When spouses are divorcing, they usually go through a process of property and debt division called equitable distribution. During this process, retirement accounts are often one of the larger assets divided between spouses. Depending on the type of retirement accounts each spouse may own, a Qualified Domestic Relations Order (QDRO) may be necessary to divvy up the money. A QDRO (pronounced cue-dro or qua-dro) is a court order specifically designed to transfer to a current or former spouse the right to a portion of the other spouse’s retirement account. While QDROs are most often used in …Read More
Equitable Distribution
A DIY Divorce: 4 Reasons It May Not Be a Good Idea
When spouses separate, the expense of litigating claims for alimony and equitable distribution can add up quickly. While spouses often do not see eye-to-eye about the division of marital property and the amount of spousal support, they are usually in agreement about one thing: they want to become divorced. An uncontested divorce is one of the simplest actions in family law. For this reason, many clients try to save money by handling it themselves. Clients who handle their own divorces often make mistakes due to their inexperience and lack of knowledge of the legal process. These mistakes end …Read More
Case Update: Reconciliation Pitfalls
At Close Family Law, we ensure that our clients are well-represented, and one way we do this is to stay abreast of the latest North Carolina cases involving family law issues such as alimony (i.e., spousal support), child custody, child support, and equitable distribution (i.e., property and debt division), to name a few. We also know that our clients like to be well-informed and are interested in the current state of the law as it pertains to their case. That is why we are starting a regular series devoted to educating our clients on the latest and most interesting Court of Appeals decisions. …Read More
