What Happens to Property Owned Before Marriage in North Carolina?
Getting married is an exciting time, but it’s important to be aware of the legal rights and responsibilities that come with it. One of the most important things to consider is the ownership of property. In North Carolina, there are specific laws that govern what happens to property owned before marriage in the event of a divorce.
Property Ownership Before Marriage
In North Carolina, property acquired before marriage is considered separate property. This means that it is owned solely by the individual who acquired it, and it is not subject to division in the event of a divorce. This includes:
- Real estate
- Personal property (such as vehicles, furniture, and jewelry)
- Bank accounts
- Investments
Exceptions to the Rule
There are a few exceptions to the rule that property owned before marriage remains separate property. These exceptions include:
- Commingling of assets: If property is owned separately but it is combined with marital property, it may become marital property.
- Transmutation: If property is owned separately but it is used for the benefit of the marriage, it may be considered marital property.
- Prenuptial agreement: A prenuptial agreement can be used to change the ownership of property acquired before marriage.
Division of Property in a Divorce
If you get divorced in North Carolina, the court will divide your marital property equitably. This means that the property will be divided in a fair and just manner, taking into account factors such as:
- The length of the marriage
- The contributions of each spouse to the marriage
- The economic circumstances of each spouse
Property owned before marriage is typically not subject to equitable distribution. However, if there is a valid exception to the rule, it may be considered marital property and subject to division.
Protect Your Property
There are a few things you can do to protect your separate property in the event of a divorce:
- Keep your finances separate: Keep your own bank accounts and credit cards.
- Don’t commingle assets: Avoid combining your separate property with marital property.
- Get a prenuptial agreement: A prenuptial agreement can be used to protect your separate property in the event of a divorce.
Conclusion
Understanding the laws governing property ownership before marriage in North Carolina can help you protect your assets in the event of a divorce. By following the tips in this article, you can protect your separate property and ensure that your rights are respected.
Are you interested in learning more about property ownership in North Carolina? If so, please contact an attorney for more information.
