Core Practice Areas
Post-separation property transfers between spouses are considered “incident to divorce” and are generally not subject to taxes by the Internal Revenue Service. However, if the transfers take place a year or more after the separation, there is a presumption that the transfer was not incident to the separation and consequently the transfer becomes taxable. This…
Read MoreProperty that is subject to equitable distribution includes real property, vehicles, household furniture and furnishings, bank accounts, investment accounts, annuities, retirement accounts, business interests, cash, the cash value of life insurance policies, art, collectibles, jewelry, electronics and anything other asset or item of property acquired during the marriage. Regardless of how an asset is titled…
Read MoreGenerally speaking, the marital fault or misconduct (adultery, cruelty or inhumane treatment, habitual drunkenness, drug addiction, nonsupport, etc.) of a party is not relevant in the equitable distribution proceeding. However, if the misconduct has an economic impact on the parties’ financial condition, then the court may consider this and determine that an unequal distribution is…
Read MoreAs discussed briefly above, there are two main categories of property in the equitable distribution context, marital property and separate property. Marital property is broadly defined under statute and includes “all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation…
Read MoreThere are four steps in the equitable distribution process: (1) identification, (2) categorization, (3) valuation and (4) distribution. Identification. The first step in the equitable distribution process is to identify all property owned by one or both parties on the date of separation. Property that is identified during this stage includes real property, vehicles, household furniture and furnishings,…
Read MoreEquitable distribution is governed by North Carolina General Statute §§ 50-20, 50-20.1 and 50-21. The only requirements to file an equitable distribution are that you must be married to the person you are filing the claim against, and you must be separated from that person. Furthermore, your equitable distribution claim must be pending (filed) before…
Read MoreIt is possible to settle your equitable distribution claim in several ways, with the most common being either by a voluntary agreement, typically referred to as a Separation Agreement and Property Settlement or by filing a lawsuit in court. While it is generally cheaper and quicker to settle things voluntarily by agreement, you should still…
Read MoreAfter a separation from your spouse, the process of identifying, categorizing, valuing and dividing the property acquired during your marriage and your existing debt is known as equitable distribution. Property that is subject to an equitable distribution includes real property, vehicles, household furniture and furnishings, bank accounts, investment accounts, annuities, retirement accounts, business interests, cash,…
Read MoreUnder limited circumstances, it is possible to waive your alimony claim. One scenario is if the spouses enter into a premarital agreement that expressly bars the payment of alimony upon separation. Another scenario is when a judgment of absolute divorce is finalized before the dependent spouse fails to raise his or her claim for alimony.…
Read MoreNorth Carolina General Statute § 50-16.4 provides that the dependent spouse may recover his or her attorneys’ fees in both post-separation support and alimony cases. This statute provides that the supporting spouse may have to pay the reasonable attorneys’ fees incurred by the dependent spouse. This provides a strong incentive for the supporting spouse to…
Read More- « Previous
- 1
- 2
- 3
- 4
- Next »