What Determines How The North Carolina Courts Divide Your Assets?

Some couples have the foresight to plan ahead for their divorces. Maybe they negotiated a postnuptial agreement because they’ve been in marriage therapy for years, or maybe they signed a prenuptial agreement before they started their marriage. These couples can often file uncontested divorces because they have already settled issues like how to split up their property. 

Other couples will have no choice but to go through the courts. Divorcing couples in North Carolina can ask a family law judge to make decisions about the division of their property. How does state law affects the division of your assets? 

North Carolina wants divorces to be fair

According to state law, couples who need to litigate the division of their assets are subject to the equitable distribution statute. A judge will need to look carefully at their marriage and their finances to come up with an appropriate and fair solution. 

Equitable distribution will require that a judge looks at not just what a couple owes, owns, and earns, but also factors like the length of their marriage and their unpaid contributions to the household. Only after learning about the family in-depth can a judge make a decision that will be fair and appropriate regarding how the couple will split their personal property and their debts. 

In some cases, judges will have couples sell off certain assets. Other times, they may divide accounts. Anything that either spouse earned or obtained during the marriage may be part of the final property settlement. Learning about the property division laws in North Carolina can help you prepare for an upcoming divorce.