Spending of Marital Assets During Divorce
In North Dakota, the spending of marital assets during a divorce proceeding is a matter of significant concern. The North Dakota Century Code provides specific guidelines on how spouses should handle marital assets during the divorce process.
Interim Period Regulations
During the interim period of the divorce proceedings, neither spouse is allowed to dispose of, sell, encumber, or otherwise dissipate assets unless it is for necessities of life, for the necessary generation of income, or for the preservation of assets. If a spouse does spend marital assets during this period, they are required to provide an accounting to the other spouse within 30 days (context document).
Violation of Interim Period Regulations
If a spouse violates these provisions, they may be held in contempt of court. This means they could face penalties, including fines or even jail time. The specific penalties for violation of these provisions are established in section 14 -07.1-06 of the North Dakota Century Code, and the arrest procedures are authorized in section 14 -07.1-11 (context document).
Division of Property and Debts
According to section 14-05-24 of the North Dakota Century Code, when a divorce is granted, the court makes an equitable distribution of the property and debts of the parties. The valuation date for marital property and debt is either the date mutually agreed upon between the parties or, if no agreement is reached, sixty days before the initially scheduled trial date. 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 (context document).
Redistribution of Property and Debts
The court also has the power to redistribute property and debts in a post-judgment proceeding if a party has failed to disclose property and debts as required by rules adopted by the supreme court or if the party fails to comply with the terms of a court order distributing property and debts (section 14-05-24 of the North Dakota Century Code, context document).
Conclusion
In conclusion, if a spouse spends marital assets during a divorce in North Dakota, they are required to provide an accounting to the other spouse within 30 days. If they fail to do so, they may be held in contempt of court and face penalties. Furthermore, the court has the power to adjust the valuation of assets and debts and redistribute property and debts if a party fails to disclose property and debts or comply with court orders. Therefore, it is crucial for spouses to handle marital assets responsibly during a divorce to avoid legal complications and potential penalties.