One of the most challenging aspects of a divorce is splitting up assets. It can seem very unfair to divide your assets equally if you acquired wealth or property before, or even during, your marriage.
Protecting your assets is important as it helps avoid financial arguments if you and your spouse divorce. A Wilmington asset protection attorney can help you navigate your divorce process and ensure that your finances and other interests are protected.
What are Equitable Distribution Laws in North Carolina?
Under North Carolina law, spouses must split assets equally during a divorce. The state’s legal system uses the equitable distribution statute to establish how to divide the assets of divorcing partners when a couple cannot agree to do it on their own.
However, equitable distribution does not mean equality. Each spouse’s share depends on various factors, including income, health insurance, alimony, child support, and more.
Do You Need to Update Your Estate Plan?
No matter how long you’ve been married, if you and your spouse have contributed to 401k’s or Roth IRA’s together, understanding how you’re divorce is going to effect these accounts is important. At Rountree Losee, we’re here to help you understand how your divorce might effect certain asserts like IRA’s and 401k plans and if they can still bed passed to an ex-spouse if they’re still the designated beneficiary.
If you’re divorcing in North Carolina, it’s important to consider the impact it will have on your retirement accounts. If you still access to your ex-spouses accounts, you should be aware of the following:
- You won’t be able to use any funds from their account to make an contributions to your own retirement account.
- If you’re still the beneficiary of your ex-spouses account, you will still receive the benefits from them when they reach retirement.
Keep in mind that if you do not remove your ex-spouse as your beneficiary, they will have access to your funds, regardless of your marital status. So, it’s important that if you do not wish for them to have access to your financials you need to amend you estate plan to reflect that decision.
Contact a Wilmington Estate Planning Attorney Today
Need to learn more about protecting your assets in the case of a divorce? Contact the Wilmington asset protection attorneys at Rountree Losee and get the help you need. Call our office at (910) 763-3404 or visit our website to schedule a consultation to discuss your case with our attorneys, George Rountree and Geoffrey A. Losee.