Separation & Divorce
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…
There are some situations in which your attorney may recommend that you retain certain professionals, such as an accountant, appraiser, or vocational expert, to assist with your domestic case. A vocational expert is a consultant who may be hired to prepare a report and testify as an expert witness at a deposition or in court regarding employment and economic issues that relate to a party’s ability to work and earn income, immediately and in the…
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…
A valid written separation agreement is a contract. How a separation agreement is enforced depends on whether or not it has been merged into a court order. If a separation agreement is merged into an order or judgment of the court, then the effect is that the court has accepted and adopted the separation agreement as part of its order and, upon proper application made to the court, the court may enforce the agreement by…
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…
