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Divorce Archives

The link between wealth and divorce

North Carolina residents may appreciate the role money plays in a relationship. According to a SunTrust Bank survey, 35 percent of respondents said that money was the primary issues in their relationship. According to the Federal Reserve Board, a relationship was more likely to end when the parties to it had wildly different credit scores. Of course, making a significant amount of money each year doesn't guarantee a person is financially secure.

Financial planning for a later-in-life divorce

Older spouses in North Carolina considering divorce may be concerned about the financial impacts of ending a marriage. More Americans are divorcing at older ages than in the past. While the divorce rate has flattened out or even declined across all demographic groups, the opposite is true for people age 50 and older. Their divorce rate has doubled since the 1990s, a trend that shows no sign of stopping. While people in second or third marriages or those who have been married for a shorter period are at a higher risk of divorce, the "gray divorce" trend has also affected couples who have been married for decades.

Health, social and economic effects of adults

People in North Carolina who are 50 and older are getting divorced at a higher rate than they did in 1990, but there could be health, social and economic complications for divorce in this age group. Divorce can lead to chronic stress and depression, and these problems are linked to health conditions such as diabetes, high blood pressure, heart disease and more.

Self-reflection and education could ease conflict during divorce

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.

More young people seeking prenups

An increasing number of young people marrying in North Carolina and across the country is also making use of prenuptial agreements, according to a lawyers' organization. The American Academy of Matrimonial Lawyers said that over the past 20 years, the frequency of prenuptial agreements has quintupled among people of all ages. However, in the past several years, the number of millennials in the 18 to 34 age range requesting prenups has grown in particular.

Six financial surprises women may experience during a divorce

While some divorces in North Carolina present very few surprises, this isn't always the case. According to an online marketplace survey, nearly half of all divorced women surveyed reported experiencing financial surprises. The study involved nearly 2,000 adult women who were either about to start the divorce process, going through it or already divorced. More than 20 percent of the participants were women 55 or older although Gen X and millennial women also participated.

Financial discord could lead to divorce

In North Carolina and around the country, financial difficulties continue to be one of the leading causes of divorce. One may think that only low-income earners are prone to money problems, but professional couples earning substantial wages can have financial issues too. While there are a multitude of underlying reasons that money is a factor in divorce cases, a major obstacle that couples face is a lack of financial planning.

Divorce can have a major impact on retirement

While many North Carolina spouses going through divorce may be aware that the separation process can have an impact on their immediate finances, the effects may actually be more long term. Depending on how close one is to retirement, for example, their preretirement standard of living may not be maintainable.

Finalize divorces prior to 2019 to save money

Starting in 2019, the way high net worth couples get divorced will change. The tax law changes make the way people in this income group settled divorces in the past look very different. Instead of getting the divorce subsidy, North Carolina couples that finalize their divorces on or after Jan. 1, 2019 may have to rely on other methods to save money. Although the new tax code may make it simpler for the average person to file returns at the end of the year, it doesn't offer many benefits to divorcing couples.

Keeping a house could help a divorcee plan for the future

Divorce divides assets accumulated during a marriage so it comes as no surprise that divorced people may be less prepared for retirement than those who were never married or who stayed married. However, North Carolina women who remain single after a divorce may be better prepared financially if they keep the family home. Keeping the house isn't always a good plan so it's important to weigh the pros and cons,both for the short-term and the future.

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