Jul. 11, 2022
Tangible and Intangible Assets in a Divorce in NC
You are considering getting a divorce and you have heard that it is important to understand the different types of assets involved in a divorce. You decide to learn more about tangible and intangible assets so you can make the best decision for yourself and your future.
Tangible and Intangible Assets
Tangible assets are physical property that has value. This can include:
- Real estate (primary residence, rental property, vacation home)
- Cars
- Furniture
- Jewelry
- Collections (art, wine, antiques)
Intangible assets are nonphysical property that has value. This can include:
- Patents
- Copyrights
- Trademarks
- Licenses
- Business interests
- Domain names
- Investments (stocks, bonds, mutual funds)
How Do Tangible and Intangible Assets Relate to Divorce?
In a divorce, all assets are subject to division. This includes both tangible and intangible assets.
The way in which these assets divide will depend on the state in which you live. Some states use community property laws, while others use equitable distribution laws.
Community property states treat all assets acquired during a marriage as jointly owned by both spouses. This means that these assets are equally divided between the spouses in a divorce.
What is equitable distribution?
Equitable distribution takes into account a number of factors when dividing assets in a divorce. These factors can include spouses’:
- Length of the marriage
- Ages
- Health
- Potential earning
- Contributions to the marriage
- Needs
- Child custody arrangement
For example, in North Carolina, the laws of equitable distribution in NC apply in divorce cases. This means that the court will look at all of the assets and debts of the marriage and divide them in a fair and equitable manner, taking into consideration the factors listed above.
How Can You Protect Your Assets During a Divorce?
If you have tangible or intangible assets, you may think about how your assets get divided in your divorce. You can take steps to protect your intangible assets by:
- Hiring an experienced divorce attorney
- Keeping good records of your intangible assets
- Having a prenuptial agreement or postnuptial agreement that specifically addresses your intangible assets
- Consulting with a financial advisor to help you value your intangible assets
Intangible assets can be difficult to value and divide in a divorce. If you have intangible assets, it is important to consult with an experienced divorce attorney to ensure that the division of your assets is fair. You can also take steps to protect your intangible assets by keeping good records and consulting with a financial advisor.
How can a Divorce Lawyer Help?
If you are going through a divorce, an experienced divorce lawyer in North Carolina can help you protect your assets.
A divorce attorney can help you value your assets and determine the best way to divide them in a divorce. An attorney can also help you negotiate with your spouse and reach an agreement on how to divide your assets. If you are unable to reach an agreement, an attorney can represent you in court and help you get the best possible outcome for your divorce.
It is important to be aware of the different types of assets you have and how they get divided in your divorce.
Call Mercedes Chut—a divorce attorney in Greensboro NC, for a consultation.
