Filing taxes can be complicated in the best of situations, but when there are complex factors involved, like financial control by one spouse, the outcome is not always equitable. The Internal Revenue Code Section 6015 provides a remedy for some spouses facing tax deficiencies, but there are strict qualifications for entitlement under this section. Continue reading →
When spouses in North Carolina divorce, retirement funds and pension benefits are among the many assets that may be divided between the parties. If you were awarded a portion of your ex-spouse’s pension benefits, the question of when you can receive your payments often has a complicated answer. Often a Qualified Domestic Relations Order (QDRO) will be required to divide retirement benefits, and the standards for QDROs are set by a federal law known as ERISA, or the Employee Retirement Income Security Act. Continue reading →
Gray divorce—when couples over the age of 50 end their marriage—is becoming more and more common as individuals seek fulfillment in their later years.
In our previous blogs, we examined the gray divorces of Bill and Melinda Gates, as well as Rupert Murdoch and Wendi Deng, focusing on financial complexities and emotional adjustments.
In this installment, we look at the high-profile split of Jeff and MacKenzie Bezos, which sheds light on the importance of financial planning, amicable resolution, and moving forward with purpose. Continue reading →
When a spouse passes away, North Carolina law entitles the surviving spouse to a portion of the deceased spouse’s estate. The specifics will vary depending on estate plans, how property is titled, and a variety of other factors, but the state’s laws give spouses the right to claim an elective share. There is a formula for calculating a spouse’s elective share, and it is impacted by how long they were married before the other spouse’s death. If spouses are separated but not divorced, elective shares are not guaranteed. Continue reading →
In divorce cases involving equitable distribution in North Carolina, courts will sometimes order that one spouse pay a distributive award to the other. These awards are intended to balance out or make equitable the division of property distributed to each spouse. However, a spouse’s ability to pay a distributive award must be considered according to the liquid assets they have on hand. If insufficient liquid assets exist to pay the award, the equitable distribution of property should be reevaluated. Continue reading →
Equitable distribution is part of a North Carolina divorce if one or both of the spouses request it. This process allows marital property to be divided in a way that is fair and just, and there is no standard division template. Each case is unique, and property and debts will be distributed based on the evidence presented to the judge. Continue reading →
Gray divorce—the decision to end a marriage later in life—is increasingly common among couples aged 50 and older. In our previous blog, we explored the gray divorce of Bill and Melinda Gates, focusing on mutual respect and discretion during the process. In this installment, we’ll look at the divorce of Rupert Murdoch and Wendi Deng, a split that offers unique insights into the importance of financial independence and planning when navigating gray divorce. Continue reading →
Equitable distribution in North Carolina can involve numerous types of marital property and hybrid property, including real estate, bank accounts, investments, vehicles, and personal property like jewelry. Retirement accounts are also a common asset that courts are asked to divide in divorces, but distributing certain retirement plans comes with complex legal requirements. Continue reading →
Equitable distribution is a process in which the court, rather than dividing everything 50/50, determines what a fair division of the spouses’ property is. In some cases, an even split is equitable, but when a fair share is not equitable, the courts have the ability to divide the property unevenly. Continue reading →
The phenomenon of “gray divorce” is reshaping the landscape of family law. Couples aged 50 and older increasingly are choosing to end their marriages, often after decades together. This trend, once rare, has become more common as people seek fulfillment in their later years. Continue reading →
North Carolina Divorce Lawyers Blog