Division of Property

Question 1

Types of Marital Property

Answer 1

1. Separate Property
2. Marital Property
3. Mixed Property
4. Divisible Property

Question 2

Divisible Property

Answer 2

Divisible property includes passive changes in the value of the marital property that occurs between the date of separation and the date of distribution, as well as other property that was earned during the marriage but not paid or received until after the date of separation.

Question 3

What are the factors the courts take into account when determining equitable distribution?

Answer 3

• Age, education, background, and earning capacities of both parties;
• Duration of the marriage, and if there were any prior marriages;
• Standard of living during the marriage ;
• Present income of both parties, and their vocational skills and employability;
• Source of money used to purchase property;
• The health of the parties;
• Assets, debts, and liabilities;
• Needs of each of the parties;
• *Provisions for the custody of minor children;
• Whether the distribution is in lieu of or in addition to alimony ;
• Each party’s opportunity to acquire future income and assets;
• Each party’s contribution to the acquisition of, enhancement of the value of, the existing marital assets;
• Each party’s contribution as a homemaker to the family unit; and;
• Whether each party has dissipated marital property - “Economic Fault”

Question 4

Types of Pension Plans

Answer 4

1. Defined Contributions Plans
2. Defined Benefit Plans

Question 5

QDRO

Answer 5

Qualified Domestic Relations Order

Question 6

N.C. Gen. Stat. § 50–20

Answer 6

marital property ceases to accrue after the date of permanent separation

Question 7

What type of plan cannot be calculated until the employee actually retires?

Answer 7

A Defined Benefit Plan

Question 8

How may a court divide a pension?

Answer 8

By reserving jurisdiction, awarding a percentage, or approximating the value.

Question 9

Can a pension plan covered by ERISA be subject to a QDRO?

Answer 9

Yes.

Question 10

Are state teacher’s pension plans covered by ERISA?

Answer 10

No.

Question 11

Defined Contribution Plan

Answer 11

A type of plan whose value is capable of being determined, except for undeclared dividends, at any time