Spouses who file for divorce must divide their marital property, either through a settlement agreement, or a court will order how property should be divided. Many people choose to settle property disputes out of court because of the certainty that a negotiation process provides.
Marital vs. Non-marital Property
Property assets will only be subject to division in a divorce if it is considered marital property. Marital property is property acquired during the marriage, although there are exceptions such as gifts and inheritances.
Non-marital property may become subject to division in a divorce if it has become commingled with marital property. For example, if a spouse sells a vehicle that was owned prior to the marriage and deposits the funds into a joint bank account, a court may rule that the proceeds from the sale are marital property.
One of the most important aspects of dividing property in a divorce is determining the value of the marital property estate. Assets which have appreciated in value such as real estate should be appraised for value, rather than using the purchase price as the value. Asset valuation is a complex topic, and often requires asset valuation experts.
Many people are concerned about their spouse hiding assets in a divorce, especially if they are going through high value asset divorce proceedings where their spouse may have income from stocks, bonds, or rental property that they do not know about. Gathering financial documents such as tax returns, banking statements and a credit report is a good place to start when working to determine the value of the marital estate. Selecting an experience lawyer in Raleigh, NC like Daphne Edwards is vital to get fair distribution of marital assets
Keeping a Marital Home
Many people who are going through a divorce want to keep a marital home because it is where they have been raising their children, because they are concerned about qualifying for a mortgage on their own and for many other financial and emotional reasons. Usually a spouse who keeps a marital home pays the other spouse his or her one-half share of the equity in the home. Keeping a marital home can be expensive when an income shrinks from two incomes to only one income, so financial considerations are important to keep in mind.
Mediation or Trial?
A Raleigh divorce lawyer can help you decide whether mediation would help you resolve your case. Mediation is a process where the parties in a divorce or civil case attempt to settle their case outside of court. In many cases, this is a good idea because a court may order that property be sold and the proceeds divided if the parties in a divorce cannot work out a settlement agreement.
Contact a Raleigh, North Carolina Family Law Attorney
A Raleigh Divorce Lawyer can help you avoid the stress of negotiating or settling a divorce case yourself. If your case proceeds to trial, having an experienced attorney on your side can make a great difference in the outcome of your case. Contact Attorney Daphne Edwards for more information.
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