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property division Archives

Refinancing a home after divorce

A couple in North Carolina who is getting a divorce may need to divide their house. In many cases, this will require refinancing. Refinancing is usually necessary to remove one person from the mortgage. Otherwise, that spouse could remain responsible for the home regardless of what is agreed in the divorce, and this can be harmful to that person's credit.

Dividing assets fairly in a divorce

North Carolina couples who are getting a divorce can avoid some common financial mistakes. One of those may be keeping the home in exchange for a more liquid asset of equal value. In looking at the value, people may fail to account for the cost of maintaining the home. Accounting for this means the house might actually be worth less than the retirement account or other liquid asset for which it was exchanged. Furthermore, many people may struggle after a divorce to maintain the family home on a single income.

Dealing with the family home when a couple gets divorced

One of the first questions many North Carolina residents have when they start the divorce process is about what will happen to the marital home. In some cases, a person may want to retain ownership of the home, especially if there are kids involved and this can help keep the home life stable for them. On the other hand, a person may want his or her share of the equitable distribution of other assets so that a new home can be purchased quickly.

Penalties and taxes in dividing a retirement account

Some North Carolina couples who are getting a divorce may have a retirement account that needs to be divided. This might require a document called a Qualified Domestic Relations Order. Dividing a retirement account may incur taxes and fees, and people may consult a certified divorce financial analyst at this stage. Working with a financial analyst may help ensure a more efficient transfer of funds with minimal costs.

Can trusts act as financial protection for inherited wealth?

When a couple gets married, they always hope that the union will be forever. However, as many North Carolina residents know, some marriages end in divorce, which leads to questions about marital property and division of wealth. In cases where one of the spouses has inherited money in a trust fund, the language of the actual trust might mean the difference between him or her being able to protect that wealth or having to share it with his or her ex-spouse.

Video: FAQ: Military 10-Year Retirement

In a divorce in North Carolina, the property of the marital estate must be divided in a way that is equitable, but not necessarily an even 50-50 split. Tangible assets, like the family home, are often one of the first issues to be discussed. Yet it is important to remember that intangible assets, like retirement benefits, must also be divided.

What happens to the family home after a divorce?

During a divorce, North Carolina couples may find that they have to negotiate when it comes to splitting up the assets that they obtained while they were married. Of course, the family home cannot be physically split. This means that either one person will end up with the home or no one will end up with it.

Property division in a North Carolina divorce

North Carolina law provides for the equitable distribution of marital property when a couple gets a divorce divorced. The court divides property into three categories for purposes of property division. Marital property includes real and personal property acquired by either or both spouses during the course of the marriage. Separate property includes real and personal property acquired by a spouse either before the marriage began or by gift, devise or descent during the marriage. Divisible property includes some passive income and other types of property that don't strictly fit the definitions of the other categories.

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