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.
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.
It may be surprising to some North Carolina residents that a strategic divorce is being used by some high earning couples in the United States in order to help them save money on their taxes. Since the Tax Cuts and Jobs Act went into effect in 2018, high earning couples have been subjected to higher tax liability because of the so-called "marriage penalty." In the eyes of the IRS, couples are better off as single.
People in North Carolina who are considering starting their own businesses may also want to consider a prenuptial agreement. This can keep the company separate from the couple's joint property in case of a divorce. According to some attorneys, there is a rise among young entrepreneurs asking for a prenup even if they do not yet have a company in place.
Divorcing couples often find that starting life anew as a single person brings serious financial challenges, including those related to the former marriage. A newly singled person can succeed by addressing the need for a budget that takes into account separation of debt, court-imposed expenses and rebuilding credit. North Carolina residents who have untied the knot should keep several things in mind.
Prenuptial agreements seem to be gaining popularity among millennials throughout North Carolina and the rest of the U.S. Some may view the change, which was found in a study by the American Academy of Matrimonial Lawyers, as a sign of maturity or increasing responsibility. Others have pointed to an economy that increasingly requires both spouses to participate in the job market.
As people get older, their finances can get more complicated. For older couples in North Carolina who divorce, there are several potential complexities in the process of property division. One of these is calculating alimony. In addition to a salary, the individual who pays alimony may have additional income from an executive compensation package or stock options.
North Carolina residents who are 50 and older and who get a divorce may face stress and health problems. Divorce is on the rise in this age group, and researchers have posited a number of reasons why this might be the case. One is that people are living longer and expect more from marriage. People are also more likely to marry for a second or third time, but those marriages are more vulnerable to ending.
One reason a couple might want to create a prenuptial agreement is to protect business assets that one or both parties acquired before the marriage. North Carolina residents might like to know more about safeguarding their businesses in case they divorce.
For spouses in North Carolina who are going through a divorce, it can be important to get finances in order. If one spouse handles most of the family accounts, the separation process could be especially difficult for the other partner. It's often best to wait until after the necessary paperwork is obtained before bringing a divorce up. Otherwise, the more financially aware spouse could make it difficult to access the documents.