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Divorce Archives

Financial mistakes to avoid in property division

When Charlotte couples divorce, they must divide shared marital assets and debts, but there are a number of mistakes that people make at this point. One is taking the house in exchange for a more liquid asset of equal value. While this may seem like a fair deal, it does not take the cost of upkeep into account. Furthermore, the person might find maintaining the house on a single income to be unaffordable.

Occupations and divorce

North Carolina residents who are married or have plans to get married in the future should know that their occupation may be a factor in how likely they are to get a divorce. According to information collected in a 2015 American Community Survey, individuals with jobs that require working at night or a great deal of travel tend to have the highest rates of divorce in the United States.

Spousal support payments can be tax-deductible

It can be important for North Carolina divorcing spouses who will be paying alimony to pay close attention to tax law. By arranging to treat alimony in specific ways in the divorce settlement, spousal support will be recognized as tax-deductible for federal income tax purposes. Because the requirements can be specific, alimony deductions can be the subject of disputes. However, there are methods that divorced taxpayers can use to make sure they meet the federal guidelines.

When divorce meditation isn't appropriate

North Carolina couples who are ending their marriages may want to use mediation to resolve the issues surrounding their divorce and to avoid the investment of time and money that is sometimes necessary with litigation. However, there are certain indications that the process might not be suitable.

Dealing with a Thrift Savings Plan during a divorce

North Carolina residents who work or have worked for the federal government and whose marriages are ending may find that their divorce can become complex when it comes to a federal Thrift Savings Plan. While there is no federal law that requires a worker to share his or her TSP account balance with a former spouse, a court could potentially award a certain portion.

Closing joint bank accounts

When couples in North Carolina decide to end their marriages, financial matters are often of significant concern. Most married couples have intertwined finances, and it can take both time and effort for the spouses to disconnect their finances from those of their ex-husband or ex-wife.

How divorce affects the family home

Many people don't have a house after they divorce. They may have surrendered their home to their spouse as part of asset division, gained a percentage of the home's value in a split, or been bought out. Regardless of the circumstances, some divorcees look to get a new home and likely a new mortgage to go along with it. A divorce can have some surprising effects on a person's ability to qualify for a home loan, so it is important Charlotte residents be knowledgeable and prepared.

Health care uncertainties and divorce

Amidst the uncertainties that have resulted from the attempted repeal and replacement of the Affordable Care Act, experts say that many couples are delaying their divorces. For North Carolina spouses who are considering divorce, the uncertainty of future health care coverage and costs might be cause to wait for an official separation.

How to handle child support payments

Parents who owe child support in North Carolina must pay it as ordered until that order changes. As a general rule, parents should make a good faith effort to keep up with their payments. Doing so shows that there is a true change in circumstance preventing them from paying as opposed to simply not wanting to anymore. It is a good idea to document the change in circumstance before asking for a modification.

How does a spouse's cheating affect a divorce case?

According to The Independent, cheating affects nearly one-third of couples in the United States. Going through a divorce is difficult, and the process can be even tougher when accusations of cheating are involved. The spouse you thought you trusted has betrayed you, and now there's no easy way out. 

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