When It Comes To Your Family, Experience Is Critical.
One of the critical steps in the equitable distribution process is to place a value on all property classified as marital property. In North Carolina, all marital property (which includes assets and debts) must be valued as of the date of separation. The value of the marital property is typically determined using the standard of “fair market value.” Fair market…
In North Carolina, separate property refers to property that is owned by one spouse individually. Separate property includes: property (which can be an asset or debt) owned prior to the marriage, property acquired by gift or inheritance, or property acquired in exchange for other separate property. However, gifts between spouses are presumed to be marital property unless there is evidence…
One of the challenging issues that divorcing couples are likely to face is what to do with their marital home. Often, the equity in the marital home represents one of the largest marital assets. In most situations, there are only two options for dealing with the marital home as part of the division of marital assets and debts: (1) the…
It is fairly common for parents to establish and fund financial accounts in the name of their minor child. Often this is done in anticipation of the child’s college education expenses, to create savings for the child, or for estate planning purposes. Depending on the type of account, the age of the child, and the purpose for which the account…
“Marital debt” is debt that is: incurred by one or both parties during the marriage and prior to the date of separation; owed on the date of separation; and incurred for the joint benefit of the parties. When parties separate and one party owes debt on student loans, it is not unusual for the parties to disagree as to whether…
In North Carolina, couples who are separating may apply to our courts to divide their marital assets and debts. The court is required to distribute or divide the property in an equitable, or fair, manner, generally giving each spouse some of the marital property. This process is called “equitable distribution.” The overarching goal of equitable distribution, or the process of…