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.
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?
Why You May Need an Expert Witness or Other Professional to Assist in Your Divorce or Child Custody Case.
Depending on the nature and complexity of the issues in dispute in your divorce or child custody matter, your attorney may recommend that you engage the services of non-lawyer professionals to assist with certain aspects of your case. The cost of retaining non-lawyer professionals can add to your legal expenses.