How is debt and property handled in a divorce?

In North Carolina, debt and property must be handled during a divorce according to the state’s laws and regulations. Both debt and property must be identified and valued in order to be divided in the divorce. Property division is typically done through an equitable distribution in North Carolina. This means the court will attempt to divide the assets and debts equitably or fairly between the parties. The court will consider various factors such as the length of the marriage, financial contributions, earning potential of either party, and other factors when making the decision. Debts are also divided in the same way. The court will make sure that both parties are taking on a fair portion of the debt. The court will not consider fault in making a decision on how the debt should be divided. Therefore, regardless of who incurred the debt, it may still be divided among both parties. If the court finds that one party has ample funds to pay for the entire debt after the divorce, this may be what is ordered. On the other hand, if the court finds both parties can sufficiently handle the debt, then the debt will be divided. In either of these cases, the court will order a division of debt and property that it believes is equitable and just. It is important to get the help of an experienced family lawyer who can explain and help navigate the state’s divorce laws and regulations.

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