Disputes over money are some of the most common areas of contention for married couples, and that financial discord typically continues when spouses decide they can’t stay together.
It’s advisable to work with an experienced family law attorney to advocate for the best possible outcome when divorcing in North Carolina. Still, it’s crucial that you understand the implications of all money-related decisions.
While a knowledgeable lawyer, with help from a financial advisor in some cases, will aggressively fight for your interests, it’s essential to understand and avoid common mistakes involving:
The family home: Some divorcing couples decide to sell their house and divide the proceeds according to their agreement. However, in many cases, one spouse wants to remain. If your soon-to-be-ex is no longer a joint owner or responsible for the mortgage:
Retirement accounts: When a spouse has a 401(k) or other retirement assets, their former spouse is likely entitled to a share. Be careful in splitting those funds:
Other tax liabilities: Dividing complex property can be tricky, and remember that not all assets are equal. For instance:
Dividing a family business can also be a complex process. First, determine the company’s value by getting an independent appraisal. Spouses typically have three options: one spouse keeps the business and buys the other out, both spouses remain as co-owners or they sell the company and split the earnings.