If North Carolina couples have money in a joint bank account, that money may be considered marital property. Therefore, if a spouse moved funds from that account into a CD or other type of account in his or her name only, it may not change the nature of that money. It may also be important to ask the bank to verify where the money was actually moved to. One man's spouse claimed that she transferred money from a joint account to a CD that was returning $1,000 every two months. While that sounds … [Read more...]
Archives for October 2017
Getting divorced after decades of marriage
After decades of marriage, there are some North Carolina couples who decide that it is time to get a divorce. While doing so at any age can be difficult, those who are ending their marriage later in life may face more difficulties due to a lack of time to financially recover before retiring. After reaching the age of 50, most individuals have reached their maximum earning potential and have marital assets that are mostly fixed. Further, their employment opportunities are likely to be more … [Read more...]
How is child support calculated by the court?
As you move through the divorce process, you know you will have to deal with a variety of questions and concerns. If you have at least one child with the other individual, it's safe to assume that questions regarding child support and custody will move to the forefront. It's important to learn as much as possible about child support and payment calculations, as you don't want to face any surprises in the future. You want to know exactly what to expect and how things will unwind as the court … [Read more...]
Financial mistakes to avoid in property division
When Charlotte couples divorce, they must divide shared marital assets and debts, but there are a number of mistakes that people make at this point. One is taking the house in exchange for a more liquid asset of equal value. While this may seem like a fair deal, it does not take the cost of upkeep into account. Furthermore, the person might find maintaining the house on a single income to be unaffordable. Other ways of splitting property may have tax implications. For example, a person who gets … [Read more...]
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