Payne & Associates, PLLC
336-283-2937

There are several financial issues that come up time and again during divorces. These common issues can be anticipated, which can help you reduce your stress during this emotional time.

The division of property that happens when a marriage ends involves splitting up your marital assets. If you and your spouse had a post-nuptial or prenuptial agreement, the document can be used to determine the way assets are allocated.

If not, it's time for negotiation. Joint assets are usually divided equitably between spouses in North Carolina, barring any predetermined agreements. A professional, third-party appraiser may be hired to fairly valuate all marital assets.

If you have debts, those also need to be divided. You'll need to know how much you owe to divide your debts, so it's important to keep your financial documents in good order. Give them to your attorney for negotiations, or if you and your spouse can work out an agreement, simply make sure you have them to back each of your claims for what you owe and who will pay for it.

If you have a retirement plan, now is the time to review what happens to it, too. There is typically a 10 percent penalty when early withdrawals take place. To avoid this, you should follow all Internal Revenue Service regulations when you divide your retirement accounts. Divorcing couples with pension funds will need to file qualified domestic relations orders to be able to access funds from a spouse's pension account.

Your attorney can help you make sure all your financial documents are in order when it's time to negotiate your settlement. Know your worth, so you can receive your fair share.

Source: The Balance, "A Guide to the Most Common Financial Issues of Divorce," Deborah Fowles, accessed Jan. 19, 2017

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Payne & Associates, PLLC
206 North Spruce Street, Suite 1B
Winston Salem, NC 27101

Phone: 336-283-2937
Fax: 336-217-8784
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