The dissolution of a marriage is never easy, and when it comes to dividing assets and properties, the process can become even more challenging. In North Carolina, as in many other states, the division of marital property is governed by specific laws and regulations that can be complex and confusing. Understanding these laws and how they apply to your unique situation is crucial to ensuring a fair and equitable division of assets.
At Phillips & McCrea, PLLC, we focus in guiding our clients through the intricacies of asset and property division in North Carolina divorces. With years of experience in family law, our attorneys have the knowledge and experience to help you navigate this difficult process and protect your interests every step of the way.
Understanding Marital Property in North Carolina
In North Carolina, marital property is generally defined as any property acquired by either spouse during the course of the marriage, with a few exceptions. This includes real estate, personal property, bank accounts, retirement accounts, and any other assets acquired during the marriage, regardless of who holds title to the property.
It’s important to note that North Carolina is an equitable distribution state, which means that marital property is divided in a way that is fair and equitable — but not necessarily equal. This means that the court will consider a variety of factors when determining how to divide marital assets, including the length of the marriage, the age and health of each spouse, their respective incomes and earning potentials, and the contributions of each spouse to the marriage.
Navigating Equitable Distribution
Equitable distribution can be a complex and contentious process, especially when it comes to high-value assets or properties that hold sentimental value. Our attorneys have extensive experience in handling these types of cases and can provide you with the guidance and support you need to protect your interests.
One of the key factors that the court will consider when dividing marital property is the concept of “separate property.” Separate property includes any assets that were owned by either spouse before the marriage, as well as gifts or inheritances received by either spouse during the marriage that were intended for that spouse alone. Unlike marital property, separate property is not subject to division in a divorce.
However, it’s important to note that separate property can become marital property if it is commingled with marital assets or if it is used for the benefit of the marriage. This can complicate the division process, and it’s essential to have an attorney who understands the intricacies of North Carolina’s equitable distribution laws on your side.
Attorney Attorney Attorney
Michael Phillips
Marcel McCrea
Natalie Andruczyk
Protecting Your Rights and Interests
At Phillips & McCrea, PLLC, we understand how important it is to protect your rights and interests during a divorce, especially when it comes to the division of assets and properties. Our attorneys are dedicated to providing you with the personalized attention and guidance you need to navigate this challenging time in your life.
We will work closely with you to understand your unique situation and develop a strategy that is tailored to your specific needs and goals. Whether through negotiation, mediation, or litigation, we will advocate tirelessly on your behalf to ensure that your rights are protected and that you receive a fair and equitable division of assets.
The Complexity of Valuing Assets
Valuing assets in a divorce can be a complex and challenging process. Different assets, such as real estate, retirement accounts, and businesses, may require different valuation methods. For example, real estate may be appraised by a professional appraiser, while businesses may require a valuation by a forensic accountant. It’s essential to have an attorney who understands these complexities and can ensure that all assets are properly valued to achieve a fair division.
Retirement Accounts and Pension Plans
Retirement accounts and pension plans are often among the most valuable assets in a divorce. In North Carolina, these assets are considered marital property and are subject to division. The division of retirement accounts and pension plans can be complicated, as they often involve complex tax and financial considerations. Our attorneys can help you understand your rights regarding these assets and work to ensure that they are divided fairly and equitably.
Michael was a pleasure to work with. He made sure all of my questions were answered in a timely manner. His compassion to help allowed me to receive excellence throughout my experience, i would highly recommend his expertise” - Anonymous Philips and McCrea Law firm provided excellent service to entire family and friends. There have been several situations that I/family /friends have depended on their legal service’s. On each occasion they have been professional, knowledgeable and dependable. Providing excellent representation and guidance under stressful situations. I would highly recommend their legal service." - Denise Simply great legal service. They were professional, easy to work with and thorough. I have been very pleased with their service and would highly recommend them to my friends and colleagues as exceptional Charlotte attorneys." - Logan Abrams 
Dealing with the Marital Home
The marital home is often one of the most significant assets in a divorce. In North Carolina, the court may award the marital home to one spouse or may order it to be sold, with the proceeds divided between the spouses. Deciding what to do with the marital home can be emotional and challenging. Our attorneys can help you understand your options and advocate for a resolution that meets your needs.
Protecting Your Business
If you or your spouse own a business, it is considered a marital asset and may be subject to division in a divorce. Valuing a business can be complex, and it’s crucial to have an attorney who understands how to properly value and protect your business interests. Whether through negotiation or litigation, our attorneys will work to ensure that your business is protected during the divorce process.
Debt Division
In addition to dividing assets, couples going through a divorce must also divide their debts. In North Carolina, marital debts are subject to equitable distribution, meaning that they are divided in a way that is fair and equitable, but not necessarily equal. Our attorneys can help you understand how your debts will be divided and work to ensure that you are not unfairly burdened with debts that should be shared.
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Spousal Support and Alimony
In some cases, one spouse may be entitled to spousal support or alimony from the other. Spousal support is intended to help the dependent spouse maintain the standard of living they enjoyed during the marriage. The court will consider a variety of factors when determining whether to award spousal support, including the length of the marriage, the financial needs of each spouse, and the contributions of each spouse to the marriage. Our attorneys can help you understand your rights regarding spousal support and advocate for a fair resolution.
Child Custody and Support
If you have children, issues of child custody and support will also need to be addressed during the divorce process. North Carolina courts make custody decisions based on the best interests of the child, considering factors such as the child’s relationship with each parent, the ability of each parent to provide for the child’s needs, and the child’s preferences. Our attorneys can help you understand your rights regarding child custody and support and work to ensure that your children’s best interests are protected.
Mediation and Alternative Dispute Resolution
In many cases, divorcing couples are able to resolve their issues through mediation or other forms of alternative dispute resolution. Mediation can be a more cost-effective and less adversarial way to resolve conflicts and reach a mutually acceptable agreement. Our attorneys are experienced in mediation and can help you explore this option if it is appropriate for your situation.
Litigation as a Last Resort
If mediation or other forms of alternative dispute resolution are not successful, litigation may be necessary to resolve your divorce. Our attorneys are skilled litigators who will advocate tirelessly on your behalf in court to ensure that your rights are protected. We understand that litigation can be stressful and costly, and we will work to achieve a resolution that meets your needs while minimizing the emotional and financial impact on you and your family.
Advocating for You
Divorce is never easy, but with the right legal team on your side, you can navigate the complexities of asset and property division with confidence. At Phillips & McCrea, PLLC, we are dedicated to providing you with the personalized attention and guidance you need to protect your rights and interests during this challenging time. Contact us today to schedule a consultation and let us help you secure your future.