Greensboro Divorce Lawyer on Split of Lottery Proceeds

In Familyby Greensboro Lawyer

The Michigan Court of Appeals recently ruled that there was no error in an arbitrator’s decision to award approximately $15 million of a lottery winner’s proceeds to his soon to be ex-wife. People Magazine has reported that the arbitrator found the winnings to be marital property and therefore subject to division in the divorce proceedings. In North Carolina, the division of marital assets and debts is called equitable distribution. Property is subject to equitable distribution if it is considered marital property. Marital property means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties. Therefore, our Greensboro divorce lawyers would agree that the Michigan arbitrator reached an appropriate result. If the man won the lottery during the marriage and prior to the separation, then the winnings should be equitably distributed between the spouses. If you have questions about what you might be entitled to in a divorce, our Greensboro divorce lawyers are here to help!