As COVID-19 continues to have a significant impact on families in North Carolina, the Wake County Family Court has taken steps to provide a safe alternative dispute resolution option for parties. In an effort to promote resolutions in family law cases while we all wait for restrictions to be lifted and the Courts to re-open, the Wake County Family Court is currently offering parties the option to participate in judicial settlement conferences for all issues, including child custody, child support, spousal support, and equitable distribution.
During a divorce, there is typically one asset that most parents worry about more than others: the family home.
Whether you were just contemplating divorce prior to the coronavirus outbreak, or already in the midst of one, you may be concerned that COVID-19 will bring your plans, or your case, to a screeching halt. This does not have to be the case. While there are many things we cannot control during these stressful times, it is still helpful to remember that there are proactive things you can do now to keep your family law or divorce case moving forward.
Dividing marital property can be one of the most challenging aspects of divorce. Spouses often disagree about how to divide the equity in the house and what to do with their shared bank account.
During a divorce, property division can be a time-consuming, stressful and disputed process.
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.