Helping Clients Navigate A Course To A Better Future

Consider divorce in financial plans

On Behalf of | Jul 1, 2016 | Divorce

It is not uncommon for married couples in North Carolina to have disparate incomes or to divide financial duties in an unequal manner. However, having less financial knowledge or scrutiny can adversely affect the spouse who plays a smaller role in the couple’s finances in the event of divorce.

When a couple is facing the end of a marriage, the spouse with less knowledge of the couple’s finances is in a position of disadvantage. He or she may not know which accounts the couple has, which assets are in his or her own name, which assets are in the other spouse’s names and how much debt has been accumulated. It may be more difficult to acquire this information after a divorce action is filed.

As a preemptive measure, couples can guard against this imbalance of power by taking joint responsibility for the household finances. Both spouses should be able to independently pay bills, budget, save for retirement and evaluate financial decisions. When both spouses are able to complete these activities, they are both able to minimize the financial risks and impact of divorce or even death. Spouses can also evaluate the best retirement investments for their collective benefit, such as considering whether they should invest more in one spouse’s retirement account due to a greater employer contribution or costing less in fees. They should carefully consider which retirement account will yield the highest collective benefit by evaluating more than how much income each spouse earns.

While very few people enter a marriage thinking that it will fall apart, it is prudent for them to take steps to protect their finances in the event that it does. By so doing, they might be able to negotiate a more favorable divorce settlement agreement with the assistance of their attorneys.

Bg Quote

Client Testimonials

Bg Stars

A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.
Anonymous

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.
Kelly

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
FindLaw Network