People in Charlotte considering divorce may wonder about the impact that tax reforms will have on the end of their marriages. Divorce can bring significant changes to people's annual tax returns, and the types of changes will soon themselves be strikingly different. Tax reforms passed into law as part of the 2017 Tax Cuts and Jobs Act will go into effect in 2019, reversing the way that alimony and spousal support have been treated in the U.S. tax code for almost 80 years.
Some couples in North Carolina who get a divorce experience significant stress from the financial uncertainty that may result as they go through the divorce process. However, they can maintain control of their lives and lower their stress levels by taking a serious look at their financial situation. This means having a complete understanding of all of their liabilities, income, assets and expenses.
Business ownership in North Carolina creates many variables for married people to consider when they pursue divorce. Sometimes, both spouses own roughly equal shares. However, it's more likely that only one spouse has a controlling stake in the company. The spouse who has enough shares to exert control might try to skew the valuation of the business to influence the outcome of the divorce settlement.
When Charlotte couples are getting a divorce, they might need to take steps to protect their finances. If a person is leaving an abusive relationship, there may be extra steps such as securing any valuables. Even in non-abusive relationships, people should document valuables by getting copies of information on accounts and photographing any valuable objects.
Some estate holders in North Carolina may have concerns about leaving assets to their adult children. Individuals who lack financial maturity and are bequeathed assets outright may squander an inheritance. In such a situation, setting up a trust may be a wise move.
The process of property division in a divorce could be complicated for entrepreneurs in Charlotte. Tech startup founders might invest so much time in building the startup that the marriage suffers, leading to divorce. The startup could be worth a considerable amount of money, and the other spouse could be entitled to take some of it.
Some couples in Charlotte might need to divide an art collection in a divorce. This can be a complex process that involves determining the value of the art and whose money was used to pay for it.
When parties to a divorce in Charlotte think of dividing retirement benefits, assets such as pensions, 401k accounts and IRAs are normally the things considered. Many people do not realize that Social Security Benefits are also benefits an ex-spouse can receive.
Many couples in North Carolina try to handle their own divorces without legal help. While couples are able to get divorced on their own, they should be careful when they have retirement accounts and pensions that need to be divided.
If North Carolina couples have money in a joint bank account, that money may be considered marital property. Therefore, if a spouse moved funds from that account into a CD or other type of account in his or her name only, it may not change the nature of that money. It may also be important to ask the bank to verify where the money was actually moved to.