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Tips for making divorce preparations

On Behalf of | Jun 5, 2018 | Divorce

North Carolina spouses who are going through a divorce can take steps to make the process easier. One of those first steps is prioritizing. Future exes should write down what their needs are in the divorce as well as their wants and the things they are willing to let go.

It is important to think of the divorce as a legal process despite the emotional ramifications. Couples should understand how state and federal laws will govern aspects such as how property is divided. Before divorce negotiations or litigation can begin, spouses should get their financial information in order. This may involve ordering a credit report and gathering paperwork.

Friends and family may offer emotional support, but they are not legal or financial experts. Therefore, they might not always offer accurate advice. To prevent mistakes, spouses may want to assemble a team of professionals that includes an attorney and financial adviser. The advice of these professionals could help in creating the divorce agreement. The points in this agreement should be specific and legally enforceable. For example, one aspect of dividing property might involve retitling some assets.

There are other elements of property division spouses should also be aware of. For example, property as well as debts could be divided in the settlement. Another consideration is whether selling or dividing assets could incur taxes or penalties. For example, selling some assets could result in capital gains taxes. For 401(k)s and some other types of accounts, it may be necessary to create a document called a qualified domestic relations order to avoid major taxes and penalties.

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