Protecting Assets During Divorce in North Dakota
In North Dakota, the process of divorce involves the division of marital property and debts. This process is governed by North Dakota Century Code 14-05-24. Understanding the legal provisions and procedures can help you protect your assets during a divorce.
Equitable Distribution of Property and Debts
Under North Dakota Century Code 14-05-24, when a divorce is granted, the court makes an equitable distribution of the property and debts of the parties. This does not necessarily mean an equal distribution, but rather a fair one, considering various factors such as 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.
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 to effect an equitable distribution.
Restraining Provisions
According to Rule 8.4 of the North Dakota Rules of Court, a summons in a divorce or separation action must include restraining provisions. These provisions prevent either spouse from disposing of, selling, encumbering, or otherwise dissipating 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.
Case Management
Under Rule 8.3 of the North Dakota Rules of Court, within 30 days after service of the complaint, the parties and their attorneys must meet to prepare a joint informational statement and a preliminary property and debt listing. This process involves the exchange of information and documentary evidence relating to the existence and valuation of assets and liabilities.
Security for Alimony and Disposition of Homestead
According to North Dakota Century Code 14-05-25, the court may require either party to give reasonable security for providing maintenance or making any payments required under the provisions of this chapter. The court may enforce this by appointment of a receiver or by any other remedy applicable to the case. The court may also assign the homestead or part thereof to either party in rendering the decree of divorce.
In conclusion, protecting your assets during a divorce in North Dakota involves understanding and adhering to the legal provisions and procedures governing the division of marital property and debts, complying with restraining provisions, participating in case management processes, and providing security for alimony if required. It is advisable to seek legal counsel to navigate these complex processes effectively.