Charlotte Divorce: How Assets Are Divided

There’s no question that divorce can be an incredibly tough thing for anybody to go through. What makes it even more difficult is when it comes time to divide the assets acquired during the marriage. Deciding who gets what can be a tough and incredibly confusing task.

“When people ask me about divorce, usually the first questions are, ‘What about the house? How do we go about handling the bank accounts? What about my retirement,” said Charlotte divorce lawyer Thomas D. Bumgardner. “North Carolina courts analyze several factors when dividing assets, and rarely divide property 50/50.”

In this week’s blog, we’re discussing North Carolina’s use of the “equitable distribution method” when splitting assets.

What is the “Equitable Distribution Method?”

In states like California, New Mexico, Texas, or Washington, property is divided up 50/50. It all ends up being divided equally. States that divide property using this method, also known as the “community property” method, are in the minority. Only nine of the 50 states do it. The rest, including North Carolina, divide property using the “equitable distribution method.”

With the equitable distribution method, property is divided fairly but not necessarily equally. Judges will take into consideration each party’s financial contribution towards the specific asset and also each party’s ability to financially provide for themselves after the divorce is finalized. This is different from community property states where all property acquired during the marriage is divided 50/50.

When a judge is considering how to divide property in North Carolina, they see what was acquired as just that: property. Little to no thought is going to be given to emotional attachment to certain items a spouse may have or their personal preference. They will simply divide the property according to what they deem to be fair.

This is why at Ballantyne Legal, we recommend that both parties try to reach an amicable agreement before taking it to a judge. If no agreement can be made, then a judge isn’t going to meet each party’s wishes with anything other than an unbiased and impartial viewpoint.

Talk to a Charlotte Divorce Specialist

This blog should not be considered legal advice. If you have any questions about legal separation and divorce laws in North Carolina, or to schedule a free consultation, please call (704) 870-4779.  The Law Office of Thomas D. Bumgardner is committed to fighting for your rights and helping you reach the best solution for you and your family.

Related Posts
  • Charlotte Divorce: Divorce By Bed And Board Read More
  • Charlotte Divorce Lawyer Explains NC Marital Misconduct Laws Read More