Divorce involves many financial decisions. Property, including real estate, stocks, personal property, bank accounts and other things need to be divided. Sometimes the divorcing couple can make equitable arrangements for themselves. If this is the case, then the judge will grant the divorce usually by signing the agreement. However, divorce is not always so simple. It’s often contentious and the parties cannot reach an agreement. In most divorces, the court is forced to divide the property through Property Distribution in Kannapolis NC.
Communal Property
Courts in these jurisdictions divide the property owned by the couple in two categories. One category is the property that holds the couple together, or community property, and the other category is the property owned by each person individually, or separate property. Community property includes money and possessions that were earned during the marriage. Separate property includes any gifts or inheritances given to only one spouse, even if the gift or inheritance was acquired during the marriage.
The courts usually divide community property equally between the two spouses and allow each spouse to retain their separate undivided property, although there are some exceptions. It’s also important to note that if a couple separated and mixed funds to make a purchase, for example, a house then the court may consider the purchase community property.
Equitable Distribution
This section of Property Distribution in Kannapolis NC states that any community property not used is based on the principle of equitable distribution. The assets and money acquired during the marriage by both spouses, are divided fairly, though not always equally. The house is one of the great aspects concerning the division of property. If the house was purchased jointly by the spouses and the couple cannot agree on which of them will leave the house, then the judge will decide the issue. Sometimes the judge will require that the house be sold and the profits are shared between the parties. Other times, the judge will require a spouse to buy the other’s interest in the house or the judge may grant the house to a spouse and the other, a property of equal value (cars, jewelry, personal property, and money).
Hiring a lawyer is very important in these types of circumstances because hundreds of thousands (or more) are at stake. Contact Seth B. Weinshenker for more information today.
