Raleigh Divorce Law Firm
Get help resolving family law issues now. Call for a consultation:

PLEASE NOTE: Our office is open for business as usual but in these unprecedented times, the team at Raleigh Divorce Law Firm is taking proactive steps to protect our team, clients and colleagues as well as do our part to help slow the spread of COVID-19. We have taken measures to limit the number of people physically in the office and have been working with clients to handle meetings by phone and utilize other technological methods to communicate when necessary. Our office location does not share space with any other businesses so there is a limited amount of traffic in and out of the office. We sanitize our conference rooms after each use so they are clean and ready for the next client.

There are currently courthouse policies state-wide that involve the postponing of trial dates within the next thirty days and we are working diligently to make sure our existing clients are notified about this and to reschedule any affected court dates. We continue to remain committed to providing quality legal services. Our phone and computer systems have the ability to operate remotely, should that become necessary at any point in the future. Additionally, we utilize a secure network and have an IT team dedicated to protecting our client’s privacy and security while allowing our attorneys, paralegals, and staff the opportunity to work from home if needed.

If you are a current client of the firm or a prospective client, please be assured that we continue to have the ability to effectively represent you. Please feel free to call or email us anytime, and we will continue to be available to serve your needs.

Don't overlook these 3 critical elements of property division

Dividing assets can be one of the most difficult parts of divorce. Between sentimentality and the need for financial stability in the wake of a divorce, there is a lot on the line in these situations.

To make things even more complicated, not all assets are equal in a divorce, as noted in this CNBC article. In other words, you may think you are making a fair deal as your divide your property and debts, but after all is said and done, you could learn that you left a lot of money on the table if you did not take into account a few important things about your property.

  1. Some assets cost a lot of money to maintain. If you want to keep your marital home, for instance, understand that there are costs associated with this. In addition to your mortgage, you will also have to cover utilities, pay property taxes and homeowners insurance, pay for maintenance of the home and furnish it. These expenses can be considerable, so it is wise to understand this if you are giving up cash or other property to keep the house.
  2. Assets can appreciate or depreciate over time. For example, a car and an art collection might seem like an even trade now, but consider that the car will likely depreciate over time while an art collection could appreciate. It is crucial to have assets like this appraised, as the current price tag may not be an accurate representation of its value.
  3. There could be tax implications of retaining certain assets. This is particularly true when it comes to transactions involving businesses and retirement accounts. Further, even though property transfers related to a divorce are generally tax free, future sales of the property or early distributions from a retirement account are likely taxable.

These elements complicate the process of dividing assets in a divorce, which can be very frustrating. However, overlooking or ignoring them can have considerable financial consequences.

Thankfully, you don't have to figure out all these nuances and complexities alone. You can work with an attorney who has been through this process many times before who can help you secure a fair settlement that takes into account both your short- and long-term financial needs.

No Comments

Leave a comment
Comment Information

Schedule A Consult

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Email Us For A Response

8341 Bandford Way, Suite 1
Raleigh, NC 27615

Phone: 919-256-3970
Fax: 919-256-3971
Raleigh Law Office Map