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Financial assets not always easily divided in divorce

As some North Carolina readers may know, splitting assets in a divorce is not always simple. Divorced couples are facing a brave new world of having to rely on their own credit and having to survive off of one income. To add to these issues, the distribution of assets in divorce is not always handled in a timely manner.

Often, one spouse wants to attempt to stay in the couple's house. This is not always easy to do because the spouse that wants to stay has to get a mortgage in their own name based on their own income. Any credit issues can further complicate matters. A written agreement before divorce can help protect either party from credit damage by limiting the amount of time the spouse staying in the house has to refinance.

Another issue commonly faced in divorce is delays in division of retirement assets. 401 (k) and 403 (b) accounts are managed by plan administrators and may be located out-of-state. This can lead to weeks or months of delays simply due to correspondence. Other events occurring during the delays, such as the death of a spouse or remarriage, can interfere with an ex-spouse receiving what is owed to them. These plans often automatically distribute assets if the account owner passes away, and that process could occur before the divorce is properly communicated.

Written agreements drawn up before a divorce happens can help stave off some of these issues. Another good option is to look into hiring an attorney. Attorneys may be able to help splitting couples prepare for the division of assets in a divorce. They may also be able to help resolve disputes over the assets and communicate with any necessary third parties.

Source: Pittsburgh Post Gazette, "Divorcing couples face sea of potential issues when dividing financial assets", Tim Grant, September 02, 2013

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The Graham.Nuckolls.Conner. Law Firm, PLLC
321 Evans Street, Suite 200
Hendrix Building
Greenville, NC 27858

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Phone: 252-493-6114
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