Charlotte Property Division Lawyer

Charlotte Property Division Attorney

If you are going through a divorce, you may have concerns about how your property, including your real estate, will be divided. All real estate acquired during your marriage, including your primary home, vacation home, investment properties, and business property, will need to be divided. Understanding the complexities of family law and property division requires a skilled Charlotte property division lawyer.

The attorneys at Butler, Quinn & Hochman, PLLC, have extensive knowledge of North Carolina’s equitable distribution rules and will work to protect your property rights. There are often many emotions and memories linked to your marital home, and our attorneys understand this isn’t just a real estate transaction and will approach your representation with compassion.

What is Marital and Separate Property?

The divorce rate in North Carolina is 2.7 per 1,000 people. Every year, thousands of individuals navigate the complex process of dividing their marital assets. What exactly is a marital asset or marital property? Marital property refers to anything that was acquired during the time of the marriage to the date of separation.

Marital property typically includes real estate, possessions, vested or unvested pension benefits, deferred compensation benefits, and funds accumulated in insurance policies that are presently owned by the couple.

Separate property is property that each partner had before the marriage. It can also include inheritances or gifts that were received during the marriage. Separate property is not subject to North Carolina’s equitable distribution rules.

What is Equitable Distribution in North Carolina?

When you are dividing your marital property, the judge in your case will follow the laws of equitable distribution. Part of the divorce process will include filing an equitable distribution inventory affidavit listing the marital and separate property assets. This affidavit will be filed with the Clerk of the Court in the county where your lawsuit was filed.

For Charlotte and Mecklenburg County residents, you will file at the Mecklenburg County Family Court located at 832 East Fourth Street, Charlotte.

It is important to remember that in North Carolina, an equitable distribution does not translate to a 50/50 split. The court will consider various factors such as:

• The income and property of both spouses
• The liabilities of both spouses
• The age, mental, and physical health of both parties
• The length of the marriage
• How child custody will be arranged, and which spouse should stay in the marital home
• The amount of pensions, deferred compensation, and retirement accounts
• Contributions made by a spouse toward the education or career of the other spouse
• How complex will it be to appraise and divide a business or other complicated asset

Determining Who Will Keep the Marital Home

In North Carolina, if the home was acquired during the marriage and before the date of separation, regardless of which spouse purchased the home, it is considered marital property. The name on the deed and who made the mortgage payments do not impact the status as marital property.

The court may consider who has custody of the children when determining which spouse will stay in the home. Often, the court prefers to see consistency maintained for the well-being of the children involved.

How the House Is Handled in Divorce

The most common way for a house to be divided is for one party to buy out the other’s interest. The spouse who wishes to remain in the home will refinance the mortgage and pay the other spouse their share of the home’s equity.

Sometimes, a couple will opt to sell the home and divide the proceeds. The mortgage and any liens will be paid from the profit of the sale, and any remaining funds will be divided evenly. This is a viable option when no one wishes to remain in the home or the parties do not have the funds to do a buyout.

FAQs

Q: What Not To Do During Separation in NC?

A: You should consider staying at home. Moving out may limit your ability to retain assets or gain equal custody of your children if the separation progresses to divorce. It may be a good idea for each partner to have their own space in the home and establish some rules. It is also prudent to avoid starting a new relationship. A new relationship may make focusing on clarity around your marriage or reconciliation more difficult.

Q: What Are Property Lawyers Called?

A: Property lawyers are also referred to as real estate attorneys. Property lawyers focus on elements of the law related to buying and selling property. They will prepare and review the paperwork related to a real estate transaction to ensure your interests are protected. They will conduct a title search, draft title insurance policies, prepare closing documents, and handle any disputes and negotiations. Utilizing a property lawyer helps to protect your interests during a real estate transaction.

Q: How Is Property Divided in NC?

A: North Carolina is not a community property state; rather, it follows the concept of equitable distribution. In North Carolina, a judge will determine how marital property and debt will be divided fairly and equally. The court will only divide marital property or property that was acquired jointly during the marriage. Separate property will not be divided. Separate property will include any property acquired before the marriage or any gifts or inheritances acquired during the course of the marriage.

Q: Who Has To Leave the House in a Separation in NC?

A: Deciding who will leave the house during a separation is a major decision that may have legal and practical ramifications. If it is safe and possible, it may be prudent for both partners to remain in the house. If one of the partners is the owner of the home, they may have the legal right to stay. If the house is leased and both parties’ names are on the lease, negotiations or intervention from the court may be necessary.

Depend on a Skilled Charlotte Property Division Lawyer

The skilled and compassionate lawyers at Butler, Quinn & Hochman, PLLC, understand that dividing real estate as part of a divorce is complicated both emotionally and financially. Our attorneys advocate for clients, making sure their interests are represented and outcomes are equitable and fair. Contact the office to schedule a consultation and find out how we can help.