Property


#1

Dear betejo:

Greetings. The statutes define marital property as “all real and personal property acquired by either spouse during the course of the marriage and before the date of separation, and “presently owned,” except property determined to be separate property in accordance with the statute.”

Therefore, it does not matter who’s name the house is in, as long as the house was bought during the marriage. The house is marital property and equally divisible if purchased during the marriage. If purchased before the marriage, the house would be separate property, but would likely have a marital component (meaning it would have a value that could be divided between the spouses). Best of luck.

Janet L. Fritts
Attorney at Law
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
NCDivorce.com
919-787-6668

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.


#2

PICKED OUT HOUSE TOGETHER BUT ONLY FINANCED IN ONE NAME. MOVED INTO THE HOUSE TOGETHER AND HAVE BEEN LIVING IN THE SAME HOME FOR ALMOST 15 YEARS. MARRIED 3 YEARS AFTER MOVING INTO HOME. NO CHILDREN. TOOK OUT A HOME EQUITY LOAN AT A DIFFERENT BANK FOR DIFFERENT ITEMS WE WANTED. IF WE DIVORCE HOW WILL THE COURTS LOOK AT THE HOUSE SINCE IT IS STILL ONLY TITLED IN 1 NAME. DOES THE LINE OF CREDIT LOAN HELP THE OTHER SPOUSE? THANKS