North Carolina spouses who file federal taxes jointly are typically liable for the taxes that are due when they file. This may create issues and complications in a number of scenarios, but there is an exception to this rule if one spouse seeks to be relieved from liability. Requesting equitable…
For spouses and ex-spouses facing economic hardship and seeking equitable relief from joint and several tax liability, filing a request for relief under federal law may be an option. The Internal Revenue Code (I.R.C.) provides an exception to the usual rule that spouses are liable for each other’s tax debt…
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…
Equitable distribution in divorce proceedings sometimes includes provisions that one spouse shall keep property in exchange for a lump sum payment to the other spouse. The payor spouse may want to deduct these payments from their taxes, especially when they total large amounts. While alimony payments are generally tax-deductible, not…
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…
Spouses going through divorce proceedings in North Carolina may eventually have the option to file an appeal of a final order, but appealing a decision is not as easy as filing one or two documents. There are extensive requirements, and while some are relatively simple, like the requirement that the…
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…
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…