Dividing Assets During Divorce: How a Property Division Attorney Helps

  1. Separation & Divorce
  2. Dividing Assets During Divorce: How a Property Division Attorney Helps
Gavel on wooden table separating paper cutout of house and family | New Direction Family Law

Despite general divorce rates falling, around 2.4% of people end up divorced every year, which amounts to a lot of legal hassle. Even if you have not started a family, splitting up everything you own can lead to great frustration. Are you aware of how a dedicated property division attorney can help you to navigate such difficulties and end up in a better situation?

This article will explain what such an attorney does and how they can assist you if you are having trouble in the run-up to a separation. Ensure you understand the full range of capabilities of a divorce lawyer so you can know how they’ll help your circumstances.

Advocating for Your Interest

Having someone in your corner during the divorce process can sometimes mean the difference between a simple or messy outcome. You want to have someone who understands your separation goals and where your priorities lie in property division. They can talk to you about what your expectations are, ensuring they work hardest to receive the assets you want to fight for.

When it comes to difficult conversations, they can speak for you, representing your side in the legal dispute. This prevents you from either saying something you later regret or stating something you later realize was incorrect. If you cannot reach an agreement with the other party, an attorney will also be able to work for you in court to ensure a fair resolution.

Understanding Your Rights

When you speak with a property division lawyer, they can explain your rights related to how you should divide your assets according to North Carolina law. This method of handling property after a separation is called the “equitable distribution system“. By knowing all its details, a lawyer can ensure you get everything you should as per the law.

They can inform you of all the requirements of related law so that you can identify which assets you might need to divide. You can then speak from a position of knowledge when you need to discuss issues with other parties. It also helps you prevent the relinquishment of anything you have an entitlement to.

Valuing and Classifying Your Assets

When getting a divorce, it is important to know how much each of your assets costs so that the division respects monetary values. A property division lawyer will have a vast array of experience in determining how much everything costs, as well as tools to help them determine your property and items.

They will either have data on the most recent prices for assets, be able to look them up, or network with others who can help with such assessments. This way, they can get a more recent and accurate price for complex assets such as real estate, businesses, or antiques.

They can also classify items as separate property or “marital assets”. This can help when separating out property and understanding what the law says each person will receive after the divorce. You should ensure you have proper documentation proving when you acquired all property that may end up contested.

Calculating and Dividing Debts

While you will need to divide up assets, many people forget that you will also need to separate debts between parties. The attorney will help you identify where these all lie, what they are worth, and calculate how to divide them equitably. This should end up with both parties sharing a fair burden and with neither facing unreasonable liability.

This work will include debts from a wide variety of sources, including:

  • Credit cards
  • Loans
  • Mortgages
  • Other documented agreements

Ensure that you pass on as much information as possible to the attorney about these loans, including all documentation. They can use this to determine who is responsible for each.

Mediate and Resolve Ownership Questions

Handling property division in divorce sometimes means asking hard questions related to who owns what. Sometimes, both people want to claim the same item that cannot be divided into two parts. This is a very common dispute when it comes to pets, and it is important to ensure both parties solve the issue to their contentment.

An attorney can mediate when emotions are high, preventing the situation from escalating to the courtroom. This saves both parties large amounts of money and time, meaning they do not need to act in an adversarial manner.

Handling Business Division

If a couple owns a business when they divorce, the situation will need careful work to untangle ownership. An attorney can discuss the process of establishing a business’s value and then work out the most equitable way to divide it.

As with asset valuation, a lawyer can work with financial and business experts to work out how much it is worth. They may also have the ability to separate out its independent parts, allowing for co-ownership or buyout.

Managing Litigation and Court Proceedings

Sometimes, getting a divorce leads to the courtroom. The same things may be hard limits for both people and neither may want to give up something specific. This means the resolution needs to come from a judge.

An attorney can ensure you are represented equitably during court proceedings, giving you the best chance of getting what you deserve.

Communicating With All Parties

During the divorce process, you should be careful to only communicate with the other party through legal channels. At the very least, an attorney can advise you on the appropriate way to communicate with them outside the courtroom if it’s unavoidable. 

This will ensure all correspondence occurs with professionalism and respect. They can also make sure you communicate without acquiescing anything when it comes to your interests.

Contact Us For Guidance With Property Division

The divorce process can be very difficult without a property division attorney, but we are here to help you. At New Direction Family Law, our divorce attorneys will do everything we can to ensure you receive what you deserve. We are experienced in addressing matters related to property division and divorce in Wake, Durham, Johnston, and surrounding counties.

You can contact us today, and we’ll begin working to help you reach an equitable resolution.

Previous Post
Episode 47 – I Always Feel Like Somebody’s Watching Me
Next Post
What To Know If Your Spouse Had An Affair