North Carolina couples who are going through a divorce have a lot of issues to work out financially. During property division negotiations, financial assets must be divided equitably, and agreements about child support and alimony may be worked into the settlement. Once a divorce is finalized, the former spouses must reevaluate their budgets to account for their new living circumstances.
Depending on the details of the divorce settlement, a spouse who has just gone through a divorce may be living with more or less income than they did while they were married. After the divorce, people may be responsible for paying rent with a single income or making payments on a new mortgage. Whatever the case may be, they should go over their budget and make appropriate changes.
In addition to reworking the monthly budget, people will have to think about the tax consequences of their divorce. For example, paying or receiving alimony must be reported on a tax form. A person who took ownership of the family home after a divorce will also have to pay property taxes. Another financial task that every newly single person should take care of is updating all of the beneficiary designations on their financial accounts.
A divorce attorney may be able to help a person who is facing the end of a marriage to understand the financial and tax implications of all possible property division scenarios. Armed with this information, the client may be better prepared for this aspect of the divorce process and can proceed to work with the attorney in negotiating an overall settlement agreement.