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Making it through property division with your finances intact
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Making it through property division with your finances intact

On Behalf of | Dec 30, 2021 | Divorce |

A divorce is certainly an emotional process as you begin to process the end of what used to be a happy marriage. However, divorce is also a financial process as you go through the property division process and face a future where you are relying on your income alone. The following are some tips for making it through divorce with your finances intact.

Property division in North Carolina

When a couple in Winston-Salem divorces one of their primary financial concerns is who gets what in the property division process. North Carolina is an equitable distribution state when it comes to property division. This means that the couple’s marital assets and debts are divided based on what is fair even if it does not lead to an exact 50/50 split.

Understand the extent of your marital estate

When it comes to property division it is important to understand the extent of your marital estate, so fair decisions can be made. This can be difficult if your ex was the one to manage the family finances or is hiding assets. Educating yourself on the extent of your marital assets and marital debts can help you make informed decisions. This includes understanding both the current and projected worth of your marital assets and debts.

Consider future financial needs

You will want to make sure you understand what your financial needs will be post-divorce. For example, you may want to have a nest egg to rely on moving forward. This may mean that for you liquid cash more desirable than non-liquid assets. Similarly, you will want to consider whether you can afford home ownership on a single income before you fight to keep the family home. Selling it may make more sense both for you and your ex.

Ultimately, it is important to ensure not only that you are awarded the marital assets you are entitled to in the property division process, but also that you do not take on an unfair amount of marital debt. Moreover, you will want to make sure you are setting yourself up for future financial success following your divorce.