Equitable distribution

North Carolina Divorce Law Divorce and Separation Answers
1

Dear shell64:

Greetings. Yes, debt does include all debt during the course of the marriage regardless of whose name the debt is in. Yes, the truck is a mutual debt and asset. Since he left and spent money, all the money he spent (and debt he created) is all separate and you are not responsible for it. Get an attorney though, so that they can stop the money from bleeding out of the marriage, as once it is spent, how do you expect to get it back.

If stock was cashed in over the course of the marriage it is not figured, as it is gone by the date of separation.

I cannot understand your financial question with the numbers, it is not clear. Thank you.

Janet L. Fritts
Attorney at Law
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
NCDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.

2

I realize that “property” includes BOTH assets and debt. Does debt include all debt during the course of the marriage, regardless of whose name the debt is in? My husband took the truck, which did have an outstanding balance. It was in his name only, but was acquired during the marriage. Will this be considered mutual debt? Since he left he’s refinanced the truck twice getting cash out. My husband cashed in 401k and paid off some credit card, personal loan and medical bill debt. I see the 401k as an asset, which was used to pay debt to make things easier for him. He did not have to cash it in. How would this be calculated in property settlement? Would you use the total value before taxes as an asset and then subtract the debt paid with this money? Ex. if the value was say 50,000 and 33,000 was used to pay debt what do you consider the difference? if 10,000 of this was taken out for taxes, the remaining: minus penalty tax for early withdraw, would the difference be an asset?
Say, that stock was cashed in over the course of the marriage how would this be calculated in? What about life policies? I’m a little confused about all this and how to claculate?