Divorce can be a frightening and stressful proposition for anyone. While you may worry about finding a new house, sleeping alone or even running into your soon-to-be ex-spouse, you also might have some money-related anxiety. According to Psychology Today, it is important to address these uncertainties in a proactive manner.
You probably do not have to worry about being penniless after your divorce becomes final, though. Indeed, North Carolina law entitles you to an equitable share of everything you and your spouse own. In effect, even though you might not receive exactly half, you should receive what is fair and equitable.
An equitable distribution jurisdiction
Divorce is a matter that falls entirely within the jurisdiction of each state, and each state handles property division a bit differently. The Tar Heel State is an equitable distribution jurisdiction. To decide what is equitable, North Carolina judges often weigh a number of factors.
Among others, these often include the following:
- The duration of the marriage
- The behaviors of each party during the marriage, including whether spouses have wasted marital assets
- The ages, income potential and educational levels of each spouse
- The income and debts of each spouse
It is important to think about the judge’s decision-making process when planning your divorce. Indeed, if you understand how the court makes decisions, you may be able to effectuate a beneficial split of your marital wealth.
The difference between marital and separate property
While North Carolina’s equitable distribution rules apply to marital property, they usually do not apply to separate property. As a result, you likely can keep anything you separately own without having to divide it or its value with your spouse during your divorce.
Ultimately, because property distribution rules can and do have exceptions, it is essential to understand your legal and financial options before filing for divorce.