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How Is Property Valued for Purposes of Equitable Distribution?
In North Carolina, the court ordered or agreed-upon division of assets and debts that occurs when spouses separate is called equitable distribution. For purposes of equitable distribution, the parties’ marital assets and debts are valued as of the date of separation. The value of property is determined based upon the fair market value. Fair market…
Read MoreDoes Child Support Automatically Terminate When My Child Turns Age 18?
Ordinarily, a parent’s legal responsibility to provide child support for their child terminates when the child attains age 18. However, there are exceptions. If the child is still in primary or secondary school when the child attains age 18, child support will continue by law until the child graduates from high school, ceases to attend…
Read MoreGum, Hillier & McCroskey Partners included in Best Lawyers in America 2016
We are proud to announce that partners Howard L. Gum, David R. Hillier, and Patrick S. McCroskey have been included in the 2016 edition of Best Lawyers in America©. Howard Gum has been included in the list since 1993 and was named Asheville’s Lawyer of the Year in Family Law in 2014. Patrick McCroskey has…
Read MoreWhat Is “Divisible Property?”
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…
Read MoreWhat Is Considered “Marital Property?”
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…
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