In Equitable Distribution, we often ask clients about the debts that they accrued during the marriage and the value on the date of separation. This is because the judge is required to classify, value, and distribute marital property. But it may not always include debts incurred during marriage. The debts…
Vonhall v. Vonhall, (No. COA20-466) (unpublished) In equitable distribution, clients often ask whether gifts to one spouse during the marriage is going to be subject to division. Below, we see a simple case example of how the law treats these gifts and the evidence that supports the legal conclusion: Facts:…
Wall v. Wall, 140 N.C. App. 303 (2000). Former spouses in North Carolina can split their property in an action for Equitable Distribution (ED). In order for the Court to make a decision on distributing property, it needs an inventory affidavit of all property owned as a product of the…
Suppose that you are recently separated or divorced and have minor children. Should you have a life insurance policy in place to ensure sufficient resources are available to provide for your children if you suddenly die? What factors must you consider before taking out a life insurance policy to benefit…
Ubertaccio v. Ubertaccio, 588 S.E.2d 905 (N.C. App. 2003) (Levinson, J. concurring) In North Carolina, Equitable Distribution (ED) is one of the common mechanisms by which former spouses divide their personal and real property. Stock options and salary substitutions acquired by a party are typically subject to ED. However,…
Generally, military disability benefits are exempt from distribution in equitable distribution actions. Here we see whether the court can consider these benefits as income to satisfy a distributive award pursuant to an equitable distribution order. (In this case, Plaintiff improperly filed a Rule 60 motion to set aside the judgment,…
Stock options can be offered to employees as an incentive or reward for a job well done. They are typically offered up front as a future benefit after working at a company for a set amount of time and can be purchased at an option price that was previously set.…
Crowell v. Crowell, 809 S.E.2d 325 (2018). In North Carolina, Equitable Distribution (ED) is one of the mechanisms by which former spouses separate their personal and real property. Sometimes property can be mingled in with third parties, such as in cases where either a trust or a third-party business entity…
In North Carolina, Equitable Distribution (ED) is how property is divided in divorce proceedings. ED can be a complicated process, and much of it relies on timelines and tracing funds. When people get married, a typical occurence is that separate bank accounts are converted to joint accounts. What happens in…
Stowe v. Stowe, ___ N.C. App. ___ (2020). In North Carolina, Equitable Distribution (ED) is one of the mechanisms by which former spouses separate their personal and real property. What if the during the marriage one party opens a business? Unlike other forms of property, businesses have reputations that are…