Some commentators like to promote the misconception that single parents in North Carolina and the rest of the United States receive an inordinate amount of child support. According to the Custodial Mothers and Fathers and Their Child Support report released by the Census Bureau, however, the opposite may actually be true.
If you live in North Carolina and are beginning the process of estate planning and getting your plans for the future in order, you may be giving some thought to how you might best preserve your wealth for future generations. While there are a variety of methods you can use to plan ahead, one method you might consider utilizing to help you protect your hard-earned assets involves establishing what is known as an irrevocable living trust.
When a North Carolina couple has a child, they might set up a plan for helping that child with any future college costs he or she may have. However, a divorce could upset that financial plan, especially once parents realize that they are suddenly paying for two households instead of one.
When North Carolina couples decide that it is time to get a divorce, many reach out to an attorney to get the process started. However, some also take the step to look for a financial planner as divorce could potentially result in serious debt. By working with a team that includes a financial planner, a person may be able to come out of the divorce with his or her finances still intact.
If you have a sizeable estate, you may have concerns about a lot of it going toward taxes. You do not want your wealth going away through taxes instead of to your family, but you may assume it is impossible to avoid it if you have a multi-million dollar estate.
Establishing paternity may be a necessity in cases where North Carolina parents are not married to one another. It is the first step in getting child support from the father, but there are a number of other reasons to establish paternity as well. One is that the children have a right to know who their father is and the opportunity to build a relationship with him if possible. Another is that knowledge of paternity may alert children to the likelihood of any genetic medical issues. Establishing paternity also allows a children to inherit from a father and receive veteran's and other benefits from the father. Finally, paternity allows a father to request visitation or custody rights.
In North Carolina, when parents go through a divorce, there are a number of child custody structures that can be used to shape the family's relationships after the parents' split. In many cases, one parent is considered the custodial parent, especially when they have physical custody of their child most of the time. This can be the case even when the other parent remains actively involved in their child's life and the two work together as co-parents.