Asset Distribution in a Mooresville Divorce

One of the most important and often controversial aspects of a divorce occurs when a couple needs to distribute their property. There are many concerns that each party may have regarding their financial situation, and these issues can create disputes. Many questions arise such as who will get to keep the house, how other marital assets are distributed, and what will happen with a pension or retirement plan. These and other questions need to be answered as part of the divorce settlement.

It can be helpful to discuss these issues with a Mooresville family law attorney if you are going through a divorce. The experienced legal team at Arnold & Smith, PLLC, knows how to handle even the most difficult divorce situations and will assist you every step of the way. We will help you get the settlement you deserve in a divorce.

North Carolina law requires couples to live apart for a period of one year before they can divorce. During this interim period, couples may encounter some financial difficulties. You now have to handle the expenses of two different homes. Unfortunately, this is a time when couples may be having difficulty communicating. One party may have a financial advantage over the other. Interim distribution is a way to ensure that both parties have the finances they need while they go through their separation and divorce. If ordered by a judge, interim distribution is in place only until the divorce is finalized.

In order to understand equitable distribution of property, you must have an understanding of marital property. Marital property is any property or assets that were obtained during the marriage (but not by gifts or inheritance). If you own property that you had before you got married, in most cases it will likely not be considered marital property.

In North Carolina, marital property must be distributed in an equitable manner when a couple divorces. This means that you have to have complete knowledge of all of your marital property and its value. Only then can it be equitably distributed between you and your spouse.

Family court judges prefer that couples work through the many issues regarding distribution of their property before they get to court. You and your spouse need to decide who is going to keep which assets after the divorce is final.

As part of the process, both parties must provide financial disclosures. This is basically a full list of all assets that are owned. This may include such things as bank accounts, property, pension plans and retirement accounts, among other things. You and your attorney will be able to review the list to ensure that it is correct and to work through a settlement plan that is fair.

Financial issues are one of the most common causes of disputes in a divorce. Couples may not be able to agree as to the ownership of the assets and how they should be divided. Sometimes one spouse has concerns that the other spouse is hiding assets. If that is a fear, your attorney will address the situation and investigate the matter.

Sometimes property can become an area of dispute between parties. For example, both you and your spouse may want to remain in the home that you purchased after you got married. Since the home is marital property, you will need to decide what to do. When it comes to the family home, you generally have several options. You may sell the home and split the proceeds, one of you may buy out the other’s interest in the home, or one of you may live in the home until a later date at which time you agree to sell the home or buy the other spouse’s half.

The above are just a few of the many issues that need to be ironed out as part of the divorce settlement agreement. Some of these issues can be quite difficult to resolve, in many instances, your attorney will be able to assist in the resolution of disagreements. In some cases, you may need help from a mediator.

At Arnold & Smith, PLLC, we have the qualifications and experience to help you with even the most difficult divorce distribution issues. Our goal is to protect and fight for your rights to ensure that your legal rights and concerns are met. Contact Arnold & Smith, PLLC today to schedule a consultation.