Page:2021 North Dakota Session Laws.pdf/432

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Domestic Relations and Persons
Chapter 113

DOMESTIC RELATIONS AND PERSONS

CHAPTER 113

HOUSE BILL NO. 1190

(Representatives M. Johnson, Klemin, O'Brien, Schneider)

AN ACT to amend and reenact subsection 1 of section 14-05-24 of the North Dakota Century Code, relating to the valuation date for marital property.

BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:

SECTION 1. AMENDMENT. Subsection 1 of section 14-05-24 of the North Dakota Century Code is amended and reenacted as follows:

1. When a divorce is granted, the court shall make an equitable distribution of the property and debts of the parties. Except as may be required by federal law for specific property, and subject to the power of the court to determine a date that is just and equitable, the valuation date for marital property and debt is the date mutually agreed upon between the parties. If the parties do not mutually agree upon a valuation date, the valuation date for marital property and debt is the date of service of a summons in an action for divorce or separation or the date on which the parties last separated, whichever occurs firstsixty days before the initially scheduled trial date. If there is a substantial change in 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 and shall make specific findings that another date of valuation is fair and equitable.

Approved March 31, 2021

Filed April 1, 2021

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