North Carolina residents who are considering ending their marriages should know what they can expect to gain from a divorce settlement. Though many people do not plan for the possibility of a divorce, entering into a prenuptial or post-marital agreement can establish how the couple’s assets will be divided if they eventually do decide to part ways.
Assets to consider
When negotiating a divorce settlement, you should consider a variety of assets, including some that might be overlooked. Often, when a couple has been married for a long time, they have accumulated a wide variety of assets. In many cases, these divorces also involve a spouse who is not quite fully knowledgeable about the family’s finances and another spouse who is. This can become a complication in the divorce negotiations and result in a settlement that is not balanced or fair. Assets to consider during negotiations include:
- Bank accounts
- Brokerage accounts
- Annuities
- Retirement accounts
- Insurance policies
- Real estate and investment properties
Looking towards the future
Negotiating during the dissolution of a marriage includes looking towards the future. Dividing the couple’s wealth means that each person will have a lot less to live on, a challenge for older couples who have less time to recover and plan for retirement. Creating a realistic budget for the future life as a single person will provide a clearer picture of what each person needs and desires from the divorce settlement. You should also consider any charitable donations you have been making and how these will fit within your new budget. You should also review how you will handle investments and the tax implications involved with this.
If you are headed for a divorce, preparation is important to clearly understand what you can get in a divorce settlement. This might include gathering financial documents, account numbers and other evidence as well as consulting with a family law attorney.