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,…
Among the most complex issues involved in divorce cases is the distribution of retirement benefits through the entry of Qualified Domestic Relations Orders (QDROs). Retirement plans that are governed by the Employee Retirement Income Security Act (ERISA) must be divided by QDROs, and alternate payees of such plans can be…
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…
Fathers Day is a beautiful holiday when your children get to celebrate their dad. You work hard all year long to make sure they’re happy and healthy, and this is a day for them to show you how much they appreciate everything you do. However, if you’re divorced or going…
Qualified Domestic Relations Orders (QDROs) are used to divide certain retirement plans and award a portion of the funds to an alternate payee. QDROs are typically used as part of the distribution of assets and property in a divorce, and the alternate payee is typically a spouse or former spouse.…
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…
In Cotroneo v. Commissioner the Commissioner of Internal Revenue determined that Cotroneo and her husband had a tax deficiency of $15,288 and a penalty of $3,058. The U.S. Tax Court heard the case, in which the issue at question was whether Cotroneo failed to report $122,500 of taxable IRA distributions,…
In the case of Hopkins v. AT&T Global Information Solutions Co., the U.S. District Court ruled on cross-motions for summary judgment. The main issue in this matter was regarding the award of surviving spouse benefits to a former spouse rather than a current spouse. Hopkins was married to her husband…
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…
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…