January 02, 2014 /24-7PressRelease/
-- North Carolina divorce: Dividing assets takes careful thought
The breakup of a marriage is rarely an easy process in Wake County. There are often many decisions that must be made and many of those choices involve the dividing of assets. Many times, people who are going through a divorce
, especially wives, do not give a lot of thought to securing their financial state in later years. However, the choices they make when it comes to dividing marital property can affect them in the future.
Understanding what marital property includes
In today's modern world, marital property involves more than just physical property. According to Forbes, marital property can consist of:
-Stocks and bonds.
-Bank accounts - even those listed under a single spouse's name.
Spouses should especially pay attention to any 401K's or retirement plans that the other spouse has. Often, spouses think that they have no legal claim on such items but this is not the case.
Equitable distribution in divorce
When a divorce takes place, it is not only the end of a once romantic relationship, but also of the financial stability that a couple has created together. Even if one spouse stayed home to take care of the household and children, that spouse is considered to have contributed to the career success of the other. These contributions are just as important as the money and valuable assets purchased by the other spouse and are taken into account when it comes to the asset division.
The purpose of equitable distribution
is to ensure that each spouse receives what is fair. This division process can result in one spouse receiving more or less than half of all marital property, depending on what the judge feels is best.
Things to consider and keep in mind
It is important for spouses to make sure that they have a full comprehension of what marital property exists. This requires having a separate team of professionals who can look over all of the financial matters and determine each asset's true value. These professionals can also assist the spouse in making sure that retirement plans are correctly transferred so that he or she is not hit with an unexpected tax bill.
For example, Fox Business points out that spouses will want to make sure that retirement divisions are written into the divorce settlement, transfers are completed within the proper time frame and that a beneficiary status is legally maintained, if there are children to consider.
Another thing that a spouse should understand is that it is not uncommon for the other spouse to try to hide assets. If a spouse claims that a financial program has been deleted accidently, has a post office box, and does not share financial passwords or banking information, Forbes says that this could be an indication that the spouse is trying to hide things from the other.
When someone is going through a divorce, speaking to an experienced attorney can provide that person with the valuable information he or she needs to make the best decisions possible.
Article provided by Breeden Law
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