Your spouse may be attached to specific pieces of property. For example, it might be a vintage car they refurbished, the stock options they have carefully curated or their hard-earned retirement account.
One of the steps when ending your marriage is dividing the property you accumulated throughout the marriage. So, what happens to your spouse’s most prized possession, especially if they refuse to give it up in property division?
The answer? It depends.
You and your spouse do not have to divide property classified as separate under North Carolina law. If your spouse’s prized possession is separate property, then they have the right to keep it.
However, if the asset falls under the category of marital property, then you must divide it in divorce – or at least, divide the value. It is natural for both of you to wish to keep specific assets. Even so, your spouse cannot simply keep an asset if doing so prevents an equitable or fair distribution of assets. What can you do if your spouse refuses to cooperate?
3 steps to take in these cases
If the asset is indeed marital property, there are a few actions you can take to ensure you protect your property rights. It can help to:
- Try to negotiate: If your spouse is passionate about keeping this particular asset, one option you have is to negotiate with another asset of similar or equal value. This kind of negotiation is often critical in the property division process. They can keep that asset, as long as you retain one of a similar value.
- Consider mediation: Should negotiations fall through, it may help to involve a neutral third party to work through this conflict. It is common for people to become emotionally attached to property, but engaging in mediation can help disentangle those emotions and approach the matter logically.
- Consult the court: If all else fails, you can take the matter to family court to ensure a fair division of property.
In order to protect your property rights in divorce, it is critical to understand them. You should take time to learn about the property division procedures, so you can secure your finances in divorce.