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Articles Tagged with property division

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By: Y. Michael Yin, JD

Rolls v. Rolls, 706 S.E.2d 842 (2010) (unpublished)

In North Carolina, Equitable Distribution can be settled without ever needing to step into the courthouse. Separation Agreements and Property Settlements are common ways to resolve the issues incident to a divorce. They are the will of the parties in a separation, distilled onto paper. They are contracts, and there are very precise rules for formation and enforcement of contracts. As we see below, a separation agreement may have been faulty, but it was the actions of a party that doomed his own arguments.

(a) Facts: Plaintiff wife and Defendant husband married in 1980 and separated in 2007. The parties filed a separation agreement in 2007, where they waived equitable distribution and acknowledged that both parties made full disclosure of all assets and debts. However, during the absolute divorce portion of their case, Defendant pled that there was in fact not a full disclosure of facts, and he requested equitable distribution in a counterclaim. In 2009, the trial court entered a Domestic Relations Order whereby half of Plaintiff’s IRA would be transferred to Defendant in accordance with the 2007 separation agreement. Plaintiff then filed a motion for summary judgment to dismiss the counterclaim, which was granted. Defendant appealed.

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In North Carolina, Equitable Distribution (ED) is how property is divided in divorce proceedings. ED can be a complicated process, and much of it relies on timelines and tracing funds. When people get married, a typical occurence is that separate bank accounts are converted to joint accounts. What happens in a divorce proceeding when one spouse claims that the account is not joint but still separate, despite the addition of the other spouse’s name? Continue reading →

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By: Y Michael Yin, JD

Best v. Staton, (unpublished).

Equitable Distribution is one of the mechanisms by which former spouses separate their personal and real property. It requires the right timing and, since not all property can be easily split, the right kind of appraisal. Real property is especially valuable, and sometimes difficult to assess. In the case below, we discuss why you should consult an expert in Equitable Distribution. Continue reading →

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By: Hannah E. Smith, JD

Logue v. Logue, No. COA19-831 (unpublished opinion)

One of the most important issues dealt with by experienced family law and divorce attorneys across the country, and especially in the Piedmont Triad, is the division of property (also known as equitable distribution). When there are shared business interests, the valuation of the business(es) adds another layer of complexity. Read on to see how the date of separation, a ‘fact’ on which the parties are not always in agreement, can greatly affect the dollar amounts in property division. Continue reading →

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Lucas v. Comm’r, T.C. Memo. 2018‑80, 2018 WL 2948427 (2018)

 

(a) Facts: The parties divorced in Florida in 2011.  While the divorce was pending, the husband was in the process of liquidating his business, Vicis Capital, LLC.  He received, while the action was pending, $4.7 million in distributions.

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