How are assets be divided in a divorce?

UPDATED: Feb 10, 2012

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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


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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