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Property division considerations in a divorce

Couples planning to get a divorce may want to begin taking an inventory of all of the assets that they will need to divide when they separate. As North Carolina follows the principles of equitable distribution, the court will divide marital property in a manner that it deems fair unless the parties are able to come up with a property distribution agreement on their own. As "fair" does not necessarily mean "equal" in this case, it often behooves the couple to work out a solution themselves.

Future capital gains taxes often come into play when negotiating a property settlement. When it comes to the family home, a couple will often agree for one person to stay in the house while the other moves out. Individuals may need to speak with a professional about how to equalize the transfer of a home to one person. If a couple decides to sell their home, they may be able to get a capital gain exclusion of up to $250,000 if filing their taxes alone or $500,000 if filing jointly.

Other income tax aspects that come into play during a divorce include the filing status as well as deductions. Divorcing individuals may also be able to deduct any expenses incurred in connection with tax advice or income production.

If a party getting divorced was not earning much money throughout the marriage, that person can have an attorney request that the court order the other party to pay attorneys' fees for both parties. Attorneys may also help parties try to negotiate a settlement with an ex over things like child custody and support, in addition to matters regarding the division of property.

Source: Nerd Wallet, "Divorce: Making Sense of the Confusion", J. Kevin Stophel, June 03, 2014

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