Strategic Property Division is a term that refers to the process of dividing marital property equitably. There are many reasons why someone would want to do this, including but not limited to divorce, separation, and death. This article will discuss the effects of the Strategic Property Division in North Carolina on your life by looking at different scenarios where it might apply and how these can impact you and your family.
Effects of Strategic Property Division:
In the event of divorce, most properties are divided equally. A couple can choose to divide it in a different way if they wish, but this would not be considered strategic division as there are no definitive goals.
Divorce Court will assess all assets and debts and then decide how much each person needs to receive from the marital estate. The factors considered are their occupational status, earnings potentials, age, abilities or disabilities that may affect future income-earning ability (including child care), education level relative to employment opportunity levels within the community where they live, etc.
On the other hand, when two people decide to separate instead of filing for divorce, things become more complicated because, legally, they still have some type of attachment between them. This is why it’s essential to hire an experienced divorce attorney who knows the law and will protect your rights instead of one that takes a shortcut.
In the event of separation, many things are still considered marital property. For example, if you controlled all joint assets such as bank accounts before separating, they would be classed as belonging equally with both parties even though no marriage contract was signed.
People also make mistakes when dividing their properties by not considering specific factors like tax implications or prenuptial agreements, including provisions about inheritance if you pass away before your partner does.
These are some reasons for having Strategic Property Division North Carolina affect your life. Before making any major decisions involving strategic property division in North Carolina, ensure that you consult an experienced attorney like Marshall & Taylor without any second thoughts. This is the only way to wrap up things smoothly.