Qualified Domestic Relations Orders (QDROs) award retirement benefits to someone who is not the owner or payee of the plan. This person is called the alternate payee, and they are often spouses and ex-spouses. Retirement benefits can be considered marital property and divided in equitable distribution during divorce proceedings. However,…
Equitable distribution can be requested in North Carolina divorces, which means the court will determine the fairest way to divide assets and debts rather than dividing property evenly. The presumption is typically that any property acquired during marriage is considered marital property and therefore is subject to equitable distribution. However,…
North Carolina law states that it is presumed that all property acquired between the date of marriage and separation is considered marital property, which includes business interests. When determining the value of businesses, goodwill is often a component of the valuation. This includes intangible assets like brand reputation, intellectual property,…
A Qualified Domestic Relations Order (QDRO) is an order that awards one person the right to receive some or all of another person’s retirement benefits. The person whose retirement account is being divided is known as the participant, and the person receiving the rights to the benefits is called the…
Divorce decrees often include terms regarding the division of property, like bank accounts and real estate, but these court orders do not always have the authority to distribute every asset. Typically, a qualified domestic relations order (QDRO) must be used to divide and distribute rights to pension funds and certain…
May is National Pet Month, when we celebrate the special role pets play in our families and in our hearts. Divorce is rarely a smooth process, but when children or pets are involved, things can get nasty quickly. While custody arrangements around children often involve splitting time between the two…
Spouses going through the divorce process should not necessarily assume that the facts will speak for themselves or that they don’t need to take an active role in their divorce proceedings. Important matters are discussed at each hearing; every document the court asks for is vital to the case; and…
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…
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…
Property can be classified into various categories in North Carolina divorces, including marital and separate. Equitable distribution will handle these types of property differently. In most situations, separate property is not considered to be part of the marital estate and is not divided between spouses. However, the way spouses use…