Financial surprises are likely to be in store for women in South Carolina who get a divorce. A survey of 1,785 women showed that for 46 percent of divorced women, their divorce resulted in unexpected financial developments.
There are many different reasons couples in North Carolina may get a divorce. However, according to multiple studies, the primary reason for divorce in the United States are issues with money. Couples may benefit from learning about some of the common money problems that can occur in a marriage and what steps they should take to overcome those problems.
People in Charlotte who get a divorce should make sure they take their ex-spouse off beneficiary designations in a divorce even if the divorce decree says that those assets do not belong to the former spouse. If a spouse receives a payment from a beneficiary designation after agreeing in a divorce decree not to take that property, it might be possible to get the assets back, but the battle could be a long and costly one.
North Carolina residents and others who choose to get a divorce may not focus enough on their future needs. Instead, they craft settlements based on their current salary or desire to maintain the status quo in their lives. However, it is possible that many could lose a job or find themselves unable to maintain the family home on their own at some point after a marriage ends.
Lawyers across the country have noted a surge in the number of women being ordered to pay alimony and child support to their former partners. As the number of female breadwinners and male stay-at-home parents rise in North Carolina, there has been a concomitant increase in ex-husbands receiving support payments.
Some big changes are coming to the way spousal support is taxed thanks to the Tax Cuts and Jobs Act. For divorce and separation agreements executed in 2019 and beyond, North Carolina recipients will receive alimony tax free while payers will no longer be allowed to deduct payments. This reverses the current taxation standard for alimony that's been in place for more than 70 years. Divorces completed before 2019 will not be affected.
Charlotte fathers dealing with the child support and custody system after divorce can face difficulties, especially those confronting poverty and social racism. A study by the Urban Institute noted that 70 percent of all child support debt in the United States originates from individuals who have no reported income or make less than $10,000 a year. This means that many stereotypes about deadbeat fathers may be false. The inability to pay may rank far higher as a cause of child support debt than an unwillingness to do so.
North Carolina couples might find themselves beginning their married lives while falling into traditional roles of the husband as primary breadwinner and the wife as the caretaker of home and family. However, this dynamic might change over time, particularly as the wife's career develops and she begins to earn more, which can lead to tension in the relationship.
Divorcing parents in Charlotte may wonder how to best set up a child custody or visitation schedule that meets the needs of both parents and the children. While child custody may be one of the most contentious issues handled in the divorce, a clear parenting plan can help to ease the road ahead for the entire family. There are some particularly common arrangements for visitation, but in all cases, the particular needs of the family involved are the most important, especially when work schedules are complex or non-traditional.
When people in Charlotte consider divorce, some of the most important issues that can arise at end of a marriage relate to finances. Preparing one's own finances can help a person prepare for the divorce process. One of the first and most important steps can be getting key financial documents in order. During a divorce, a person will need copies of all of their major paperwork, from tax returns to bank statements and investment account reports.