If you are getting a divorce, it is necessary for you to learn about how North Carolina's divorce laws handle property and debt division. At Collins Family Law Group, we understand how matters pertaining to your assets are critically important. You need to know your rights as fast as possible so you are not blindsided, and we are prepared to teach you everything you need to know.
Divorce can be unpredictable and at times volatile, for this reason, our Charlotte divorce attorneys will waste no time when it comes to educating you on your rights, and being your greatest legal advocates from the start.
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In North Carolina, the courts will typically accept any fair and reasonable property and debt division arrangement that the parties agree to, however, if the parties are unable to reach an agreement, a judge will step in and divide the marital assets between the spouses in an equitable fashion.
North Carolina is an equitable distribution state; unlike a community property state where the marital assets are divided 50/50, "equitable" does not necessarily mean equal. Separate property is not subject to division, separate property includes:
The court shall consider the following factors when dividing marital property:
In North Carolina, pensions are divided like all other property; both vested and unvested pensions are marital property. If the spouses share in each other's retirement or pension plan, then a Qualified Domestic Relations Order (QDRO) must be completed.
The QDRO is a written set of instructions that explains to a plan administrator that the two parties are dividing the pension benefits. It also sets forth the terms and conditions of the distribution.
In divorce, debts are treated the same as other property. Before dividing a debt, the judge will determine whether the debt is characterized as marital, or separate based on when it was acquired, who acquired it, and how it is used.
If the court determines that it is not the separate liability of either spouse, the court will either split it equally between the spouses, or divide it in another manner that the court deems fair considering the circumstances. Our divorce lawyers are dedicated to the highest standards of ethics, professionalism, and legal excellence.
To learn more about debt division in a North Carolina divorce, contact the Collins Family Law Group.