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 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.
Older North Carolina couples may be more likely to get a divorce than younger couples. For people 65 and older, the divorce rate is three times higher than it was in the 1990s. Overall, divorce among older people is on the rise even though it is dropping among younger couples.
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.
Postnuptial agreements are becoming more popular among North Carolina spouses who want to protect their assets in case of a divorce. This legally binding document is similar to a prenuptial agreement, but the main difference is that it's signed during the marriage.
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.
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.
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.
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.