Divorce can mean a fresh start in a lot of important ways. It allows people to forge their own paths after a period of time with a partner, and it offers a chance to heal from emotional trauma. In many divorce cases, one spouse may feel the desire to give up some of their possessions just to skip any nasty negotiations or fights.
When you love someone for a long time, there are no possessions in the world you would trade for her or his happiness. But that can feel like a hollow sentiment if the time comes to get a divorce. A separation after people have combined their assets can be complicated in legal reality as well as in the world of emotion.
When a marriage is just getting started in a haze of love and affection, it's hard to picture any trouble. But feelings can change over time. Even people who still have warm feelings for each other can decide to call it quits. What can make the separation harder? It often comes down to the division of property.
Earlier in history, many people may have stuck it out in a bad marriage because they did not want to lose prized possessions in a divorce. This was especially true if the stakes included a family estate or a great amount of treasure that one hoped to pass to one's children. Although some people still think this way, the laws of North Carolina and many other states are far more modern now.
Some spouses end up feeling a little awkward putting all of their possessions in a shared home with a husband or wife. Little disagreements can arise over the smallest things. But that is often nothing to what can happen when people disagree how to divide all of their things in the case of divorce.
In an equitable distribution state like North Carolina, a court will consider several factors to determine whether one person's student loan debt should be considered marital property for purposes of divorce property division. If the debt dates from before the marriage, it will probably be considered separate and will not be subject to division.
North Carolina couples who plan to get married should consider the importance of completing a prenuptial agreement. The main purpose of the legal document is to verify how assets will be allocated if a marriage ends in divorce. In situations in which a married couple divorces and there is no prenup agreement, the manner in which the assets are divided will be determined by state laws.
According to data from the Pew Research Center, older couples in North Carolina and the rest of the United States have been getting divorced at a rate that is twice what it was in the 1900s. People over the age of 50 and who are near retirement will find it particularly important to know how to properly divide their assets, especially their retirement assets, during the divorce process.
For people headed for divorce in North Carolina, the end of a marriage can be complicated not only by the emotional fallout but also by financial complications. This is especially true when a small business owner or entrepreneur decides to divorce. Whether a business owner runs the business on their own or the company is a partnership with one's spouse, the value of the business can be relevant throughout the divorce proceedings.
A qualified domestic relations order is a document that allows divorcing couples to split a 401(k) account or a pension plan without paying high taxes and penalties. Usually, an attorney will prepare a QDRO in accordance with a plan administrator's instructions regarding the rules for the plan. A North Carolina couple should review a QDRO with their attorneys and make sure the order demonstrates the same intent outlined in the divorce agreement.