What Is the Most Difficult Asset to Divide in a North Carolina Divorce?
If you are going through a separation in Charlotte, you likely already have an inkling that spouses will fight over the property accumulated over the course of their marriage. There are some pieces of property that may be much more difficult to divide than others. This may be due to how badly each spouse wants to keep hold of these assets, but the legal process also plays a role in making certain assets more complex than others when it comes to equitable distribution in Mecklenburg County.
If you expect that certain assets will represent a point of contention in your divorce, it is best to be proactive. Enlist the help of a qualified, experienced divorce attorney in Charlotte, and you’ll stand a much better chance of keeping hold of important assets after you walk away from your marriage. Ideally, you should search for an attorney who has plenty of experience with complex or high-conflict divorces in North Carolina. These skilled legal professionals can use a range of strategies that are specifically designed to help resolve conflicts over assets.Real Estate May Be the Most Difficult Piece of Marital Property to Divide
One of the most difficult assets to divide during a divorce is real property, specifically the family home. There are all kinds of legal considerations that come into play when the main family home becomes eligible for equitable distribution in North Carolina. In some cases, the home may be considered separate property. This means that one spouse owned the home before the marriage, or perhaps they purchased the home entirely with inheritance funds. If this is the case, the spouse who owns the home can simply ask the other spouse to leave.
If the home is considered marital property, things get more complicated. This is quite common, and the court will consider a family home to be marital property whenever spouses hold a joint title. In this situation, one spouse usually stays in the home and takes care of the children, while the other spouse leaves.How Divorce Laws in North Carolina Impact Your Family Home
This issue becomes even more complex when you consider North Carolina’s divorce laws. In order to be eligible for divorce in the first place, spouses must live apart for one year. This means that no matter what, at least one spouse will always have to move out of the family home. When that one-year period is complete and the divorce proceedings begin, courts often decide that the spouse who is already in the home should be allowed to stay. This is especially true if that spouse is granted primary custody of the children, in which case the court will act in the best interests of the children by not forcing them to move out of their family home.
It should come as no surprise that this arrangement often leads to significant conflicts. One spouse may be forced to move out of the home and continue paying expenses like mortgage payments, property taxes, energy bills, and so on, even though they are not living there anymore. On top of this, they must also pay for their own living costs in a separate property.Divorce Courts Often Decide How the Family Home Is Divided
Trying to come to an agreement about the family home outside of court almost always makes sense. However, this is often impossible due to the intense emotions and conflicts between spouses. In this case, courts in Mecklenburg County will decide how the family home is divided. This can lead to a whole new set of issues. If the court orders you to sell the property and split the proceeds, you will then have to pay for a range of costs associated with selling your home.
The real estate market in Mecklenburg County can be unpredictable. This means that you may have to wait months or even years before you actually see any proceeds from the sale of your family home. This prolongs the divorce unnecessarily, and it can lead to even more conflict between spouses. For the spouse who is currently living in the family home, this waiting period might not seem like a big deal. But for the spouse who has been unceremoniously thrown out of their own home, it can be incredibly frustrating.Enlist the Help of a Qualified Attorney Today
If you have been searching Mecklenburg County for a divorce attorney who can assist you with these matters, look no further than Arnold & Smith, PLLC. We have dealt with plenty of situations involving high-conflict divorces in the past, and we understand how to approach equitable distribution in the most efficient way possible. If you feel like certain marital property will represent a major point of contention, we can help you resolve this conflict. We will also help you navigate some of the common sticking points in divorce negotiations from a legal standpoint. Reach out today, and we can develop an action plan together.