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.
“Separation agreement” is the term commonly used to describe a legally binding contract that spouses enter into when they reach an agreement regarding issues related to their marital separation. The agreement may be a simple agreement that establishes the parties’ mutual agreement to separate and their date of separation, or it may deal with more complex issues, including child custody, child support, postseparation support, alimony, and equitable distribution of marital property and debt.
Can I Require My Spouse to Maintain Life Insurance To Secure an Alimony or Child Support Obligation?
Under North Carolina law, the obligation of a spouse to pay alimony, or a parent to pay child support, ceases upon the death of the obligor. Maintaining a life insurance policy in effect insuring the life of the supporting spouse or parent can provide a dependent spouse or custodial parent with valuable financial security in the event of the death of the supporting spouse or parent.