When people in Florida decide to divorce, they can encounter a range of financial questions and challenges. While many people are aware of the effects of property division and other major issues, fewer may think about the consequences of divorce for their insurance situation. Divorce can lead to several significant changes in insurance coverage, especially when it comes to life and health insurance. Most of these changes should be handled promptly after the dissolution of the marriage is finalized.
In 2017, North Carolina had the 22nd highest divorce rate in the country with 3.1 divorces per 1,000 residents. The marriage rate was the 23rd highest with 6.8 marriages for every 1,000 residents. Among people 15 and older, 49 percent are married.
Under normal circumstances, parents in North Carolina can claim dependent children on their taxes without any significant issues. However, this process can become complicated should two divorced parents attempt to claim the same child as a dependent. The ability to claim a child for this reason can lead to some valuable tax credits.
Financial issues can be some of the biggest problems that lead people in North Carolina to decide to divorce. In some cases, people may simply disagree about how to save and spend, but even other types of marital issues may have serious financial issues at the root. For example, infidelity may be primarily about trust and sexual exclusivity, but uncovering an affair can also involve a significant amount of spending, including on items like gifts, meals out or hotel rooms.
Knowing about common financial errors during a divorce may help some estranged North Carolina couples avoid making them. One common assumption is that a divorce must end up in court. However, many couples are able to reach an agreement through mediation or collaborative divorce instead of going to litigation, which may be more expensive.
For most North Carolina couples, the decision to end a marriage isn't made lightly. While statistics show that approximately half of all first marriages end in divorce, it's usually a combination of factors that lead to the decision to split. As long as instances of spousal abuse or other serious matters aren't involved, spouses contemplating untying the knot may benefit from taking a step back to consider the possible financial ramifications.
Lots of North Carolina couples think of prenuptial agreements as a matter only for the extremely wealthy or very famous. However, there are many other reasons why people considering marriage may want to create a prenup before tying the knot. Prenuptial agreements are becoming more common for many different types of couples. In one survey, 60 percent of matrimonial lawyers said that they had seen a notable increase in the number of people asking about prenups in the past three years. A prenuptial agreement could be used to protect family inheritances or property passed down through generations, but it can also be used to benefit entrepreneurs with promising businesses.
The holiday season can be particularly stressful for North Carolina families that are being separated by divorce. Among the emotions common to both parents and children at this time are fear, anger, sadness and loss. However, a child's anxiety can be mitigated if the parents put a clear plan in place for the holidays and maintain a positive attitude.
When people in North Carolina get a divorce, they might make some financial missteps that result in the process being more difficult and expensive. For example, some people go out and spend a lot of money. This feels good in the short term, but the bills will eventually be due.
Every North Carolina family that goes through divorce faces challenges. Unfortunately, children have a tendency to blame themselves for parental separations, but honesty and loving reassurances can counteract these negative feelings. The author of a parenting guide recommends that parents place a priority on their children's relationship with both parents.