Division of Property In North Carolina
In North Carolina, the parties involved in a divorce are generally each awarded half of the assets and half of the debts that accrued during the marriage and prior to separation. The legal term for dividing up marital assets and debts is “equitable distribution.” There are many exceptions to this general statement and as such you will need to discuss the particulars in your specific case with a North Carolina divorce attorney.
In a lot of circumstances, the parties can settle their property rights prior to or during mediation or divorce. In North Carolina and prior to trial the parties will be required to attend one mediation session. Mediation is an informal process allowing parties to work with a neutral third party (the “mediator”) to attempt to negotiate and settle all terms of their conflict. All communications (with very limited exception) made during the mediation process are protected by rules of confidentiality and cannot be used at trial. Parties can propose and agree to creative settlements that could not otherwise be ordered by a court during litigation.
If a settlement cannot be reached, the matter will be set for trial. In determining property issues at trial the court will classify, value and distribute the parties’ assets and debts. At the conclusion of the trial, one of the attorneys will prepare an Order based upon the judge’s ruling. This will contain all of the court’s findings and (hopefully) will have resolved all issues pertaining to the parties’ marital estate.
Serving North Carolina clients for more than 50 years
Hatch, Little & Bunn, LLP has provided comprehensive legal services to individuals and businesses in Raleigh, Durham, Chapel Hill, Research Triangle Park, Wake County and throughout North Carolina from offices by the state capitol for over half a century. Our attorneys are licensed to practice before all North Carolina state and federal courts. Call (919) 899-9827 today, or contact us online to schedule a consultation with one of our attorneys about your concerns.