Does anyone have any idea about my question?
Thanks.
Income is not considered an marital asset. Income is only considered in relation to child support, alimony, post-separation support.
What about a deferred bonus? What about pay based upon the successful completion of a project?
All of this needed to be dealt with in the equitable distribution part of your separation agreement. It is my guess that these monies are indeed yours–my case was similar, in that after we separated, we each kept what we earned. My ex-wife may take me back to court to review my earnings, but only after three years.
Dear NCTW530:
Greetings. Income from employment is technically not an asset. Deferred income from a business however is/may be an asset. Thanks
Janet L. Fritts
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
What if income is derived from a back ended structure? For example, if prior to the separation the person worked for a company that provided a “bonus” pay if the company achieved success. If the company did not achieve success, there would be no pay. The majority of work to ensure success was done after the separation. If that company pays that “bonus pay”, would it have to be considered in a property division?
Thanks.
Dear NCTW530:
Greetings. This sounds like a mixed asset. Generally, if the bonus is earned during the marriage, it is all marital. If the bonus is earned after the separation, it is all separate. If the bonus is earned during the marriage and after the date of separation, it is mixed and the marital value must be determined and split. I hope that helps. Thank you.
Janet L. Fritts
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
301 McCullough Drive Suite 510
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
How is income considered as a marital asset? Once separation occurs, is not all income earned after that separate? What about bonuses and deferred income?
Thanks