ANyone from NC? My husband co-owns a beach house ( investment property that they rent out)in Ocracoke,NC. I just found out that my name is XXXXX XXXXX the deed nor mortgage but only on the loan documents that we have signed when we got the loan for tha property 2 or 3 years ago. Now my husband and I are getting a divorce, and he wants me to sign a quit claim deed. He tells me that there's no money to be expected as far as my share is concerned. That based on NC laws that when divorce is final there's nothing I am going to get. The land was bought for 350,000 and 350K was used for building the house. There's also money out of pocket spent from his father and from us for a couple of hundred thousand...Mu husband and I are from NJ.
State/Country relating to question: North Carolina
Actually what he told you is applicable in all 50 states. Once your divorce is final, it cannot be reopened. However it does not mean you cannot work out a settlement or get a court order with regards XXXXX XXXXX property during the divorce process. North Carolina is an Equitable Distribution state, which means there is a presumption that both spouses are entitled to at least 50% of martial property. Martial property means all property acquired during the marriage, even if held in the name of one spouse. So if the NC home was purchased during your marriage, then you are entitled to a division of that property.Further if you say your name is XXXXX XXXXX the deed, then he should not be asking you to sign a quit claim deed. Signing such a document means your name is XXXXX XXXXX deed and you are transferring your ownership rights over to him. I would encourage you to not sign anything and obtain a lawyer to at least review any settlement offers he is proposing. Again any property acquired during the marriage is considered martial property even if it is in the sole name of one of the spouses. Also even though you are divorcing in NJ, that court can use NC law to divide the NC property.Quoting NC law on equitable distribution:Since North Carolina is an "equitable distribution" state, the marital property shall be divided in an equitable fashion. Equitable does not mean equal, but rather what is fair. The court will encourage the parties to reach a settlement on property and debt issues otherwise the court will declare the property award. In the event that the parties can not agree on how there marital property will be divided, there shall be an equal division by the court using net value of marital property and net value of divisible property unless the court determines that an equal division is not equitable. If the court determines that an equal division is not equitable, the court shall divide the marital property and divisible property equitably. The court shall consider all of the following factors under this subsection: (1) The income, property, and liabilities of each party at the time the division of property is to become effective. (2) Any obligation for support arising out of a prior marriage. (3) The duration of the marriage and the age and physical and mental health of both parties. (4) The need of a parent with custody of a child or children of the marriage to occupy or own the marital residence and to use or own its household effects. (5) The expectation of pension, retirement, or other deferred compensation rights that are not marital property. (6) Any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services, or lack thereof, as a spouse, parent, wage earner or homemaker. (7) Any direct or indirect contribution made by one spouse to help educate or develop the career potential of the other spouse. (8) Any direct contribution to an increase in value of separate property which occurs during the course of the marriage. (9) The liquid or nonliquid character of all marital property and divisible property. (10) The difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest, intact and free from any claim or interference by the other party. (11) The tax consequences to each party.(12) Any other factor which the court finds to be just and proper. (North Carolina Statutes - Chapter 50 - Sections: 50-20)
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