Property Settlement
If you have received an inheritance, or a gift, or anticipate receiving either in the future, you may be wondering how you can protect it from your spouse in the event of a separation and divorce. In North Carolina when spouses divorce all property acquired by either spouse during the marriage is automatically presumed to be “marital property” and therefore subject to equitable distribution. There are exceptions to the marital property assumption. One of those…
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Transmutation is a term used in family law to describe property that has been transformed from a party’s separate property into marital property.In the context of equitable distribution, the term “separate property” refers to property that is owned by one spouse individually.
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In North Carolina, property that is owned at the date of separation by either spouse, individually or jointly, is presumed to be marital property. But, what happens when a business or third-party holds title to an asset that is claimed to be a marital asset? What if a spouse titles an asset acquired with marital funds in the name of a business or transfers title to a marital asset to a third-party, such as a child or parent, in an attempt to hide or divert the asset from the marital estate to deprive the other spouse of his/her share or interest?
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In an effort to save money during divorce, many couples turn to self-help legal forms and generic advice found on the Internet rather than hiring a family law attorney. When parties attempt to represent themselves in the divorce process and forgo the benefit of legal counsel, they place themselves at risk of adverse legal and financial consequences that could end up costing them more than if they had hired an attorney. Before you elect to…
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Separate property is considered property (either an asset or debt) that belongs to one spouse individually. Separate property is not subject to equitable distribution and its value is not included in the marital estate. Separate property includes: property that was owned by a spouse prior to marriage; property acquired in exchange for separate property; and property that was received by gift or inheritance. It is well established that gifts to a spouse from a third-party…
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