Susan Gray Law, P.A.

Family Law Attorney For The Winston-Salem Area

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Posts tagged "Divorce"

Inappropriate reasons to deny child visitation after a divorce

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.

Could divorce help solve a financial problem?

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.

Asset division in a divorce can be complex

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.

Credit scores and divorce

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.

How to account for the financial impact of a divorce

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.

How coparents can coordinate financial objectives

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.

Prenups still offer the most protection for married couples

Although married millennials may be more likely than their Gen X or baby boomer counterparts to keep finances separate, this might not be enough to provide financial protection in a divorce. While equitable property states like North Carolina usually require an equitable but not necessarily equal distribution of marital property, an attorney could argue that either spouse's earnings were also marital property.

The connection between divorce and student loan debt

People in North Carolina with student loans may be struggling under significant debt burdens compared to borrowers just a decade earlier, and this can in turn put a strain on their marriage. Over the last 10 years, the average student loan balance has risen by 62% to $32,000. Furthermore, three times as many people owe upwards of $50,000 compared to 10 years ago.

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110 Oakwood Drive, Suite 410
Winston Salem, NC 27103

Phone: 336-701-6521
Fax: 336-529-6325
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