Division of Property in North Dakota Divorce Cases
In North Dakota, the division of property in divorce cases is governed by the North Dakota Century Code section 14-05-24. This statute mandates that the court make an equitable distribution of the property and debts of the parties involved in a divorce. The term “equitable” does not necessarily mean equal, but rather what the court considers fair and just, taking into account a variety of factors.
Valuation of Marital Property
The valuation date for marital property and debt is either the date mutually agreed upon by the parties or, if no agreement can be reached, 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 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.
Personal Property and Divorce
Personal property, such as furniture, is included in the marital property to be divided. The parties must exchange information and documentary evidence relating to the existence and valuation of assets and liabilities, as per Rule 8.3 of the North Dakota Rules of Court. This includes current paystubs, employment and income information, tax returns, preliminary pension information, and asset, debt, and expense documentation.
Homestead and Alimony
The court, in rendering the decree of divorce, may assign the homestead or such part thereof as to the court may seem just, to the innocent party, either absolutely or for a limited period, according to the facts in the case and in consonance with the law relating to homesteads (North Dakota Century Code 14-05-25). The court may also require either party to give reasonable security for providing maintenance or making any payments required under the provisions of this chapter.
Case Management in Divorce Cases
In accordance with 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 in person or by electronic means to prepare a joint informational statement and a preliminary property and debt listing. This includes the identification of personal property such as furniture, and its valuation.
Conclusion
In conclusion, personal property like furniture is considered part of the marital estate and is subject to equitable distribution in a divorce. The valuation of such property is determined either by mutual agreement or by a date set by the court. The court has the discretion to adjust the valuation if there is a substantial change in value between the date of valuation and the trial date. Parties are required to exchange information and documentary evidence relating to the existence and valuation of assets and liabilities, including personal property.