How to Protect Your Assets and Rights During a Divorce

Cabarrus County's family court docket has a steady flow of divorce filings, and a large portion of them involve disputes over property division, spousal support, or both. Concord's growth over the past two decades has brought higher property values, more dual-income households, and more complicated financial situations into these cases. That complexity shows up in the courtroom.

If you're going through a divorce, or expect to be, the decisions you make now about finances, property, and documentation will affect the outcome. Concord divorce lawyers handle these cases regularly and can advise you on what to prioritize, but there are steps you should be taking on your own before that first meeting.

Before anything is filed, put together a complete picture of your financial situation. This includes bank accounts, retirement accounts, investment portfolios, real estate, vehicles, credit card balances, mortgages, student loans, and any other debts. Both joint and individual.

If your spouse has been managing the household finances, this may take some digging. Pull statements, log into accounts, and document everything. If you suspect your spouse is moving money or hiding assets, tell your attorney immediately.

Property you brought into the marriage and inheritances or gifts in your name are typically classified as separate property. Marital property generally refers to everything acquired during the marriage.

But the distinction is not always straightforward. For example, you may have had a retirement account before the wedding that has grown since then. The growth during the marriage may be classified as marital property even if the original balance is not.

Commingling is the term your attorney will use when separate and marital assets have been mixed together in shared accounts or joint purchases. Once that happens, tracing what belongs to whom becomes difficult and expensive. Keeping documentation of what you brought into the marriage and how it has been handled since then will help.

Close or freeze joint credit accounts as soon as it's practical. A spouse who runs up debt on a joint credit card during the divorce creates a liability you may be required to share.

Do not make large purchases, drain accounts, or transfer money into a relative's name. Courts do not look favorably on either party attempting to hide or dissipate assets.

Open an individual bank account if you don't already have one. You'll need somewhere for your income that your spouse cannot access.

Courts consider the following factors when calculating spousal support:

• length of the marriage

• income disparity between the spouses

• each spouse's earning capacity

• the standard of living during the marriage

• whether one spouse set aside career advancement to support the household

Short marriages where both spouses work rarely result in a support award. Long marriages where one spouse stayed home to raise children are more likely to. The amount and duration depend on the facts, and in most cases the terms are negotiable before the court has to decide.

Custody arrangements affect finances for both sides when children are involved. Child support calculations factor in both parents' incomes and how much time the child spends with each parent.

The arrangement you accept will affect your child support obligations, tax filing status, and housing needs in the long term.

A divorce settlement is a contract. Once you sign it and the court approves it, modifying the terms is extremely difficult. Do not agree to a property division, a support arrangement, or a custody schedule without understanding the long-term financial consequences of each one.

Your attorney should be running the numbers on every proposal before you accept, and if something in the agreement does not make sense to you, make sure to ask questions before you sign anything.