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Dividing marital assets versus debts

On Behalf of | May 9, 2024 | DIVORCE - Property Division

Dissolving a long-term marriage in North Carolina is anything but easy. Those who experience a divorce often wonder if they will be able to keep the things that they worked so hard to obtain. When ending a marriage, spouses must embark on the task of dividing property and separating their lives during the divorce process. This involves not only dividing assets and property the couple obtained during their marriage but also their debts. 

Equitable distribution 

In a divorce, assets, property and debt are classified as either separate or marital. Basically, property a spouse owned before the marriage is separate property while property obtained during marriage is considered marital property. There are two primary ways to divide marital property. These are equitable distribution and community property. North Carolina follows equitable distribution laws, which essentially means the courts will seek to divide marital property fairly, but not necessarily equally. 

Marital debt 

Debt must also be addressed during divorce proceedings. Sometimes, one spouse may be responsible for certain debts, such as gambling debts. In instances like this, the court appropriately divides the debts to the wrongdoer. When it comes to general expense debts or household debts, the court will usually divide such debts evenly. 

Help with divorce and property division 

The property division process can be one of the most difficult aspects of a North Carolina divorce. Speaking with a knowledgeable legal representative can prove invaluable. An experienced family law attorney can provide an understanding of property division laws and protect the personal interests of their clients.