When North Carolina couples decide to end their marriage, they enter an emotionally challenging time that also requires navigating long-term financial decisions. Individuals will experience a spectrum of feelings that tend to follow the order of shock, anger, resentment and acceptance. Mindful attempts to identify feelings and motivations could help people balance their emotions with logic when negotiating the terms of a divorce and setting up a single-income household.
People who honestly consider their answers to questions regarding their emotional state might recognize that they need to apply more logic to their decisions. They might overcome the natural urge to win at a divorce when they set priorities and focus on a fresh start for the future.
While maintaining awareness of emotions, people could benefit from informing themselves about concrete financial issues that must be resolved. The advice of financial planners who focus on divorce could help individuals evaluate their needs, such as adjusting lifestyles, closing joint bank accounts, dividing retirement accounts, planning taxes, keeping a house or paying for health insurance. During this time, people also need to gather their credit reports, tax returns and other financial records so that they can gain a clear view about their assets and debts.
An attorney may play a role in the divorce process as well by informing a person about laws that guide the division of marital property and the calculation of child or spousal support. A person going through a high-asset divorce might gain insights about how to value certain assets accurately or interpret a prenuptial agreement. In addition to preparing court paperwork, an attorney may buffer a person during negotiations with the former spouse by managing communications.