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property division Archives

Penalties and taxes in dividing a retirement account

Some North Carolina couples who are getting a divorce may have a retirement account that needs to be divided. This might require a document called a Qualified Domestic Relations Order. Dividing a retirement account may incur taxes and fees, and people may consult a certified divorce financial analyst at this stage. Working with a financial analyst may help ensure a more efficient transfer of funds with minimal costs.

Can trusts act as financial protection for inherited wealth?

When a couple gets married, they always hope that the union will be forever. However, as many North Carolina residents know, some marriages end in divorce, which leads to questions about marital property and division of wealth. In cases where one of the spouses has inherited money in a trust fund, the language of the actual trust might mean the difference between him or her being able to protect that wealth or having to share it with his or her ex-spouse.

Video: FAQ: Military 10-Year Retirement

In a divorce in North Carolina, the property of the marital estate must be divided in a way that is equitable, but not necessarily an even 50-50 split. Tangible assets, like the family home, are often one of the first issues to be discussed. Yet it is important to remember that intangible assets, like retirement benefits, must also be divided.

What happens to the family home after a divorce?

During a divorce, North Carolina couples may find that they have to negotiate when it comes to splitting up the assets that they obtained while they were married. Of course, the family home cannot be physically split. This means that either one person will end up with the home or no one will end up with it.

Property division in a North Carolina divorce

North Carolina law provides for the equitable distribution of marital property when a couple gets a divorce divorced. The court divides property into three categories for purposes of property division. Marital property includes real and personal property acquired by either or both spouses during the course of the marriage. Separate property includes real and personal property acquired by a spouse either before the marriage began or by gift, devise or descent during the marriage. Divisible property includes some passive income and other types of property that don't strictly fit the definitions of the other categories.

Why marrying couples should consider a prenup

A common misconception is that a prenuptial agreement is only for the wealthy. While couples in which one or both of the individuals are wealthy are most likely to get a prenup before getting married, there are many other marrying couples of all income levels who get a prenuptial agreement. If you're unsure whether a prenup is the right choice for you and your soon-to-be spouse, here are a few reasons marrying couples should consider getting a prenup.

Deciding what to do about the marital home in a divorce

Deciding what to do with the marital home is often one of the most important decisions in the property division portion of divorce cases. The home is often the largest asset owned by most North Carolina couples, and both spouses might be listed on the deeds and the mortgages. In some cases, people will be given the option of staying in the home, and they may not know whether they should or if they should instead opt to sell and split the proceeds with the other party.

Dealing with the house when going through a divorce

When a North Carolina couple decides that it is time to get a divorce, it can be difficult to figure out who gets what. If the couple owns a house, there are decisions that will have to be made regarding whether or not to keep it or try to sell it.

Being able to retire after divorce

When couples in North Carolina divorce, the former spouses typically assume that they'll bounce back and make new lives for themselves. While this is usually true for younger people, as people age, it can be more difficult to recover financially after divorce. When older couples end their marriages, it is important for each spouse to ensure their financial security throughout old age.

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