Property Settlement

What Is Considered “Marital Property?”

July 27, 2015

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…

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Dividing Retirement Accounts upon Divorce

May 12, 2015

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…

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Who Took the Money in the Cookie Jar?

February 13, 2015

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…

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Why You May Need an Accountant to Assist with Your Divorce

February 6, 2015

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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Understanding Mediation and How It May Benefit Your Domestic Case

January 15, 2015

A mediator is a neutral third person who works with parties to help them attempt to resolve their issues in dispute in a mutually satisfactory manner. Mediation is different from arbitration. In mediation, the mediator works with the parties to help them reach an agreement between themselves whereas in arbitration, the arbitrator makes the decision for the parties, much the same as a judge. In North Carolina, mediation is required in all divorce cases that…

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