Kennedy Law Associates

Divorce Archives

Divorce rate among couples over 50 is increasing, study says

Though the rate of divorce has declined over the past two decades, studies have shown that separations among couples over the age of 50 are on the rise. In the United States, for example, the rate of 'gray divorces" has doubled between 1990 and 2010. Couples are getting divorced at older ages despite the possible difficulty associated with splitting a larger number of assets (which, in North Carolina, must be equitably distributed).

The reasons women file for divorce

The typical scenario that often comes to mind when divorce is mentioned is that of a middle-aged woman being left by her husband for a younger woman. However, in over 70% of cases, it's actually women who file for divorce. Women in North Carolina give many reasons for filing for divorce, but they usually fall into one of a few broad categories.

Early IRA distributions and what happens in a divorce

Some North Carolina residents may decide to start taking distributions on an IRA before reaching the age of 59 1/2. This normally incurs a 10% penalty, but there are certain circumstances in which it is permitted without the penalty. However, those penalties kick in again and become retroactive if the IRA is modified. If a couple decides to divorce and the IRA owner is getting these distributions, this could be considered a modification.

Reasons why divorce filings go up in January

North Carolina residents may have heard those in legal circles refer to the month of January as "divorce month." This is because divorce filings are higher during the month of January, especially during the first part of the month. Even search engines see more searches for things related to the topic of divorce.

Tips for creating a prenuptial agreement

Some North Carolina couples who are planning to get married might want to consider a prenuptial agreement. A prenup determines how a couple will divide their property in a divorce. Even if a couple is not planning to have one, they should have a conversation about their finances before the marriage. They may want to consult a legal or financial adviser to find out how they would be divided in case of a divorce. It is best if a prenup is created as early as possible. If it is done too close to the wedding, it could be challenged on the grounds that one person was pressured into signing it.

Steps women can take to protect themselves during divorce

Women in North Carolina face unique challenges after divorce. Financial issues like being able to provide for their children and planning for their future schooling can hit women hard. Studies show that women, on average, earn 81% of what men earn. After divorce, they experience an average 20% dip in income as opposed to the 30% increase in income typically experienced by men. Divorce leaves women in poverty at a rate three times that of men.

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.

Divorce and social media

People living in North Carolina and around the country should be aware that their social media accounts might have a negative impact on their marriages. Even more distressing is if a couple's marriage comes to an end, social media content might be used against them in family law court.

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