North Carolina business owners who decide to divorce may face unique complications and concerns. In many cases, spouses worked together in a number of different ways to build a family business. Determining how to divide a business in an equitable way that satisfies both spouses can be a lengthy process. In order to divide a family business, each spouse should seriously consider their future plans for the company.
Cryptocurrency may be an asset in the divorce of some couples in North Carolina. While the currency is only about 10 years old, it has become more mainstream, and in the years ahead, it may increasingly become a tool for people to hide assets. The Global Blockchain Business Council found that only 5 percent of Americans surveyed said they owned cryptocurrency, but more than 20 percent said they were considering purchasing some.
There are steps that high-asset couples in North Carolina who are ending their marriage can take to make the process less difficult. The world's richest man, Jeff Bezos, exemplifies this in the statement he released with his wife about their impending divorce that emphasizes cooperation.
Since the 1990s, the divorce rate for men and women 50 years old and older has doubled. North Carolina women who are over the age of 50 and who get a divorce may face an uncertain financial situation after their divorce. According to a report issued by the UBS Global Wealth Management, 56 percent of married women allow their husbands to handle long-term financial decisions, so they can be financial vulnerable.
For some North Carolina couples, an impending divorce could make it necessary to take steps to protect their finances. One important step may be to separate joint accounts and open individual ones instead. People may want to use this account to save for divorce-related expenses. Couples might also order credit reports and review them both to ensure they are each informed about any existing accounts.
It is not unusual for discussions over property division to become contentious when couples in North Carolina and around the country file for divorce, and these negotiations can become especially heated when the assets involved include artwork on which it can be difficult to place an accurate value. Art collections are generally acquired with great care over long periods, and spouses are often extremely reluctant to break them up or stand idly by as they are auctioned off.
People in North Carolina who are involved in tech startups might run into additional complications in a divorce. In recent years, the profession that tends to have most complex and high-asset divorces has shifted from medicine and law to tech. The long hours required in building a startup could contribute to the likelihood of a divorce. Many of these entrepreneurs may not have prenuptial agreements in place, and a spouse could have a claim on a portion of the startup.
There may be negative emotions felt by North Carolina residents and others who have gotten divorced. However, there may be one positive for those who were married for 10 years or longer. That positive is the ability to potentially claim Social Security benefits based on a former spouse's work record.
Couples in North Carolina who are getting a divorce could run into complications if they need to divide a retirement account. There could be taxes and penalties if it not done correctly. For example, a couple needs a document known as a qualified domestic relations order, or QDRO, to split a 401(k) without paying taxes and penalties.