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.
Individuals can have many different types of financial assets. They may include certificates of deposit, savings bonds, bonds, money-market accounts, stocks, savings accounts and real estate investment trusts. These financial assets may be significantly important to spouses who do not work or who earn a low income as the assets could be used to pay for everyday living expenses.
An important detail to keep in mind when evaluating financial assets is that not all of the assets will undergo the same type of tax treatment. Distributions that are received from retirement assets will be taxed. There are also situations in which individuals will have to pay a penalty for receiving those distributions.
Divorcing couples also have to address the real estate they own. Real estate may include homes, timeshares, residential or commercial rental properties, vacation properties or business properties. Because many people have an emotional attachment to their home, it can be difficult for them to negotiate objectively about the property. However, if the home is to be sold, it is important that divorcing couples address who will be responsible for paying the expenses associated with the home until it is sold.
A family law attorney may assist clients who are involved in a high asset divorce with resolving disputes regarding various divorce legal issues, such as the division of property. The attorney may litigate to obtain fair settlement terms regarding the allocation of marital property.
plumides, romano & Johnson, pc