North Carolina couples whose marriages are foundering should be ready for the many financial challenges and tasks that come up during divorce proceedings. The emotional toll that the end of a marriage can take on all parties involved can often make it hard to see things in a practical way.
A divorce can be a major drain on the financial situation of those who are going through it. Professional fees can mount up, especially when the matter is contested, and the person who is moving out of the family home and into a rental will often have to pay two months’ worth of rent in advance in addition to a security deposit. Then there is the cost of furnishing a new residence.
One thing that should be done at the outset is to attempt to get a sense of the marital financial picture. Copies of tax returns, bank and retirement account statements and other financial documents should be made. Photos should be taken of household furnishings and artwork. This will be important during the property division phase of the proceedings.
People who are going through a divorce should each have separate representation from an experience family law attorney. The types of divorce legal issues that will arise may vary depending upon the couple’s financial and family situation. If they are parents of young children, child custody and support will have to be addressed in addition to property division and alimony. These issues can be addressed in a settlement agreement negotiated with the assistance of those attorneys, and the process can be less costly and time-consuming than arguing these matters in front of a judge.