Property Settlement
In North Carolina, the assets and debts that couples accumulate from date of marriage to date of separation are presumed to be marital property that is subject to equitable distribution. For purposes of valuing the assets and debts, the marital estate is essentially “frozen” as of the date of separation. In order to take into account such things as passive changes in value of marital property that occurs between date of separation and date of…
Read This Article >>In North Carolina, the court ordered or agreed-upon division of assets and debts that occurs when spouses separate is called equitable distribution. All assets and debts that the parties accumulate from the date of their marriage to the date of separation are presumed to be marital property. For purposes of equitable distribution, the marital estate is essentially “frozen” as of the date of separation. Ergo, the assets and debts that the parties own as of…
Read This Article >>In North Carolina, interests in retirement accounts or benefits that are earned during the marriage are considered marital property that is subject to division between the parties upon divorce. There are many different types of retirement plans and accounts. In order to divide certain types of retirement plans between spouses incident to divorce, federal law requires that a special court order be entered directing how the retirement plan administrator or trustee is to assign the…
Read This Article >>Many couples keep cash savings on hand for an emergency. Cash may be stored in a cookie jar, under the mattress, safe deposit box, or some other place for safekeeping. Any marital monies that the parties have at date of separation are subject to accounting in the distribution of the parties’ marital property. Problems can arise when couples separate and there are disagreements as to how much money was in the proverbial cookie jar and…
Read This Article >>With the exception of child custody, family law cases are largely about financial issues – child support, postseparation support, alimony, and identification, classification, evaluation, and distribution of marital and divisible property. Depending on the issues in your case, your attorney may recommend that you retain a qualified accountant to assist with certain aspects of your divorce. Accountants who are certified public accountants, forensic accountants, and business valuators can provide a wide range of financial services…
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