Important Information about Property Division
When a married couple decides to end their relationship, one of the most difficult aspects which must be considered is the division of marital property. While some couples may be able to mutually agree on a fair division of property, it is more common for the ultimate division to be decided on in a court of law. There are several important factors concerning property division which those considering divorce should keep in mind, including:
- Marital vs. Separate property: most of a married couple’s property will be considered marital property and subject to asset division. However, gifts and inheritances received from third parties, as well as property owned by either spouse prior to the marriage, are typically considered separate and aren’t usually included in the marital property division.
- Equitable distribution: in most cases, courts want to divide property as fairly as possible, meaning the spouses usually split marital property 50/50. Some factors, such as earning potential and health of each spouse, may lead to an unequal division of property, however.
- Property definition: marital property considers both assets and debts. Therefore, debts accrued during the marriage are typically evenly divided along with all assets.
It is important that all individuals pursuing divorce be aware of these and other factors which may affect the division of marital property.
If you or someone you know is considering divorce, you should first speak to an experienced legal professional in order to fully understand your rights and options under the law. Contact the Raleigh divorce lawyers of Marshall & Taylor PLLC, at 919-833-1040 today to discuss your case with a compassionate member of our legal team.