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What will happen to your finances during a divorce?

by | May 24, 2022 | Divorce

North Carolina residents who are getting ready to go through a divorce probably feel like there is no end to the concerns that rise to the surface of their thoughts as the legal proceedings approach. Indeed, there are a number of issues that must be addressed in most divorce cases that can impact a person’s life for years afterward: child custody, child support, alimony and property division. The impact on finances can be particularly acute.

So, what will happen to your finances during and after a divorce? Well, each case is different, as are the people who are ending their marriage in a divorce case. However, most people have more assets than they think of at first, and they probably have more debt too. Assets and debts must be addressed in a divorce case and, if you do not have a strong advocate by your side on this issue, the end result could be a negative impact that lasts for months or even years after the divorce case is finalized.

Different factors involved

Our readers who are contemplating the impact of a divorce on their own finances should remember that there are several different factors that might come up. First, how long was the marriage? What does each spouse earn in income? Are there any retirement accounts to address? Real estate? Investment accounts? Business interests? These financial factors, among many others, may play a significant role in determining how your finances are impacted by a divorce.

At our law firm, we work with North Carolina residents who want to make sure their finances are in solid shape after a divorce case. For more information, please visit the finances in divorce overview section of our law firm’s website.