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What is marital property in the Tar Heel State?

On Behalf of | Mar 27, 2020 | Marital Property Division

Some spouses end up feeling a little awkward putting all of their possessions in a shared home with a husband or wife. Little disagreements can arise over the smallest things. But that is often nothing to what can happen when people disagree how to divide all of their things in the case of divorce.

  • What is at stake when spouses divide their assets?

North Carolina recognizes marital property as anything acquired or improved during a marriage. This may include any real estate a couple bought together or any income they earned while married. Yields on investments may also be part of marital property even if the investment was made before marriage.

  • What is not considered marital property?

Any specific item or asset that is more or less unchanged by the marriage may be exempt, such as heirlooms specific to one spouse or a trust fund in the name of one spouse but not both. Some compensation rights, like the proceeds of a pension or retirement account, may be considered individual property although this is not a given.

  • How does North Carolina divide marital property?

The Tar Heel State is not a communal property state, so partners or courts may consider a wide variety of factors when deciding who gets what. Most questions of this type are best directed to an attorney.

  • What is the advantage of legal representation in divorce?

A lawyer can help people going through a divorce by representing their interests in all parts of the process. An attorney can also argue for property rights that are in dispute.

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