As many North Carolina residents know, there are various reasons why people get divorced. Financial issues are commonly cited as causes behind separations. However, some may be surprised to learn that debt from college loans could significantly contribute to the end of a relationship.
College debts could lead to divorce
Women and finances in divorce
The cost of health insurance, a forced return to the workforce and the temporary nature of alimony may be among the financial surprises in store for some women who get a divorce in North Carolina. In a survey conducted by the online marketplace Worthy, 46 percent of divorced women reported a financial surprise during the divorce process.
Financial stress can lead to divorce
Financial concerns are often cited as the most common cause of divorce in North Carolina. Unfortunately, the separation itself can carry its own financial difficulties as well. There are a few common reasons for marital clashes over money. By working to resolve issues over finances, a couple could keep their marriage together.
Divorce decree may trump beneficiary designation
A divorce decree is a legally binding document. However, because some of the assets that get divided in a divorce could pass to a beneficiary based on a form filed with the company that holds the asset, it's important to make changes to avoid conflicts later. For example, when someone purchases a life insurance policy in North Carolina, they tell the company whom they would like to receive the money when they die. If the owner of the policy gets divorced and doesn't change the beneficiary, an ex-spouse could receive the money.
What to change in an estate plan during a divorce
In addition to the many tasks a person needs to do as part of the divorce process in North Carolina, it may be necessary to update the estate plan. For example, a person may want to choose someone other than the spouse to make healthcare decisions in case of becoming incapacitated. Unless the divorce is amicable, the person may also want to choose someone else for the financial power of attorney because this gives the spouse control over all the person's assets.
More women paying spousal support
When many people in North Carolina think of alimony or spousal support, they may expect the traditional stereotype of payments made by an ex-husband and received by an ex-wife. This was especially true when many more women and mothers stayed at home full-time. However, a survey by the American Academy of Matrimonial Lawyers found that 45 percent of attorneys working on family law cases had recently seen an upswing in the number of women who were ordered to pay alimony during their divorce.
Don't let divorce ruin college savings plan for children
As soon as a child is born, some North Carolina parents start worrying about college costs. Those worries can intensify if a couple decides to divorce.
Guide to establishing paternity
There are major benefits for North Carolina children identifying their birth father. In many cases, the father will make the establishment of paternity easy by voluntarily establishing it. However, in cases where voluntarily establishing paternity is not possible, a birth mother can go through the courts to settle the issue.
How career status can impact a person's relationship status
An increasing number of couples in North Carolina and elsewhere are dropping traditional gender roles in favor of equal marriages. This has come at a time when women are increasingly likely to enter the workforce and take over jobs that were once predominantly handled by men. However, there are instances in which a couple began by embracing traditional gender roles and then transitioned to an egalitarian marriage.
Divorcing parents can choose alternative custody structures
For many divorcing parents in North Carolina, dealing with child custody concerns can be one of the most difficult parts of the end of the marriage. In particular, parents may be concerned about the impact of the divorce on the emotional and physical well-being of the children. Divorce can disrupt a child's existing routine dramatically, especially as joint custody agreements typically involve the child moving back and forth between their parents' homes on a frequent basis. Because this disruption can seemingly make it more difficult for a child to adjust to the changes in their lives, some parents are looking for custody options to help ease the road.
