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Divorce later in life can carry costs

In North Carolina and across the United States, the divorce rate for people above the age of 50 has increased. Nationally, the rate of divorce for couples in this age group has escalated by 50 percent since 1987. One in four couples divorced after the age of 50; this can pose challenging and difficult questions for dealing with finances.

Business and divorce can be a complex combination

Ending a marriage in North Carolina is often a difficult, complicated and emotional time for both partners. However, the challenges can rise to another level when a personal or family business is at stake in the divorce, especially in the case of a successful company with a high financial value. Beyond its role as a significant financial asset, the business can be a point of professional and emotional importance for partners who are also entrepreneurs.

When divorce is the better choice

Every day, couples throughout North Carolina are weighing the pros and cons of divorce. Most will try to make an effort to stay together for the sake of the kids, but this can actually hurt both the kids and the parents who try to make the sacrifice. Sometimes, getting divorced is better than staying together.

Divorce may be the only option in some cases

Married couples in North Carolina and around the country are sometimes able to salvage relationships that may seem beyond repair to their friends and family members, and even betrayals like acts of adultery can be overcome when spouses still have affection for one another and work together to solve their problems. However, there are situations where the behavior of one or both of the spouses involved becomes so toxic and destructive that divorce is the only viable option.

Things for older people to consider in a divorce

North Carolina residents who are 50 and older may be twice as likely to get a divorce as people in the same age group were in the 1990s. While the divorce rate is down among most age groups, it has increased for people ages 50 and older. These so-called "gray divorces" can jeopardize the retirements of the people involved in them because they have less time to recover financially and build up funds. Divorces for this age group can be expensive if the estranged spouses are fighting over assets.

Divorce rates by occupation

North Carolina residents who work in fields that involve travel or night life might have marriages that are more vulnerable to divorce than people whose jobs offer more stable hours and a higher income. Data from 2015 gathered in the American Community Survey and presented by FlowingData found that occupations associated with math or science had the lowest divorce rates.

Joint bank accounts and divorce

North Carolina couples who are getting a divorce may need to close any jointly owned assets such as bank and credit card accounts. With credit card accounts, it is important to make sure that any debts are paid off. Creditors might pursue either person for a joint credit card debt regardless of who was actually responsible for the debt in the first place.

Keeping the family home in a divorce

When a North Carolina resident is considering a divorce, one major goal he or she may have is keeping the family home. In many cases, the family home is the couple's biggest asset. For those who have kids, retaining ownership of the family home may be important to ensuring a stable home life once the divorce is finalized.

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