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.