Retirement funds can be distributed between spouses as part of property distribution during divorce, and this includes naming one ex-spouse the beneficiary of the other’s survivor pension benefits. In some cases, this process is fairly straightforward; the beneficiary receives the survivor benefits upon the death of the pension plan participant.…
By Paul K Mengert, II, JD Moving out is not a good first step to divorce. Moving out can seem like the obvious first step to ending an unhealthy relationship. But moving out has many potential repercussions for married individuals in North Carolina, making it an impulsive and bad decision.If…
By Cheri’ Reaves, NCCP After a deep conversation with a close friend, I felt the need to share something urgent. We were talking about children, technology, and how early they’re being introduced to smartphones, tablets, and social media. This isn’t just about screen time—it’s about real dangers lurking behind those…
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,…
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…