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Divorce Archives

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.

Reasons for legal restrictions imposed during divorce

People in North Carolina might view divorce as a pathway to emotional or personal freedom, but the process places both spouses under legal scrutiny. Soon-to-be exes often experience surprise when they learn that the law limits what they can do with their money or where they can travel with children until a court approves the final divorce settlement. Although typically inconvenient, these legal restrictions are meant to protect people from financial loss or violation of parental rights.

Tips for making divorce preparations

North Carolina spouses who are going through a divorce can take steps to make the process easier. One of those first steps is prioritizing. Future exes should write down what their needs are in the divorce as well as their wants and the things they are willing to let go.

Paying for a child's college costs when going through divorce

When a North Carolina couple has a child, they might set up a plan for helping that child with any future college costs he or she may have. However, a divorce could upset that financial plan, especially once parents realize that they are suddenly paying for two households instead of one.

Using a financial planner during a divorce

When North Carolina couples decide that it is time to get a divorce, many reach out to an attorney to get the process started. However, some also take the step to look for a financial planner as divorce could potentially result in serious debt. By working with a team that includes a financial planner, a person may be able to come out of the divorce with his or her finances still intact.

Steps to establishing paternity

Establishing paternity may be a necessity in cases where North Carolina parents are not married to one another. It is the first step in getting child support from the father, but there are a number of other reasons to establish paternity as well. One is that the children have a right to know who their father is and the opportunity to build a relationship with him if possible. Another is that knowledge of paternity may alert children to the likelihood of any genetic medical issues. Establishing paternity also allows a children to inherit from a father and receive veteran's and other benefits from the father. Finally, paternity allows a father to request visitation or custody rights.

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