Whether you have already separated from your spouse or are contemplating separation, you will most likely need to address how you and your spouse will divide your assets and debts.
In North Carolina, all assets and debts (with some exceptions) which are acquired during the marriage are considered marital. And either spouse can petition the court to divide those assets and debts by asserting a claim for equitable distribution.
The types of marital assets which commonly need to be divided include your marital residence, a business interest, retirement accounts, stocks and/or stock options, automobiles, life insurance policies, checking and savings accounts, etc.
How complex the division of your marital assets and debts will be is often determined by the length of your marriage and the relative earnings of the spouses. For newlyweds, dividing their assets and debts could be very straightforward. However, when the couple separating has been together for some length of time, the division can be quite complex.
The division of marital assets and debts can be addressed in one of two ways:
- Either spouse can file a claim for equitable distribution in district court and let a judge divide their assets and debts; or
- The spouses can divide their assets and debts in a contract which is commonly called a “separation agreement.”
Our divorce and family law attorney regularly works with clients to divide their marital assets and debts.
We invite you to schedule a consultation.
Meet your Attorney
James Tyler brooks
“My law practice is limited to divorce and family law in Wake County, North Carolina. By limiting my practice to divorce and family law, I’ve been able to obtain a deep level of knowledge within those areas. Because I’ve limited my practice to Wake County, I’ve gotten to know our family court judges and how they tend to rule on certain divorce and family law issues. Knowing their tendencies allows me to better inform my clients, which helps them make good decisions throughout the process.
I am passionate about helping my clients during this tough time. Family law issues can be expensive, both financially and emotionally. During those tough times, you need excellent legal counsel more than ever.”
– James Brooks