the knowledge and resources necessary to get you the property and assets you deserve after a divorce. Contact us today to discuss your situation and what we can do for you.