Changing names, changing passwords and revising estate plans are among the tasks that may still await some people in North Carolina after they get a divorce. People might need to revise their wills or trusts, change their beneficiary designations and get new powers of attorney.
Spousal support is often one of the primary issues decided in a North Carolina divorce. However, it's usually one of the last points that gets settled in court. That's because the division of assets has a big impact on how much support an ex-spouse might need to maintain a decent standard of living. The final figure is often calculated using five different factors: the recipient spouse's needs, length of marriage, age/health, prior lifestyle and the ability of the payer spouse to pay.
When people in North Carolina get a divorce, it may be for one of three main reasons. According to some experts, growing apart, being unable to make up after fighting, and a psychological phenomenon known as "flooding" can all contribute to divorce.
Following a divorce in North Carolina, a child can be claimed as a dependent by only one parent per tax year. Ideally, exes will agree ahead of time on who gets to do this. Usually, it is the custodial parent. If the custodial parent wants to give the other parent the right to claim the child, this can be done with Form 8332. However, if parents disagree about who can make this claim, there could be problems.
The divorce rate for people who are 50 and over has substantially increased over the past few decades. Part of this increase may be attributed to people living longer and couples in second or third marriages that want to get divorced. Regardless of the reasons why older adults in North Carolina might wish to end their marriages, it is important that they are smart about how they get divorced so that they will not derail their abilities to retire.
When two people in North Carolina get a divorce and a business is involved, the process of property division can become complex. Establishing a plan before getting married or when setting up the business can help eliminate this complexity and ensure that both people receive what they are entitled to.
Some older people entering a second marriage in North Carolina might want to consider getting a prenuptial agreement. While this may not be necessary for people in their 20s who are going into a first marriage, people in their 50s and older likely have much more complicated lives and assets.
When parents in North Carolina divorce, the decision to end their marriage can have a significant effect on their finances. One of the biggest financial expenditures that can accompany raising children is college or university tuition, especially with the rising cost of college education in the United States. According to the College Board, tuition goes up by around 3 percent every year, leading to a substantial increase over time. The numbers tell the story: it costs over $46,000 each year on average to attend a private four-year university and over $20,000 annually for a public university.
A lack of family support, differences over religion and infidelity are all factors that may lead to North Carolina couples ending their marriages. However, commitment was most frequently named as the factor that contributed to divorce in a survey of 52 people.
North Carolina is no exception to the nationwide trend: an increasing number of couples are choosing to divorce later in life. Indeed, over the past 25 years, the rate of divorce for Americans over 50 has grown by more than 100 percent. This change has come even as other age groups have seen their divorce rates fall or remain steady. Indeed, 25 percent of all divorcing Americans are age 50 or over, while that number was less than 10 percent in 1990. While older couples who remarry are more likely to divorce, over half of all of these "gray divorces" involve people married for more than 20 years.