January 2018 | COA17-254 (NC. Ct. App. 2018)

Kabasan v. Kabasan (North Carolina 2018)

The value of an annuity counts as income for child support purposes without regard to any penalties for surrender or early withdrawal. The father in this case appealed the trial court’s calculation of his income, which included the value of an annuity. The father appealed arguing that the court should have reduced the value to account for potential surrender charges and early withdrawal penalties. The appellate court disagreed and found this argument without merit and legal support. The father did not plan to surrender the account or take an early withdrawal so any charges were speculative.

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