The holidays are over and you have reached the decision to separate and get a divorce. First, you are not alone as couples that decide to separate often do so right after the Holiday Season. Although you cannot actually file for a divorce until after you have been separated for over a year, couples might be more likely to separate in January than in other months. There are a few reasons for this. One, people do not want to divorce or separate during the holidays. This may be particularly … [Read more...]
You’ve Decided to Divorce – Now What? Handling Your Finances
The holidays are over and you have reached the decision to separate and get a divorce. Although you cannot actually file for a divorce until after you have been separated for over a year, couples might be more likely to separate in January than in other months. If the day has finally come that you and your spouse need to call it quits, you might be wondering what to do next. Should I move out of the house? (covered in a previously blog post you can read here) How do I handle my … [Read more...]
Taking the Concern of Money and Property out of your Marriage: Why you should consider a Pre-nup and Post-nup Agreement
You have found the love of your life and are planning your marriage (or you are currently married to the love of your life – congratulations - in which case you may need a post-nuptial agreement as described below). While you plan for your life ahead, including the wedding, you might be thinking about all the “stuff” you both have and how you would like to protect it … just in case. That’s what a pre-nup agreement does, right? Most people believe that a pre-nup agreement is a way to … [Read more...]
North Carolina seniors: divorce and divisions can be amicable
The Pew Research Center reports that the divorce rate among older Americans has doubled and even tripled for some age groups over the last 30 years. When it comes to divorce, it can be a lengthier process for seniors because they typically have more complex assets to divide. However, older couples may try to part ways on friendly terms. By following a few tips regarding financial decisions, couples could make the situation end on a more positive note. A collaborative divorce is an option … [Read more...]
The role of money in divorce
More than one-third of respondents to a SunTrust Bank survey reported that the main conflict in their marriage was over money. The Federal Reserve Board reports that couples who have similar credit scores are more likely to stay together than those whose scores show a greater disparity. People with higher credit scores are also more likely to remain in a committed relationship. Despite this, there is also some evidence that wealth makes people in Charlotte and around the country more likely to … [Read more...]
Tax law changes can affect divorce settlements
People in Charlotte considering divorce may wonder about the impact that tax reforms will have on the end of their marriages. Divorce can bring significant changes to people's annual tax returns, and the types of changes will soon themselves be strikingly different. Tax reforms passed into law as part of the 2017 Tax Cuts and Jobs Act will go into effect in 2019, reversing the way that alimony and spousal support have been treated in the U.S. tax code for almost 80 years. While the changes … [Read more...]
Financial assets and divorce
Some couples in North Carolina who get a divorce experience significant stress from the financial uncertainty that may result as they go through the divorce process. However, they can maintain control of their lives and lower their stress levels by taking a serious look at their financial situation. This means having a complete understanding of all of their liabilities, income, assets and expenses. Individuals can have many different types of financial assets. They may include certificates of … [Read more...]
Business valuations and adjustments to divorce settlements
Business ownership in North Carolina creates many variables for married people to consider when they pursue divorce. Sometimes, both spouses own roughly equal shares. However, it's more likely that only one spouse has a controlling stake in the company. The spouse who has enough shares to exert control might try to skew the valuation of the business to influence the outcome of the divorce settlement. Attempts to reduce a business's value on paper include hiding assets or downplaying their … [Read more...]
Tips for protecting finances in a divorce
When Charlotte couples are getting a divorce, they might need to take steps to protect their finances. If a person is leaving an abusive relationship, there may be extra steps such as securing any valuables. Even in non-abusive relationships, people should document valuables by getting copies of information on accounts and photographing any valuable objects. People who do not have an income at the time of the divorce will also need to take certain steps. For example, they may need to get job … [Read more...]
Trusts and adult children
Some estate holders in North Carolina may have concerns about leaving assets to their adult children. Individuals who lack financial maturity and are bequeathed assets outright may squander an inheritance. In such a situation, setting up a trust may be a wise move. Parents should not use their children's age as an indicator of financial sophistication. If the goal is to ensure that the family's wealth will last for multiple generations, it may be prudent to have the wealth professionally … [Read more...]
Child Support Calculator