North Carolina Divorce Lawyers Blog

Articles Tagged with marital debt

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Purvis v. Purvis, 2021-NCCOA-616 (2021).

It can be safely said that a majority of the parents in North Carolina want to see their children succeed. And to ensure that success, parents often take on large burdens to provide their children with as many opportunities as possible, including helping them with college. Some parents have to co-sign student loans. The case below discusses how a student loan may get classified when the parents split up. Continue reading →

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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 acquired by a spouse can be classified as marital, separate, or divisible, but only by showing that the debt has certain elements, required by law, can a debt be classified as marital. Continue reading →