A new trend among millennials is to sign prenuptial agreements before marriage. In fact, the number of prenuptial agreements has increased over five times in the past 20 years.
Not all married couples want to have children in their 20s. There are many personal and professional reasons that a couple may opt to start a family later in life. In such cases, couples are increasingly turning to embryo cryopreservation—i.e., the freezing of a woman’s fertilized egg. This process enables couples to start a family later on, when one or both parties may no longer be fertile. This in vitro fertilization (IVF) technology has redefined family planning—allowing couples to have children on their own timeline.
In a previous post, we discussed the trend in some states of treating pets as children in a divorce—and establishing custody arrangements accordingly. However, in most states—including North Carolina—pets are still considered marital property, which can be allocated to one party or the other, just like your house or your car.
Traditionally, establishing a joint bank account with your spouse when you get married has been seen as a sign of trust. Conversely, drafting a prenuptial agreement with your betrothed has typically been viewed as a lack of confidence in the relationship. However, millennials are turning these long-standing notions on their head.
We recently posted an article on the implications of the Tax Cuts and Jobs Act on alimony—and how this change in the law may affect divorcing couples. Starting in 2019, the considerable tax break that alimony payers previously enjoyed will be repealed. Alimony will no longer be tax deductible, which will likely leave alimony recipients with less money each month.
The millennial generation—the subset of the population born between 1981 and 1997—is approaching marriage differently than in previous generations. It’s preparing for the possibility of divorce.
You’ve probably heard of a prenuptial agreement—a contract a couple makes prior to wedding that defines the way in which property will be distributed in the event of a divorce. Many people have preconceived notions about such an agreement, believing it indicates a couple’s lack of trust in each other or certainty that the marriage will last.
In North Carolina, divorcing couples have a right to “equitable distribution” of property. Equitable distribution refers to a court-ordered division of property between spouses that is considered “fair”—which often, but not always, amounts to a 50/50 split. It is important to understand your rights to marital property in a divorce and the actions you must take in order to receive what you’re entitled to.
Divorce involves the dividing of shared property when two people no longer wish to be married. Historically, the court has lumped pets into this category of “property”, which means you could risk losing them in a divorce—just like your house or car. For pet owners who view their pets as family, this news can be a hard pill to swallow. However, the tides are starting to turn on this issue, and some state lawmakers are changing the way they view pets.