Oftentimes when a relationship sours and one or both parties are ready to make a change in their relationship status, one member of the couple is more financial secure and has access to the majority of the collective resources. These resources can come in the form of having their name on the mortgage/deed/lease, the car loan, the primary income paycheck, access to accounts with liquid cash and so on. This uneven distribution of resources leaves one member of the party at a significant disadvantage as not only are they having to process the changes that come with a change in relationship status but now they must also secure a place to live, transportation needs and contend with the unrelenting attention that their financial burdens demand of them.
For those couples that have begun the divorce process this unequal distribution of resources can also impact the ability to obtain and fund legal counsel in addition to their other increased financial burdens. The North Carolina legislation has recognized how significant this disparity can be and in an attempt to level the playing field provide the recourse of interim distribution.
In order for the court to make an interim distribution, there must be good cause shown as to why the court should grant the moving party’s request. There are a number of reasons to request interim distribution, such as: hardship, one party does not have enough money to live on, or one party has nowhere to live.
Before a court enters a final order on the distribution of the parties’ property, either party may request the court to make an interim distribution. This simply means that one of the parties is petitioning the court to distribute some of the property before there is a final hearing on the distribution of the entirety of the spouses’ property.
Following the separation of married spouses in North Carolina, there is a process by which the parties can divide the property that they have owned before marriage as well as the property that was acquired during the marriage. This process is known as equitable distribution. You can find more information about equitable distribution at our page here Generally, the parties keep their separate property. Generally speaking, “separate property” is the property that each party had acquired before marriage. On the other hand “marital property” is all of the property that was acquired during the course of the marriage.
This property division could be viewed as a preliminary distribution of the property, including assets and debts, before a final distribution of the property. The court also may award either party what is known as a “distributive award.” A Distributive award is a payment from one party to the other in the form of a lump sum or a number of payments made over time. Any distributive award made before the final division of the property will be considered at the later hearing.
If you are going through a separation and your spouse has access to significant portions of your collective wealth our experienced family law attorneys are here to help. We have North Carolina Board Certified Specialists in Family Law that have experience with these and other divorce related matters. Contact us today to schedule a consultation with a Charlotte divorce lawyer.