Divorce usually involves a lot of emotions and difficult feelings to work through. Even if you and your spouse are parting amicably, it is still a sad situation, and you may be worried about losing your home or other property.
North Carolina law states that marital property should be divided equitably. It is important to know that an equitable division is not always the same as an equal division.
The purpose of an equitable division of marital property is to achieve a fair result to both parties. Sometimes this can be done through an equal split, but sometimes it cannot.
There are many factors that a court considers when determining how to equitably divide marital property, including:
Any custody or child support orders are additional factors that are considered. For example, if you are paying child support for a child from a prior marriage, that may be viewed the same as a debt.
The expectation of any future inheritances or other financial benefits you may receive are also considered. The court may award you less of the marital property if there is proof that you are going to be receiving a large inheritance soon.
Things like adultery or other marital misconduct are not property division factors. You may have very valid feelings about your spouse’s negative behavior or actions during your marriage; however, those do not affect the property division laws.
Every divorce is different. These standards are meant to provide a set of guidelines to the court when couples cannot agree on property division.
Knowing how to use these factors to your advantage is important. Professionals can advise you on the best options for your situation.
]]>The question is, “How do you get legally separated in the state of North Carolina?” Unlike in some other states, you don’t actually need a separation agreement or any other written documentation to become legally separated.
However, what you do need to do to become legally separated is to live in a separate home from your spouse and either you or your spouse needs to have the intention of making the separation permanent. If you are not together emotionally but still live in the same home, in the eyes of the law, you are not considered legally separated. Also, if you live in separate homes but neither of you has the intention of making the separation permanent, again, in the eyes of the law, you are not considered legally separated.
The definition of a separation agreement is that it is a private contract between two spouses who are separated or plan to separate soon. The separation agreement includes terms that have been agreed to by both spouses on several issues that are related to the separation.
Some examples of this are which person will handle paying which bills, whether one of the spouses will continue to live in the home that they shared when they were married, and where the children will live. It is common for the separation agreement to have details about the separation, division of property, spousal support, and child custody and child support (if applicable).
It is not required but it is a good tool that can help the couple to resolve some legal issues that come up at the end of a marriage, such as dividing property and who will pay alimony. It is not uncommon for the separation agreement to become part of the final divorce order. The agreement (if the couple can resolve their differences amicably) may help the couple to avoid having to go to court.
If you and your spouse have decided to separate, it is probably valuable for you to consult with a North Carolina divorce attorney, who can offer you sound advice and help you through the process while protecting your rights at the same time. At this difficult time, having the right advice can really help you to get through the experience and come out the other side so that you can look forward to moving on to a brighter future.
]]>However, for divorced parents, the holidays can be very stressful as they share parenting time with their ex-spouse. While this can be difficult on the parents, it can also be difficult on the children.
Parents need to keep this in mind as they plan for the season. To ensure that the children have a smooth season and are able to truly enjoy it, both parents need to work together. There are certain things the parents can do to help make the holidays enjoyable.
One is to have a set schedule that is well planned out. Coordinating times and places for the exchanges is important.
Both families will most likely have plans and having a set schedule can ensure that everyone is able to have their celebrations. Also, make sure that the children understand the schedule and know the expectations for the holiday season.
When possible the parents should also consider attending some the gatherings or events together so the children have both parents present during these special times.
Parents should also discuss what gifts they are each getting the children. It is important that both parents are able to buy gifts they know the children really want. They can also help the children buy gifts for the other parent as well.
When the children are with the other parent, it is important that the parent without the children is doing something with friends or family. It can be difficult not to have their children around and the support of friends and family can be very helpful.
Co-parenting during the holidays in North Carolina is not always a fun experience, but there are steps parents can take to make it good for the children and themselves. Much of it should be planned out ahead of time though and experienced attorneys may be able to help develop a good plan.
]]>For example, if it is a young couple that are starting careers with one or both having large inheritances coming their way or who come from a well-off family, they might be thinking about the long-term problems that can accompany a divorce. To address these fears, a premarital agreement might be the way to go.
Although some might be reluctant to broach the subject, it is imperative to put aside these fears and be prudent. Part of that is knowing state laws, the details of a premarital agreement, when it is valid, when it can be updated and how to avoid common problems with the document.
A problem with premarital agreements and their validity is that there are common missteps that a person can make that will make it unenforceable and lead to litigation that they were trying to avoid. If the person who signed the agreement did not do so voluntarily, it can be nullified. It can also be nullified if it is found to have been unfair when it was executed. For example, if a person is entering the marriage unaware of the other party’s debts or assets, then this could be deemed a lack of fairness and call the agreement into question.
There must be a full disclosure of all the information – property, debt, assets and more – before the agreement will be valid. Of course, the person could waive that right, but that must be done in writing and it is not advisable when signing a premarital agreement. The agreement cannot modify or eliminate spousal support leading to one party needing to receive public assistance after the divorce. The agreement can be amended only if both sides agree to it in writing. It goes in effect when the couple is legally married.
Even those who are worried about how their prospective spouse will react to the idea of a premarital agreement should know the negative consequences of not having one. Often, the process can be relatively smooth and it is a protective device to shield both sides in case the marriage does not work out.
No matter the reason, it is wise to contact professionals who are fully versed in family law and know the ins and outs of premarital agreements. This is crucial to ensure the document follows the law, is unlikely to be successfully challenged and the person and their property are protected. Calling is a good step from the outset.
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So, when child support is ordered, what is it supposed to be used for? After all, child support is paid from one parent to the other, in most cases. How does the payor parent know where that money goes after it is paid? The answer, typically, is that there is no way to know other than seeing that a child’s needs are taken care of.
A child’s needs will vary, obviously, depending on the situation. However, in the vast majority of situations, child support is intended to be used to pay for things like educational needs, health care, clothing, food and shelter. So, yes, the receiving parent may put child support toward rent or a house payment, for example, if that contributes toward the child’s place to stay. Or, child support could be used to pay for groceries – if that if that includes meals for both the child and the other parent.
In the end, quite a bit of discretion is seemingly left to the parent who receives the child support payments. Once a child support order is in place, it can be fairly difficult to change. North Carolina residents who are facing child support issues in family law court should be sure to know all of their legal options before a court enters an order.
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Some of these assets are easier to divide than others though. Bank accounts can be relatively easy to divide. People simply need to take out or transfer half of the funds into another account. However, assets like houses can be more difficult to divide. Couples cannot simply cut a home in half or just sell their half of the house to another person in most cases.
When dividing a house in a divorce, couples have a couple of different options. One option is to sell the house and split the proceeds of the sale. The couple may need to discuss how realtor fees, closing costs and other fees will be handled after the sale, but ultimately, this can be one of the easier ways to divide the house.
Sometimes, especially, if there are minor children, one spouse may want to keep the house. In these situations, the spouse keeping the house will need to buy the other one out of their portion of the equity in the home. This will involve obtaining appraisals of the property to determine the value. Once the equity is determined, the person will need to figure out how to buy the other out of what could be hundreds of thousands of dollars.
This can be accomplished through payment plans, retirement accounts and other ways. The person keeping the house will also have to refinance the home into their name alone.
Dividing homes in divorces can be a complicated process and may require the couple to be creative. Experienced attorneys understand the different options available to people and may be able to guide you through the process.
]]>For example, doctors who hold a share in a private practice are also small business owners. Like other North Carolina property, the shares in a private professional practice are potentially subject to division in a divorce.
Dividing a professional practice can present complicated issues. For one, the couple may have to consult a qualified financial expert to get a full understanding of how much the doctor’s share of the practice is worth.
Actually dividing the practice can also be difficult, especially if the spouse is not a doctor or has no involvement in the operation of the practice.
Provided they want to keep their practice instead of selling it, the doctor may have to negotiate a way of paying off the spouse with other property.
Especially if they have a successful practice, doctors may also be drawing a high income and have lots of different types of assets.
A doctor’s high income will affect a court’s decisions about child support and alimony. It can also affect how a court divides property, especially if the doctor’s spouse makes little income and does not have the same earning ability as the doctor.
With respect to assets, many times, doctors will have what some people refer to as luxury assets, like fine art, collectible cars and the like. They also may have multiple homes and investment accounts.
These types of assets can be difficult to value. Furthermore, when a lot of property is at stake, the chances of disputes between the couple over property increases.
Finally, doctors may be rightly concerned about having their financial and personal details aired in a public courtroom hearing.
After all, doctors depend a lot on their reputations in order to continue getting business.
Privacy is one reason why a doctor may wish to try to resolve their divorce through mediation, as this process assures them a measure of confidentiality.
]]>Financial planning during a divorce requires time and deliberation. It often takes time to determine ownership of assets that the couple acquired.
The value of assets may change over marriage. For example, a house may have appreciated, and maintenance costs can increase over time. Spouses may also disagree on valuation of a complex asset, such as a business.
Each spouse should do their own assessment of major assets to assure fairness. Mediators, arbitrators and judges can review valuations and help make reasonable determination.
Some spouses may try to hide their assets in trusts and overseas accounts to avoid giving up assets. Or they may use less-sophisticated schemes such as transferring assets to family members or friends or putting off bonuses and raises.
Attorneys can help search for assets and seek a court order requiring your spouse to provide documents and information about their property. Financial institutions may be compelled to produce account documents.
It is also important to uncover information about marital debt. The three major credit bureaus can provide credit reports that disclose credit card, vehicle, student loan, personal loan, mortgages, and other hidden debt. Bad debts and pending lawsuits involving business should be uncovered.
Creditors may hold a spouse responsible for their other spouse’s unpaid joint debt from credit cards. Uncover these debts and, when possible, pay them off or refinance them.
Spouses may jointly own or have their own individual retirement accounts during marriage. But one spouse may have a lower-valued IRA because they gave up work to be a full-time parent.
A qualified domestic relations order permits the fair division of retirement plan assets. With a QDRO, the account holder or recipient will not have early withdrawal penalties before they reach the age of 59½ years.
Parents should consider, in addition to daily expenses, long-term costs such as future educational costs, medical expenses and health insurance, and extracurricular and social activities.
Each parent’s income, the time spent with each parent, other custody decisions, and the child’s age play a role in determining costs. Parents have to decide which parent will claim the annual child tax credit.
Parents should also consider a life insurance policy that names the other parent and children as beneficiaries for the parent who pays support. This helps assure continued child and spousal support if that parent dies.
Property division and support can be complicated and have long-term consequences. Attorneys can assist spouses with these matters.
]]>Yet, a lot of these cases result in a child custody arrangement that works for everyone involved. Immediately after the issuance of the order, you, your children, and your children’s other parent might feel like you’re able to work within the confines of that order.
However, life changes and so does your children’s needs. That’s why you need to constantly reassess your child custody arrangement to determine if seeking a modification is appropriate to protect your children’s best interests.
It really depends on the facts of your case. However, there are some events that should force you to start taking immediate action. Here are some of them:
These are just some of the ways that you may be justified in seeking a child custody modification. But regardless of the reason why you seek such modification, you’re going to have to present evidence to support your position. That may be easier said than done, but an attorney who is experienced in this area of the law can help you assess your situation and build the compelling legal strategy that you need to best fight for your children’s best interests.
]]>Postnuptial agreement
A postnuptial agreement is one of the marital agreements that set forth how a married couple will divide their property if they divorce. It is a contract similar to a prenuptial agreement and usually covers the same issues. However, a postnuptial agreement is signed after a couple marries.
In addition to covering what happens to marital property if the couple divorces or if a spouse dies, a postnuptial agreement also addresses other issues that are usually negotiated in a divorce. These include the disposition of other assets and spousal support.
Postnuptial agreements do not cover child support or custody where courts base their decisions upon the best interests of the child. These agreements may not address routine aspects of the spouses’ relationship.
There are many reasons that married couples may enter into a postnuptial agreement even years after they marry. First, a spouse may want to assure that they can keep an inheritance.
These agreements may also assure that a stay-at-home parent, who lost income or career opportunities, is compensated with assets or money. Spouses with children from a previous relationship enter these agreements to assure those children are awarded property if their parent dies or if there is a divorce.
Postnuptial agreements may also govern how a business is valued and divided, which is usually a very complicated divorce matter. These agreements can set forth a process for placing a value on the business or awarding it to a spouse in return for other nonbusiness property.
Repaying gifts and loans is also a common term. For example, a postnuptial agreement can assure that the parent’s house down payment is repaid.
There are legal requirements governing a postnuptial agreement. These should be written, entered voluntarily, fair and reasonable, and signed by the spouses. Both spouses must fully and fairly disclose all related information.
Spouses should have their own attorney assist them with negotiating these agreements to assure that they are entered knowingly and without duress. Attorneys can help protect their rights and prepare an agreement that meets North Carolina law and their needs.
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