When sharing a life together during marriage, you usually share all of your assets as well. The longer you are married, the more entwined your assets become.
That is just one reason why many people who divorce over the age of 50 face challenges when it comes to dividing their property. Here are some critical things to remember as you begin the process of divorce – and dividing property.
Figure out what is “mine” and “yours”
You may know that you keep your separate property in divorce, and you must only divide marital property under North Carolina law. However, after a long marriage, it is not always so simple to determine what is marital property – or how to divide it.
Various marital assets might be entangled over the years. These frequently include, but are not limited to:
- Homes and real estate properties
- Joint savings or bank accounts
- Personal property, such as collectibles or other items
It is rare for individuals to maintain receipts of who earned or contributed what to each asset. This can make the situation ripe for disputes over ownership and, in turn, the division of each asset.
Do not overlook assets
It is easy to focus only on the assets you see as a priority, such as your home or your retirement. As we have discussed in a previous blog post, it is critical to address all of your marital assets – which means taking care not to overlook any.
Taking stock of each and every asset you own can be challenging and overwhelming. In these cases, it can often help to obtain counsel.
You can seek help
Financial matters can be intensely private. Even so, it can be critical to obtain help navigating the division of assets in a divorce. A divorce attorney or financial advisor can help you:
- Accurately value assets
- Help determine ownership
- Divide property fairly
- Locate hidden assets
These individuals can play an important role. In many cases, property division can be one of the most complicated and stressful aspects of a divorce. It is not necessary to attempt to disentangle your marital assets and divide them alone.