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.
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.
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.
A court in North Carolina may take several factors into consideration when determining how much a person will be required to pay in spousal support. This determination usually happens after a decision is made about property division and other financial elements of the divorce.
Not everyone needs to go through a problem to take away lessons from it. It's often easier to learn from others. For example, many North Carolina couples who are going through a divorce are taking away some lessons from the separation of Amazon CEO Jeff Bezos and his wife MacKenzie. This high-profile breakup is receiving a lot of attention because of the complexity of dividing up a large estate. In addition, people have noticed that the couple did a few things that made the best of the situation.
The divorce process can be time-consuming, uncertain and expensive, particularly when spouses are resolving their differences through litigation. Mediation is a positive alternative to litigation for many couples. In divorce mediation, spouses work with a neutral mediator to work out their differences and reach solutions.