Under normal circumstances, no one ties the knot with the goal of divorcing someday. Unfortunately, divorce is part of life. There are times when, despite your best efforts, divorce may be the most sensible thing to do. Here are three instances when you should seriously consider asking your spouse for a divorce, or proceed with one […]
Fighting For What You Deserve
The rights to equitable distribution of marital property or property distribution, vest at the time of the parties’ separation. The rights to property distribution are not automatic, and must be specifically asserted by one or both of the parties.
If one or both parties request a property distribution and the parties cannot agree, North Carolina law directs that the court will determine what is considered marital property and shall provide for equitable distribution.
According to North Carolina General Statute § 50-20, marital property is defined as real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of separation of the parties, and presently owned, except property determined to be the separate property or divisible property.
Separate property is defined as all real and personal property acquired by a spouse before marriage or acquired by a spouse by bequest, devise, descent or gift during the course of the marriage.
Divisible property is defined as all appreciation and diminution in value of marital and divisible property occurring after the date of separation and prior to the date of distribution, (except that appreciation or diminution in value that is the result of post-separation actions or activities of a spouse); all property, property rights, or any portion thereof received after the date of separation but before the date of distribution that was acquired as a result of the effort of either spouse during the marriage and before the date of separation, including but not limited to, commissions, bonuses, and contractual rights; passive income from marital property received after the date of separation, including but not limited to, interest and dividends; and increases and decreases in marital debt and financing charges and interest related to marital debt.
In North Carolina, there is a presumption of an equal division of property, unless the court determines that an equal division of property is not equitable.
Certain factors can be considered if one party thinks that the marital estate should not be divided equally. Normally, an “in kind” division is preferred. This means each spouse receives assets and debts of approximately equal value. This avoids the sale of assets or requires one party to pay the other party in exchange for the assets.
Temporary orders and injunctive relief can be obtained under the terms of special statutory provisions. This will allow for injunctive relief to prevent the disappearance, waste, or conversion of property alleged to be marital or separate. This also allows for the entry of orders that divide part of the marital assets. Partial distribution may provide for a distributive award. Injunctive relief to prevent disappearance, waste, or conversion is available before or after a property distribution action has been initiated. An order partially distributing marital property may not be made until after a property distribution action has been filed.
With the exception of the two special technical provisions, an absolute divorce bars the assertion of a claim for property distribution that was not already pending at the time of the divorce. This bar has been interpreted relatively strictly in case law.
In addition to the bar by an absolute divorce obtained without preservation of a property distribution claim, the other common bar to property distribution is the prior execution of a valid, comprehensive property settlement dividing the parties’ property or otherwise releasing the right to property distribution. If such an agreement has been duly executed in accordance with the formal statutory requirements, the agreement could bar a subsequent property distribution. Such a bar could also arise from written premarital and postnuptial agreements.
Equitable distribution is frequently the most complicated piece of the divorce process. To handle your matter in the best way and to protect your assets you need an experienced lawyer. Contact Vavonese Law Firm to set up a consultation with Jamie Vavonese about your case.
Vavonese Family Law Legal Blog
Marriage is a sign of commitment between partners. The occasion of a wedding day can be extremely exciting and romantic, but there is also a legal aspect to the institution. Prenuptial agreements are one way that couples opt to protect their rights before tying the knot. For the most part, these documents are legally binding, […]
As a parent going through a divorce, it can be hard to handle issues with your spouse. On one hand, you understand that they are upset or frustrated, but on the other, you know that you both need to work together to resolve your divorce-related issues and move forward. Alternative dispute resolution may help you do […]
You Should Receive Your Fair Share
"*" indicates required fields