Property Division in North Dakota Divorce
In North Dakota, the division of property during a divorce is governed by the principle of equitable distribution. This principle is outlined in Section 14-05-24 of the North Dakota Century Code. It mandates that the court make a fair, but not necessarily equal, distribution of the marital property and debts between the parties.
Equitable Distribution
Equitable distribution does not mean an equal 50/50 split. Instead, the court considers a variety of factors to determine what is fair and just. These factors can include the duration of the marriage, the age and health of the parties, their earning abilities, and the contribution of each party to the acquisition of the marital property.
Valuation Date
The valuation date for marital property and debt is a crucial aspect of property division. According to Section 14-05-24, the valuation date is the date mutually agreed upon by the parties. If the parties cannot agree on a date, the valuation date is set as sixty days before the initially scheduled trial date.
However, if there is a substantial change in the value of an asset or debt between the date of valuation and the date of trial, the court may adjust the valuation of that asset or debt as necessary to effect an equitable distribution.
Restraining Provisions
During the divorce proceedings, certain restraining provisions are put in place to prevent either spouse from dissipating the marital assets. As per Rule 8.4 of the North Dakota Rules of Court, neither spouse is allowed to dispose of, sell, encumber, or otherwise dissipate any of the parties’ assets, except for necessities of life, for the necessary generation of income or preservation of assets, or for retaining counsel to carry on or to contest the proceeding.
If a spouse violates these provisions, they may be held in contempt of court. Furthermore, if a spouse disposes of assets during the interim period, they are required to provide an accounting to the other spouse within 30 days.
Conclusion
In conclusion, property division in a North Dakota divorce is a complex process that involves equitable distribution of marital assets and debts, valuation of these assets and debts, and adherence to restraining provisions. It is always advisable to seek legal counsel to navigate these complexities and ensure a fair outcome.