I have investment properties managed by a partner who is my property manager. One of the homes recently sold and the property manager divided the check evenly between my wife and I even though we are separated and she has moved out.
Shouldn’t those assets be divided at my divorce?
I do not practice law in your state. Therefore, I cannot inform you as to the specific laws of your state and can only provide you with general tips on your situation.
North Carolina, like many states, is an equitable distribution state, meaning that all assets obtained during the marriage, except basically for gifted or inherited assets, are to be divided at the time of divorce. The starting point for dividing assets is an equal division, but courts can move away from an equal division if there is good reason to do so.
If your wife is a joint owner of the building that sold, then the property manager may be legally entitled to distribute the proceeds equally to both of you.
If you feel there is some reason why the proceeds should not have been distributed equally, then that is certainly something that you can raise in the divorce proceedings. If you have a good argument for why that money shouldn’t have been split equally, a judge may order that you receive more of another asset to make up for the distribution that was made to her.
Remember, I am unable to provide you with anything more than tips on your situation, so please consult a domestic litigation attorney in your area to obtain specific advice as to the laws in North Carolina and how they impact your potential case.