Couples in North Carolina who have been married for a while might be considering a financial reset. One form that this can take is signing a postnuptial agreement. This contract can protect assets that are acquired during marriage and a business that is owned by a couple. It is similar to a prenuptial agreement. The main difference is that it is signed during the marriage instead of before marriage.
North Carolina residents who are thinking about filing for divorce in January might have a lot of company. January is nicknamed "divorce month" by some legal professionals due to the sheer number of divorce cases that begin in the New Year. The same seasonal pattern of divorce is seen across the country according to a 2016 University of Washington study.
It can be tempting for some North Carolina parents to try to block child visitation with an ex-spouse. However, if a court has granted a non-custodial parent visitation with a child, refusing visitation can lead to fines, jail time, and even loss of custody of the child. Here are a few illegitimate reasons some parents try to block visitation.
When North Carolina couples are going through a divorce, they may have investment accounts they need to divide. This can be a complex process, and they may want to work with legal and financial professionals, such as attorneys and financial planners.
Some couples in North Carolina might still love one another, but divorce can still hold an appeal. For these couples, the financial implications of divorce can be one of the appeals of ending a marriage, rather than the downside that they usually pose. Political discussions have focused on taxes on the wealthy, and if taxes do rise on wealthy families, some people may find that they pay more taxes as a married couple than they would if they were divorced. For taxpayers in the highest bracket in the U.S. - sitting at 37% - they may pay around $900 more each year under current tax laws than they would if each partner filed singly.
The division of assets during the divorce process can lead to much contention and disagreement between the two parties. One factor to keep in mind is that an agreement between the two on this issue is likely to be approved by a North Carolina divorce court. Otherwise, the court will impose a ruling, which neither party may be particularly happy about. For most couples, the family home is a significant or the most valuable asset owned by the couple, and any asset division must begin with a proper evaluation of it.
When couples living in North Carolina divorce, separating finances is often a top priority. In most cases, a couple will work with a mediator or their respective attorneys to divide assets and debts. However, experts usually advise each spouse to closely monitor their credit during and after a divorce, particularly if the couple held certain debts jointly. This is because jointly held debt could affect the credit scores of one or both spouses long after a divorce is been finalized.
Divorce for couples who are older than 50 is on the rise. Often known as "gray divorce," it is more than twice as common as it was in 1990. It can cause financial problems for both individuals, but it is more common for those financial problems to fall disproportionately on women.
A divorce can have significant financial implications for North Carolina residents. For instance, a person may have trouble maintaining a current lifestyle while living alone. Ending a marriage could also make it harder to retire on time, and this may be especially true for those who are doing so later in life. Ideally, newly single people will create a budget that will account for the expenses that they will need to pay on their own.
Divorce involves a lot of complicated emotions, and discussing the financial aspect of coparenting can make the entire process even more intimidating. For parents in North Carolina, there are several ways to smooth out the transition. Without financial complications, sharing the responsibilities of raising children will be much easier. Planning and communication should be top priorities.