Equitable Distribution of Property in North Dakota
Equitable distribution of property refers to the legal process by which marital assets and debts are divided between spouses during a divorce. In North Dakota, this process is governed by North Dakota Century Code 14-05-24. The court aims to distribute the property and debts in a manner that is fair and equitable, but not necessarily equal.
Determining Equitable Distribution
The court considers several factors when determining what constitutes an equitable distribution. These factors include the duration of the marriage, the age and health of the parties, their earning abilities, and the nature and value of the property. The court also considers the conduct of the parties during the marriage, particularly if it led to the breakdown of the marriage.
The valuation date for marital property and debt is either mutually agreed upon by the parties or, if no agreement is reached, it is set as sixty days before the initially scheduled trial date (North Dakota Century Code 14-05-24). If there is a substantial change in the value of an asset or debt between the valuation date and the trial date, the court may adjust the valuation to effect an equitable distribution.
Division of Specific Assets and Debts
In cases where one party is covered by a civil service retirement system or other government pension system in lieu of social security, the court computes the present value of the social security benefits that would have been received during the covered period. This amount is then subtracted from the value of the government pension to determine the marital portion of the pension (North Dakota Century Code 14-05-24).
Protection Provisions and Penalties
Violations of the protection provisions of the order are subject to penalties established in section 14-07.1-06 and the arrest procedures authorized in section 14-07.1-11. These provisions ensure that the equitable distribution process is carried out fairly and without interference.
Security for Alimony and Disposition of Homestead
The court may require either party to provide reasonable security for maintenance or any payments required under the provisions of this chapter (North Dakota Century Code 14-05-25). The court may also assign the homestead or part thereof to either party as part of the equitable distribution.
In conclusion, an equitable distribution of property in North Dakota is a complex process that involves the careful consideration of various factors. It is designed to ensure a fair distribution of marital assets and debts during a divorce. It is always advisable to consult with a legal professional to understand the specifics of your situation.