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November 2017 Archives

Divorce later in life can carry costs

In North Carolina and across the United States, the divorce rate for people above the age of 50 has increased. Nationally, the rate of divorce for couples in this age group has escalated by 50 percent since 1987. One in four couples divorced after the age of 50; this can pose challenging and difficult questions for dealing with finances.

Business and divorce can be a complex combination

Ending a marriage in North Carolina is often a difficult, complicated and emotional time for both partners. However, the challenges can rise to another level when a personal or family business is at stake in the divorce, especially in the case of a successful company with a high financial value. Beyond its role as a significant financial asset, the business can be a point of professional and emotional importance for partners who are also entrepreneurs.

Tips for splitting a retirement account

Couples in North Carolina who are getting a divorce could run into complications if they need to divide a retirement account. There could be taxes and penalties if it not done correctly. For example, a couple needs a document known as a qualified domestic relations order, or QDRO, to split a 401(k) without paying taxes and penalties.

Why you should change your estate plan if you plan to divorce

If you are in the process of divorcing your partner or waiting for the ink to dry on your decree, you must remember to update your estate plans. All too often soon-to-be divorcees in the Charlotte area think they do not have to modify their estate plans because they will no longer be married. Unfortunately, some of them learn the hard way that divorces do not change estate plans. You must do it yourself. 

Answers to 3 common questions about tax consequences of divorce

As you prepare for divorce, there are probably a lot of things swirling around in your mind. With heightened emotions and so many problems overwhelming you, it can be easy to forget about or overlook some important things. For example, have you thought about how your divorce will affect your taxes?

When divorce is the better choice

Every day, couples throughout North Carolina are weighing the pros and cons of divorce. Most will try to make an effort to stay together for the sake of the kids, but this can actually hurt both the kids and the parents who try to make the sacrifice. Sometimes, getting divorced is better than staying together.

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