How does divorce affect a couple’s assets?

In North Carolina, divorce often affects a couple’s assets in a variety of ways. Generally, each spouse is entitled to a fair portion of the property acquired during the marriage. The courts, in rule-based fashion, will go through the property of the couple and divide it in an equitable way. This means that it may not be an exact 50/50 split, but a split that is considered fair based on the total sum of assets and the individual contribution to the marriage. Additionally, depending on the length of the marriage and the circumstances of the couple, one spouse may have to pay the other alimony, also known as spousal support. This can come in the form of a lump sum or installments over a period of time, and is usually determined on a case-by-case basis. The type and amount of alimony is usually decided upon in divorce proceedings. Agreements concerning custody of the couple’s children, as well as child support, may also affect the assets of a divorcing couple. These agreements are regulated by North Carolina’s family law, and as such, many elements are standard and predetermined. All things considered, divorce can have a large effect on a couple’s assets, as they must divide the property they have accumulated during the marriage. Furthermore, alimony and child support may be necessary, and the court will make the necessary determinations to ensure that the divorcing couple is able to separate in an equitable way.

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How does divorce affect a couple’s assets?

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