Property Division For People Divorcing After Long Marriages

Property Division For People Divorcing After Long Marriages

Some older North Carolina couples choose to divorce. People who have been married for many years may have more complex tasks involved with dividing their assets and property, and there are several things that they may need to consider.

Older people who are ending their marriage may need to look at their budget and determine what they can afford. They may be left to live on a fixed income, and it might not be enough for them to live comfortably. This may mean that they may need to find a job and return to the workforce.

People should also be realistic about their homes. While they may want to continue living in thems, they should determine whether or not they will be able to afford to do so. The considerations should include the costs of property taxes, maintenance expenses and homeowners’ insurance in addition to any remaining mortgage payments. People may want to consider selling their homes and moving into a smaller house or apartment. Some divorced seniors choose to live with roommates in order to cut expenses.

Property division issues may be more complex for couples who have been married for lengthy periods of time. They may want to talk to family law attorneys for advice about this matter. North Carolina courts follow the principle of equitable distribution, which means that they will divide marital assets in a manner that they deem fair. However, this result may not please either party, and so it might be more advisable to attempt to negotiate a settlement agreement.


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