Property Settlement
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?
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…
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…
A common refrain that attorneys hear during the divorce process is: “I earned all the money during the marriage, so why should I have to give my ex half of everything I own?” Employment income that is earned during the marriage and before the date of separation is considered marital income, regardless of which spouse earned it. North Carolina equitable distribution laws are based upon the concept that marriage is a partnership in which both…
Under North Carolina law, “marital” debt is considered debt that is incurred after the date of marriage and before the date of separation by one or both spouses for the joint benefit of the parties. The fact that debt is established in the name of one spouse individually does not determine whether the debt is a marital debt or a separate debt for purposes of equitable distribution of the marital and divisible property and debts.…
