Wake Forest Asset Division Attorney
Asset division during a divorce can be one of the many contentious aspects of the process – and why a Wake Forest asset division attorney can be helpful. Asset division is largely determined by whether that state operates under community property or equitable division. There are only nine community property states; North Carolina is an equitable division state. While community property states divide marital property 50/50 regardless of any extenuating circumstances, equitable division attempts to divide the property fairly, although not necessarily equally.
A wide variety of factors will be taken into account when dividing property under equitable division. It can be extremely beneficial for you to have a strong Wake Forest asset division attorney from the Tolin & Tolin, PLLC by your side during this difficult time. It can be easy to be overwhelmed during a divorce. In fact, many people make the mistake of giving the other party whatever they want simply to end the divorce. While this is understandable, it is never advisable.
Decisions you make now can have very far-reaching consequences. You do not want to give away assets that are rightfully yours, only to find yourself in serious need of those assets down the road. The legal team from Tolin & Tolin, PLLC is empathetic, offering unparalleled advocacy to each and every client. We are unwaveringly committed to standing up for our clients, ensuring their rights and their futures are properly protected.
Few law firms offer the level of client-focused attention that the Tolin & Tolin, PLLC offers. We strive for an exceptional client experience, understanding there are often no “winners” in family law cases. Our goal then, is to achieve the best possible outcome on your behalf. We are experienced and dedicated to achieving positive results on your behalf.
How are Assets Divided During a North Carolina Divorce?
If you and your spouse are unable to divide your property on your own, then the court will divide your marital assets. The court begins the process by presuming it is equitable to split the marital assets equally. From that point, the court looks at the circumstances under which equal division would be unfair. To do this, the court applies a set of factors to evaluate past efforts and future needs of each spouse. In the end, the court will seek to determine a just division, even if it is unbalanced. Before the assets can be divided, the court must determine which assets are separate, and which are marital.
How are Marital and Separate Properties Determined?
In general, any assets you have prior to your marriage remain your separate property. Likewise, an inheritance or gift given to you during your marriage is also separate property. This is true unless you have commingled your separate properties with your marital properties. As an example, suppose you inherited $50,000 from your grandmother prior to your marriage. This remains your separate property unless you add your spouse to the bank account where the money is located.
Even if you do not add your spouse to the bank account, any interest on the account received during your marriage could potentially be considered marital property. If you owned a beach house prior to your marriage, the house remains your separate property unless you put your spouse on the deed or use marital funds to renovate the house or pay the yearly taxes. If your spouse’s name is on the deed, the property is fully marital property. If you used marital funds for repairs, renovations, or taxes, then a portion of the house will be considered marital property, subject to division.
If you have certain assets you want to remain your separate property, either state this in a professionally prepared prenuptial agreement or make very sure you keep the property separate from marital assets. Having an experienced Wake Forest asset division attorney from Tolin & Tolin, PLLC can ensure the process goes much more smoothly and fairly.
Factors Considered During North Carolina Asset Division
After dividing marital property from separate property, the court will consider the following during the equitable division of marital assets:
- Each spouse’s health
- The age of each spouse
- Each spouse’s income, separate assets, and debts
- How long the marriage lasted
- The liquidity of the marital property
- Each spouse’s contributions to the marital property as well as any dissipation of marital assets by either spouse
- Homemaker contributions as well as purely monetary contributions
- Which parent has primary custody of the children
- Tax consequences of any division
While bad behavior (like having an affair) does not count against you during the division of assets, it can be a factor when determining spousal support. This is true unless you clearly wasted assets while having an affair or other bad acts.
How Can an Asset Division Attorney Influence Who Will Get the House in My Divorce?
Who will get the house in your North Carolina divorce will depend on a variety of factors. If you are the primary caregiver and have primary custody of minor children, your chances of keeping the marital home increase. Of course, by keeping the house, your spouse may get other marital assets to offset the value of the house. If the house belonged to you or your spouse prior to the marriage, and there has been no commingling of assets related to the house, then the spouse who owns the house will be allowed to keep it. The judge will consider all the factors above when determining how the marital assets should be divided. If one spouse clearly dissipated marital assets, the other might be awarded the marital home. There are many factors that go into determining how marital assets will be split. Your Tolin & Tolin, PLLC attorney can protect your interests, ensuring you receive your fair share of the marital assets.
How a Wake Forest Asset Division Attorney from Tolin & Tolin, PLLC Can Help
At Tolin & Tolin, PLLC, we serve not only Wake Forest residents, but also clients throughout Franklin, Person, and Granville Counties. When you choose a Wake Forest equitable distribution attorney from Tolin & Tolin, PLLC, you can rest easy, knowing we are working hard on your behalf to ensure your asset division is fair. We offer highly personalized attention and are a well-respected firm. Jay Tolin leads by example, taking the time to listen carefully, explain things clearly, and make you feel as though your call or visit is the most important of the day. We are sincere, straightforward, and have an unwavering commitment to our clients. Contact Tolin & Tolin, PLLC today—Client Focused, Dedicated Representation.