Divorcing couples often find that starting life anew as a single person brings serious financial challenges, including those related to the former marriage. A newly singled person can succeed by addressing the need for a budget that takes into account separation of debt, court-imposed expenses and rebuilding credit. North Carolina residents who have untied the knot should keep several things in mind.
Co-parenting at school when you can't be around your ex
The North Carolina school year is underway, and you may be seeing only the beginning of how your divorce will affect your child. It was likely a difficult time for you, and you may be making your best effort to protect your child from the emotional turmoil that divorce often brings.
Increase in millennials protecting against divorce with prenups
Prenuptial agreements seem to be gaining popularity among millennials throughout North Carolina and the rest of the U.S. Some may view the change, which was found in a study by the American Academy of Matrimonial Lawyers, as a sign of maturity or increasing responsibility. Others have pointed to an economy that increasingly requires both spouses to participate in the job market.
Why digital currency can complicate a divorce
Cryptocurrency has been available to those living in North Carolina and elsewhere since 2009 when Bitcoin was introduced. However, digital currencies are now getting more time in the spotlight as they have increased in value and have gotten more attention from the media. For couples who are going through the divorce process, valuing a digital coin can be a contentious issue. It can also be tempting for an individual to sell or hide the asset from a spouse.
Tips for older couples who are divorcing
As people get older, their finances can get more complicated. For older couples in North Carolina who divorce, there are several potential complexities in the process of property division. One of these is calculating alimony. In addition to a salary, the individual who pays alimony may have additional income from an executive compensation package or stock options.
Are you worried about the inflexibility of trusts?
When thinking about the possible options you want to use to create a comprehensive estate plan, using a trust may come to mind. However, you may also have reservations about utilizing this planning tool because there seems to be little flexibility in terms of changing the document once you have created it. Fortunately, that does not have to be the case.
