Property Distribution Attorneys in Winston-Salem
Ensuring the Fair Division of Property, Assets & Debts
Property division is an important part of the
divorce process, an important aspect of
family law, and often a source of disagreement between divorcing spouses. At Payne
& Associates, our divorce attorneys represent the interests of our
clients in property distribution cases. We have extensive knowledge of
the law and can advocate for your best interests either through negotiation,
mediation, or courtroom litigation.
If you are contemplating divorce, call
(336) 585-8454 to discuss property distribution and other related issues.
North Carolina Property Distribution Law
When a divorcing couple is unable to agree on how they will divide their
marital property, the court will step in and make the decision on their
behalf. North Carolina is an equitable distribution state for property
division during divorce. This does not mean that property will be divided
equally – rather it will be distributed in a way that the court
considers to be fair. Before property can be divided, the character of
the property must be determined.
For the purposes of divorce, North Carolina characterizes property as:
Marital property – Income earned or property acquired during the marriage, including
pension and retirement benefits
Divisible property – A change in the value of marital property between the time of separation
and property distribution due to bonuses, commissions, or dividends
Separate property – Property that was acquired before the marriage or gifts and inheritances
received by only one spouse during the marriage
The character of your property and assets must be determined and some property
may need to be valued before it can be divided. Debts are treated the
same as other assets and must be divided during the divorce. The court
will often split debts equally between the spouses, but certain debts
may be excluded as separate.
How Courts Divide Property
If the decision is left up to the court, it must carefully assess the couple’s
marriage and the circumstances of their situation.
When determining property division arrangements, the court may consider:
- The length of the marriage
- Each spouse’s age
- Each spouse’s income and earning potential
- Each spouse’s debts
- Each spouse’s contributions to the marital property
- Liquidity of property
Our Winston-Salem property distribution attorneys advocate for our clients’
best interests in the valuation and distribution of marital assets.
Schedule a consultation with a divorce lawyer at Payne & Associates by calling