When it comes to dividing property in a divorce, most spouses worry about what will happen to their significant assets, such as the family home, their retirement benefits and their income. Essentially, many spouses think more about the financial assets they have, even though North Carolina law requires spouses to divide their financial liabilities as well.
Earlier this summer, NBC reported that a current trend is changing the way couples approach finances that could impact a marriage--as well as a divorce.
The rate of divorce among adults over 50 has skyrocketed over the last twenty-five years, rising by 109%, according to the Pew Research Center. Whether it is due to increased financial independence for women or longer, healthier lives due to better healthcare, it seems this trend is unlikely to go away.
When going through a divorce and dealing with property division, one of the most difficult things to deal with can be the marital residence. How this asset is handled varies from couple to couple. Some couples choose to sell it and split the net proceeds.Others choose to have one spouse keep the home and buy out the other spouse's share. Some couples leave it to one spouse and compensate the other spouse with different assets equal to his or her share in the property.
In our last post, we began a discussion about maintaining health insurance coverage after divorce. Many people don't realize that you can directly address medical coverage and cost issues in a separation agreement or other divorce settlement document. Doing so is a wise idea to ensure that you maintain coverage for yourself and your children.
There are many details that need to be worked out in a divorce. So many, in fact, that some are commonly overlooked. One example of this would be health insurance coverage. In many families, both spouses and the children are covered under one health insurance plan - often one spouse's employer-sponsored plan.
When a couple gets married or otherwise decides to build a life together, it is common practice to commingle finances. This often leads to each spouse/partner knowing the couple's full financial situation.
Trust can be one of the first things to leave a broken marriage. This can be especially true in cases involving infidelity -- financial, emotional or otherwise. If trust is lacking in your case, then one concern you may have is the attempt to hide assets.
People can do and say a lot of things during a divorce that they might later regret. But hopefully, these regrets are short-lived and incidental.
Your home is likely the largest asset you have. It can also hold immense emotional and sentimental value. As such, the marital home is often one of the most complex pieces of property parties must address in a divorce.