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Managing assets during divorce proceedings

In North Carolina and across the United States, married couples may divorce because they experience unrelenting financial difficulties. A recent study showed that 13% of divorced couples with outstanding student loans blamed the debt for causing their divorces. Furthermore, divorce often means that each spouse must forge their way through life without the benefit of joined funds. In particular, a gray divorce occurring after many years of marriage can lead to devastating financial results, especially for women.

Gray divorces are on the rise. Couples in their 50s are twice as likely to file for divorce than in 1990. The National Center for Health Statistics and U.S. Census Bureau reveal that current divorces triple for married couples who are 65 years of age and older. For an older couple, the end of a marriage involves gathering together financial documents. Each spouse should take the time to update their beneficiary designations on all investments, including mutual fund holdings and savings accounts.

Some people facing divorce may want to designate other beneficiaries instead of their spouses. Each spouse should obtain pertinent information about all financial accounts owned individually or as a couple. An older person contemplating divorce should compile a list that includes usernames and passwords used to access online accounts. People should think about any tax consequences before selling stocks or other investments. Spouses may wish to close out their joint holdings and establish new accounts as separate individuals.

Asking a financial institution to freeze a joint account is another way to protect financial assets. Spousal support, commonly known as alimony, is an issue to consider, especially if the couple has been married for several years. Since each divorce is unique, consulting with a family law attorney may help clarify any questions, especially in a high-asset divorce.

Client Testimonials

A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.
Anonymous

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.
Kelly

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
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