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Challenges for long-distance parenting after divorce

Moving away from their children can be hard for divorced parents in North Carolina who may worry about how it will affect their relationship. Although they may not see their children in person as often as they would like, long-distance parents can still maintain a strong bond with their children and stay involved in their lives.

One way to do this is by learning about their children's interests, getting to know their friends and meeting their friends' parents. Another is by regular contact maintained using email, text messages and social media. Parents do not have to wait until a scheduled time to phone their children. These messages and conversations should stick to the positive and should show that they are engaged in children's lives by asking them specific questions about school, activities and friends.

Managing assets during divorce proceedings

In North Carolina and across the United States, married couples may divorce because they experience unrelenting financial difficulties. A recent study showed that 13% of divorced couples with outstanding student loans blamed the debt for causing their divorces. Furthermore, divorce often means that each spouse must forge their way through life without the benefit of joined funds. In particular, a gray divorce occurring after many years of marriage can lead to devastating financial results, especially for women.

Gray divorces are on the rise. Couples in their 50s are twice as likely to file for divorce than in 1990. The National Center for Health Statistics and U.S. Census Bureau reveal that current divorces triple for married couples who are 65 years of age and older. For an older couple, the end of a marriage involves gathering together financial documents. Each spouse should take the time to update their beneficiary designations on all investments, including mutual fund holdings and savings accounts.

Divorce and social media

People living in North Carolina and around the country should be aware that their social media accounts might have a negative impact on their marriages. Even more distressing is if a couple's marriage comes to an end, social media content might be used against them in family law court.

Recent studies have shown that social media usage correlates with negative feelings about a marriage. In addition, it should be noted that a third of all divorce actions involve online affairs. These facts alone may cause some married individuals to reconsider their online activities.

Understanding child custody is not always easy

Going through a divorce can present you with many confusing scenarios. Though you likely wish that you could simply sign a piece of paper and have everything settled, that is not how the process works. In fact, you will need to make many decisions during your case, and the court may step in to make some of those decisions.

Because you are a parent, you likely have concerns about child custody in particular. This concern is understandable because you undoubtedly want what is best for your kids and worry that your divorce will negatively affect them. Of course, you want to come to the best arrangement for everyone's post-divorce life, but fully understanding custody is not always easy.

How a strategic divorce could cause a couple to lose money

It may be surprising to some North Carolina residents that a strategic divorce is being used by some high earning couples in the United States in order to help them save money on their taxes. Since the Tax Cuts and Jobs Act went into effect in 2018, high earning couples have been subjected to higher tax liability because of the so-called "marriage penalty." In the eyes of the IRS, couples are better off as single.

It may seem that breaking up a marriage makes sense on paper for these high earning couples. However, before a couple makes this decision, they should know about some unexpected ramifications that could potentially damage their finances.

What makes a good health care power of attorney?

If you are like many in North Carolina, your health is important to you. Even if you don't always make the right diet choices or exercise as much as you should, you know that, once your health declines, your quality of life may never be the same. If the time should come when poor health prevents you from making your own decisions about your medical care, do you know what will happen to you?

You can have more certainty about this if you have a health care power of attorney in place in case you should become incapacitated at some point in your life. Understanding what a health care power of attorney can do for you is the first step to obtaining this peace of mind about your health. The next step, choosing the appropriate agent, may be more difficult.

Why some entrepreneurs may want a prenup

People in North Carolina who are considering starting their own businesses may also want to consider a prenuptial agreement. This can keep the company separate from the couple's joint property in case of a divorce. According to some attorneys, there is a rise among young entrepreneurs asking for a prenup even if they do not yet have a company in place.

Prenups have already been used in a number of prominent couples' divorces. For example, Sergey Brin, a Google co-founder, retained his shares in the company following his divorce. Oracle co-founder Larry Ellison has retained his shares in his company through multiple divorces. However, it is important to keep in mind that a prenuptial can be subject to challenges. The wife of Zynga's founder did so, but since court records regarding their divorce were sealed, it is unclear whether she was successful.

Basic steps to determine the value of a pension plan

Dividing assets is a huge part of the process that North Carolina couples go through when getting a divorce, especially if it is a high-asset divorce. It is important to understand the value of an asset before it can be divided fairly. One of the most difficult assets to value is a pension plan. Here are basic principles that apply to dividing pension plans in a divorce.

The first step is determining the type of pension plan a person has. A defined benefit plan guarantees a monthly benefit when a person reaches retirement age. A defined contribution plan is based on the performance of an investment fund.

Establishing a positive coparenting relationship

After a divorce, former spouses in North Carolina might have trouble raising their children together. While coparenting can be complicated, there are ways exes can work together and ease the tensions. It's wise to establish a positive coparenting relationship for the good of the children.

Coparenting often works better with an established routine. A set schedule tells everyone what to expect and removes uncertainty about when a child will see each parent and who will take children to different obligations. Setting and sticking to a schedule is one sign of a healthy relationship between divorced parents. However, flexibility is also necessary for a strong coparenting arrangement.

Credit separation and budgeting for one in wake of divorce

Divorcing couples often find that starting life anew as a single person brings serious financial challenges, including those related to the former marriage. A newly singled person can succeed by addressing the need for a budget that takes into account separation of debt, court-imposed expenses and rebuilding credit. North Carolina residents who have untied the knot should keep several things in mind.

Most importantly for the newly singled, the end of marriage often means a cut in income. Though there is less money to spend, people tend to hang onto their old possessions out of habit. However, the vehicle bought by the two-income couple may need to be sold in favor of a cheaper alternative. The money for annual club memberships may no longer be available in light of new expenses, such as child support. Though painful, making budgetary cuts will ultimately improve one's financial outlook in the years to come.

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Are quality legal services available in your Charlotte neighborhood? Yes, our offices are located in Ballantyne, so you do not need to fight traffic driving uptown or deal with the inconvenience of paid parking decks. We are just minutes from the Ballantyne Corporate Park right off of I-485. An initial domestic consultation with Kennedy Law Associates is a positive step toward creating a roadmap to a better future.

14835 Ballantyne Village Way, Suite 225
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