Category Archives: Divorce
One of the many issues that need to be resolved in a divorce case is division of property. Before they got married or even during the marriage, married couples may have acquired properties either individually or as a couple. When they decide to file for divorce, the court will have the enviable task of dividing the properties that the couple possesses. According to the website of Marshall & Taylor PLLC, the process of dividing the property can be difficult.
There are certain rules that need to be followed when dividing a property in a divorce case. In deciding who gets which property, the judge will always ensure a fair property division. Some will divide the property equally while others will go about with property division in a different way. If one spouse is deemed at fault for the marriage ending, the properties may be divided unequally.
Marital properties that were acquired or earned during their marriage regardless of whose name is on the title will be divided during divorce. On the other hand, separate property which was acquired before the marriage is excluded from the division. If the separate property gains value by itself, it is also considered as a separate property. However, there are instances when separate property can be divided in divorce and they could be the following:
- The other spouse has a contribution in acquiring the property, improving it, or growing it
- The other spouse’s share of the marital property is not enough to meet the needs of that spouse
There are instances when separate property can become marital property. If said property gained value during the marriage because of the efforts of either spouse, the increase in value becomes marital property. Likewise, if the separate property is regularly used for marital purposes or placed in a joint bank account, the separate property then becomes marital property.
Once the issue of property division has been settled, there will still be a need to transfer the title of the property to the new owner.Read more
The State of North Carolina follows the laws laid down by the Federal District Courts, just as with the majority of the states in the US. However, if you are planning to file for divorce as well as file for bankruptcy, it can be complicated, since divorce laws in North Carolina are unique and can impact the result of both proceedings. According to the website of Marshall & Taylor, PLLC, the timing of filing divorce and bankruptcy can have a significant effect on the legal options that you will be left to pursue. It is therefore critical to consult with a lawyer first before filing any of the legal actions in order to get the best results.
North Carolina follows the equitable distribution statute in an event of divorce or legal separation. This means that the financial status of each spouse is taken into account, and thus the split may not necessarily be 50/50. The “equal” distribution will depend on the net values of both the marital property and the divisible property, unless it has been determined by the court that the division is not equitable. There are many factors that will be considered in order to determine the distribution of property, and these can greatly influence how the proceedings will eventually end. Because of the equitable distribution statute, North Carolina divorce does not automatically demand your properties and debts to be divided. This will only be possible through an application called “petition for equitable distribution”, and failing to do so will forfeit your right to do so during the divorce proceedings. This can be a problem when you have decided afterward of dividing the debts and assets.
Issues with money is one of the leading reasons for divorce, which is why if you believe that your ex spouse is considering filing for bankruptcy, you should immediately contact a lawyer in order to discuss possible legal ways to protect you and your personal assets. Additionally, divorce will have no effect on any alimony and child support payments that the court has already approved, therefore the other spouse will still be liable for them even after the divorce or bankruptcy has been finalized.Read more