Congress recently repealed I.R.C. §§ 71 and 215, which eliminated federal tax deductions for alimony. They have additionally repealed I.R.C. § 61(a)(8), which designated that alimony was taxable income. However, divorce and separation agreements that were executed after December 31, 2018 are the only ones this new law applies to.…
In a divorce that includes a retirement plan, a domestic relations order (DRO) is issued by the state court to assign benefits from the employer to another person (usually the employee’s spouse, known as the alternate payee). The retirement plan that administers these benefits must receive this order. Certain federal…
In a previous post, we discussed the basics and legal implications of smart contracts built upon blockchain technologies. These smart contracts are one of the highly touted tools that are set to streamline business. The recent law that formed regulatory sandboxes to promote innovative fintech (financial technology) products portends this…
For those readers that are tech savvy and keep up to date with financial developments, the buzzwords cryptocurrency, bitcoin, and blockchain should immediately ring a bell. Another development called smart contracts should also be on your radar. Essentially built upon blockchain and distributed ledger technologies, these smart contracts are one…
North Carolina recently enacted a new law that formed a regulatory sandbox for financial and insurance technologies (often termed Fintech and Insuretech). It also commissioned the formation of an “Innovation Council” that serves to receive and approve applications for “entry” into the so-called sandbox. This new law will be codified…
https://www.nysenate.gov/legislation/bills/2021/s4248 Child Custody in North Carolina is based on which parent can best provide for the interests of the child. It is an oft repeated principle that ultimately decides the issue. Children are important and the court is required to scrutinize the parents in order to make this determination. It…
JACOBS V. DUDLEY, 2021-NCCOA-571 (19 October 2021). Child custody can be hotly contested. Often people will have third parties (i.e., not the parents or guardians of the child) involved in some custody disputes. These people include teachers, doctors, therapists, and extended family members. Such individuals are often asked to come…
The trial court awarded Plaintiff-Father Issac Munoz primary physical custody of the parties’ daughter. Defendant-Mother Cassandra Munoz appealed. The parties married in 2012 and the minor child was born in 2015. Mother was, and still is, a member of the United States Army. In 2016, the Mother was stationed at…
https://www.nccourts.gov/news/tag/general-news/supreme-court-amends-the-rules-of-appellate-procedure On October 13, 2021, the North Carolina Supreme Court adopted amendments to the Rules of Appellate Procedure. These changes will be in effect for appeals taken on or after January 1, 2022. A few of these amendments were directly caused by the ongoing Covid-19 pandemic, and some were accelerated…
Alaska’s Supreme Court recently decided an issue revolving around custody of a minor child born through artificial insemination to a same-sex couple. As same-sex marriages and reproductive technologies continue to be more commonplace, we are seeing an increase in cases that involve such parties. The law, as always, lags behind…