If you are going through a divorce in North Carolina, you should know that you are in an equitable distribution state. Certain factors can affect how property is distributed.
What property is divided during a divorce?
When a married couple divorces, the court will consider which property is considered marital so that it can be divided. Anything that was acquired by one or both spouses during the marriage is subject to property division. Meanwhile, any property one party acquired before the marriage is considered separate unless it was commingled or put into both spouses’ names. Because North Carolina is an equitable distribution state, marital property is split between spouses on the basis of what a judge deems to be fair.
What factors can affect equitable distribution in a divorce?
Equitable distribution is affected by certain factors. The court will consider these aspects when deciding how marital property should be divided. One of the most common is the length of the marriage.
The court will also consider the incomes and earning potential of each person and whether there are any minor children. If there are minor children in the marriage, how many there are is also a factor. The costs of the kids’ education and health care are often taken into account with property division.
Each person’s assets and debts also affect the way the marital property is divided during divorce. If one spouse supported the other so that they could reach educational and professional goals, the court will also consider that factor. This doesn’t necessarily mean the person financially supported their spouse as the court takes into consideration sacrifices made such as staying home to support the children.
Finally, the mental and physical health of each spouse can also impact the equitable distribution of marital property.