How Will You Protect Your Property Rights During Divorce?
One of the most contentious issues in divorce is property division. Who gets the house? Is the pension divisible? How will joint bank accounts be divided? Is everything divided in half? Finding answers to these questions often stirs the emotions of both parties, quickly whipping up a frenzied mad dash for the goods and aggressive finger pointing at who racked up the debts.
At The Law Office of Bryce D. Neier, PLLC, in Fayetteville, North Carolina, we understand that each party has important interests at stake when it comes to dividing assets and debts. We have decades of experience helping our clients overcome many emotional barriers, while seeking to preserve their financial interests when getting divorced. For aggressive advocacy, contact us to learn how we can help you protect your rights, as well as your belongings. Call toll free 800-332-2807 or send us an email to schedule an appointment with a Fayetteville property division lawyer today.
North Carolina Is Not A Community Property State
North Carolina is not a community property state; it is an equitable distribution state. Debts and assets you and your spouse accumulated during your marriage will need to be split between you and your spouse, but this does not necessarily mean a 50-50 split. The equitable distribution process is very complex and tedious. You should never attempt to deal with this issue on your own. Ever. Once an equitable distribution order is filed, it is almost impossible to modify it given the court wants final resolution of division of a marital estate.
Often, divorcing couples disagree on what assets and debts accumulated during the marriage. Our law firm has access to industry-leading experts, including forensic accountants. We work with them to trace which assets and debts are considered marital property. Our experts are also invaluable in helping us uncover any hidden assets and determine the value of assets such as:
- Real estate/real property
- Bank accounts
- Pension benefits and other retirement assets
- Household goods
- Vehicles
Fayetteville property division lawyer Neier is committed to protecting your stake of the marital property. This can be an emotionally charged area of the law since many assets including a house cannot be split directly down the middle. We offer strong advocacy to help you obtain an equal value of the property.
Dividing Military Pensions
If you are faced with a military divorce and a military pension is involved, the court will apply what is called the Seifert formula to divide military pensions. One of the most critical points to know is that in order to properly divide a retirement account, and then actually get a direct payment from the military or a private company, will require what is called a qualified domestic relations order (QDRO). Failure to correctly prepare and file a proper QDRO can result in you not getting your share of a retirement account. Your share may fall into the hands of your ex’s new spouse.
What To Expect During The Process
Prior to the final trial, you and your spouse will be required to attend equitable distribution mediation. This offers a chance to save significant time and expense by agreeing to a property settlement at the mediation. You can even reach agreement of the other pending claims such as alimony, custody, child support or any other issues (except absolute divorce that must be heard before the clerk of court or family court judge) in the equitable distribution mediation. If you fail to reach an agreement, then the final division of assets and debts will be determined at trial. It is always better to be in control of your assets and debts versus “rolling the dice” with the court.
Protect Your Financial Interests. Call Our Firm.
At The Law Office of Bryce D. Neier, PLLC, we provide trustworthy counsel and strong representation to secure our clients’ best interests. When the stakes are high, contact our Fayetteville law firm online or call (910) 423-5000 to talk to a skilled attorney.