How are assets be divided in a divorce?

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How are assets be divided in a divorce?

My wife and myself have a home valued at $130,000 which is paid off. We have a equity line which we owe $20,000. We also have a building which is valued at $120,000 and we have a $90,000 mortgage on it. She has a busines in it which brings in about $65,000 a year. If we divorce how would these assets be divided?

Asked on February 10, 2012 under Family Law, North Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

There isn't enough information in the facts you have given to know how property will be divided. You need to know whether you live in an equitable distribution state for example or community property state. You need to know whether your state recognizes your wife's business as her sole property or the income as marital assets. There is a lot to division of assets so if this is amicable, consider going through conciliation services offered by the court (if they have a program or a mediation program) to get the basics down on paper and present to the court for a final blessing.


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