Partition And Exchange Agreement With 100 In North Carolina
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FAQ
Any owner of the property may file for partition. This is a court case in which the owner asks a judge to divide up the property. Typically, this results in the judge ordering the property sold at auction. Anyone, including investors from outside the family, may buy the property at a sale.
A partition action usually takes between six to nine months depending on the circumstances and the complexity of each case. The most significant factor is whether the partition is being handled by an attorney who practices only in partition law.
North Carolina law presumes that an equal (50/50) division of marital property is “equitable,” or fair. However, the law provides for many factors that allow for an unequal distribution of property, in situations where an equal division would not be fair.
A petition to partition is considered a special proceeding by our legislature, meaning it follows a different set of procedures. It must be filed with the Clerk of Court in the Superior Court division of the county (or one of the counties) where the real estate is located.
The actual time it takes from when a partition case is filed to when the land is partitioned physically, by sale, or by set-off varies from case to case. In general, partition cases can take several months or even years to resolve.
A partition action usually takes between six to nine months depending on the circumstances and the complexity of each case. The most significant factor is whether the partition is being handled by an attorney who practices only in partition law.
Separation does not always mean courts and judges—in fact North Carolina makes it very easy to make an agreement on all of these matters. Simply having a drafted document, notarized and signed may resolve these issues. A separation agreement can be effective especially when you have children and property involved.
What Not to Do During Separation in NC? Don't Move Out Without a Separation Agreement. Don't Hide or Misuse Marital Assets. Avoid Making Big Life Changes. Don't Badmouth Your Spouse. Make Informed Decisions During Separation.