North Carolina Divorce Lawyers Blog

Articles Tagged with property division

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Ostanek v. Ostanek, Slip Opinion No. 2021-Ohio-2319

Issues with division of retirement accounts are seemingly springing up all over the place. At heart in most of these cases is a domestic relations order. Those are the orders of court that instruct an entity to, in short, divide the retirement funds. And since many people that have these retirement divisions are finally reaching retirement age, they are findings issues with the orders. Below is an example of an issue in the Ohio courts. Continue reading →

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Unpublished Opinion – No. COA19-566

 

Carmen Cousin and Terry Cousin were married for seventeen years.  They separated in May 2016.  Upon separating, Carmen filed a complaint, which included a claim for equitable distribution.  Terry then filed an answer, which included a counterclaim for equitable distribution.  In the final equitable distribution order entered by the court in July 2018, the court assigned a value of $26,070.00 to the parties’ 1965 Lincoln Continental.  The court considered evidence showing the car to be fully restored, thus assigning it that value.  Furthermore, the court awarded Terry the parties’ Myrtle Beach property and ordered him to refinance the mortgage into his sole name before receiving the deed from Carmen.  Terry timely appealed this equitable distribution order.  Continue reading →

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Dechkovskaia v. Dechkovskaia, 232 N.C. App. 350 (2014)

Equitable Distribution is a mechanism by which former spouses separate their personal and real property. Sometimes the spouses may have some marital (or divisible) interest in a third party’s property. One example is when a couple resides at one spouse’s parent’s residence, and the spouses make some improvement on the land that increases property value. That likely creates an interest in the improvement on the home, which can be attributed to one or both spouses in some manner. Continue reading →

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In Equitable Distribution, we often ask clients about the debts that they accrued during the marriage and the value on the date of separation. This is because the judge is required to classify, value, and distribute marital property. But it may not always include debts incurred during marriage. The debts acquired by a spouse can be classified as marital, separate, or divisible, but only by showing that the debt has certain elements, required by law, can a debt be classified as marital. Continue reading →

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Wall v. Wall, 140 N.C. App. 303 (2000).

Former spouses in North Carolina can split their property in an action for Equitable Distribution (ED). In order for the Court to make a decision on distributing property, it needs an inventory affidavit of all property owned as a product of the marriage. Occasionally, and especially in cases involving high-income parties, the inventory list can be extensive. Many times, there can be arguments regarding values of property. This can lead to some delay between the day of the hearing and the day of entry of a Judgment. Continue reading →

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Ubertaccio v. Ubertaccio, 588 S.E.2d 905 (N.C. App. 2003) (Levinson, J. concurring)

 

In North Carolina, Equitable Distribution (ED) is one of the common mechanisms by which former spouses divide their personal and real property. Stock options and salary substitutions acquired by a party are typically subject to ED. However, not all stock options are genuine stock options on their face. Nor should all forms of deferred compensation be subject to ED. Below, we discuss a Judge that agreed with the outcome, but not on the rationale of classifying a “stock option” in ED. Continue reading →

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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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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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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 →