In marriage, two people become one legal entity. Spouses not only share love, affection and memories but also some assets and property. If spouses separate, dividing marital property can potentially be one of the most difficult and contentious parts of the divorce process. Here’s how divorcing spouses in North Carolina can make dividing property amid divorce as efficient and amicable as possible.
Community property versus separate property
Before beginning the process of dividing property, it’s important to learn how the legal system categorizes property and assets. Property and assets acquired during the marriage are separated into two classifications: marital and separate. Marital property includes things that were obtained or earned during the marriage, while separate property is property that a spouse owned individually before marriage. There are some exceptions.
Be professional and cordial
Anyone who has been through a divorce knows that being cordial with a former spouse is often easier said than done. However, if spouses can be civil and respectful with each other, the property division process will be less stressful and more efficient. When spouses cooperate and work toward a common goal, they can often avoid a contentious court trial, which will save a lot of money and time in the long run.
Ending a marriage and splitting property will be much easier if spouses remain open and honest with each other. Since North Carolina is an equitable distribution state, marital property will be divided as fairly, or equitably, as possible based on the circumstances. When divorce becomes imminent, one of the most advantageous things a person can do is to speak with a legal professional. A knowledgeable and trusted family law attorney can provide invaluable legal guidance while protecting the personal interests of the client.