In a divorce, one of the most pressing matters is often the division of your marital property. It is not uncommon for divorcing spouses to face serious disputes over how they will handle the assets they accumulated during their marriage. The exact details of your disagreements may be unique to your circumstances, but there are some common issues you may come up against in this process.
1. Valuing
Spouses may assign different emotional values – and therefore, different financial values – to marital assets that are not necessarily objective. Disagreeing over those subjective values can lead to highly charged disputes. That is why it is important to obtain appraisals of significant assets and understand fair market values before dividing property. An objective valuation of assets can help spouses proactively avoid conflict on this front.
2. Categorizing
As you know, you only have to divide marital property in a North Carolina divorce, not your separate property. However, after years of marriage and commingling assets, distinguishing between separate and marital assets can be difficult at times, especially when it comes to complex assets including, but not limited to:
- Small businesses
- Real estate holdings
- Stocks and investment funds
You will not be able to divide the assets if you cannot agree what assets – or what percentage of them – is marital property. It will be key to work with legal and financial professionals who can help you accurately categorize the inventory of your assets.
3. Negotiating
Of course, one of the most common snags involves spouses disagreeing over who keeps what assets, or even what a fair trade looks like in order to achieve an equitable distribution of property. Negotiations in property division can become even more of a hurdle if spouses do not get along. It will be beneficial to prepare yourself for the negotiation process by understanding what your priorities and goals are, as well as what you are willing to compromise.
Your property is a priority. To effectively untangle yourself from these common snags and secure your property rights, it will be essential to obtain skilled legal guidance for your divorce.