North Carolina family lawyers report: Marital model reflective of economics

The institution of marriage has seen substantial changes in its norms over the years, ranging from the average age of first nuptials to the role that each party plays. Similarly, means of divorce has seen a change in approach. As couples have come to understand that litigation can be financially burdensome and decimate marital assets, , the occurrence of premarital agreements and postnuptial contracts has risen, as well as litigation alternatives including mediation, arbitration and negotiation of separation and property settlement agreements. In a time where not just North Carolinians, but all Americans, are feeling the impact of the economic recession, alternative means for resolution of divorce and property distribution issues, such as pre-litigation compromise, are economically necessary.

Research on married couples has shown how the traditional institution of marriage requires flexability in response to changes in modern lifestyles and trends. The flexibility in marital roles is visible upon examining women in the workforce: as more women have entered corporate America, more men have stepped up to the role of stay-at-home parent. A new study on married couples and the economics of marriage has shown that working women are responsible for a role reversal in who benefits from a marriage.

According to a report from the Pew Research Center titled “Women, Men and the New Economics of Marriage,” the number of women who earn more than their male counterparts is growing. The study compared married couples from 1970 and 2007. In 2007, 22 percent of married men earned less money than their wives. In 1970, the share of husbands whose wives’ income was higher than theirs was a meager 4 percent.

In 1970, a survey on education levels within marriages showed that 52 percent of married couples held equal levels of education. In situations where one spouse’s education exceeded another’s, men held the majority at 28 percent, while women with higher educations than their husbands consisted of only 20 percent of the population. As of 2007 53 percent of spouses had equivalent levels of education However, women whose own educational level exceeded that of their husbands , made up 28 percent of the population while men with a higher education level than their spouses were only 19 percentof the total a 15 percent increase.

As of 2007 women constituted the majority of college graduates consisting of 53.5 percent of the 2007 graduating class. The earnings of these graduates have  grown 44 percent since 1970. Because women have acquired more economic assets and resources in marriages, they have also become more economically vulnerable in the event of a divorce.

The family law firm of Gailor, Wallis Hunt of Raleigh, North Carolina explains that in North Carolina, marital property  is defined as real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of separation of the parties, and presently owned, except property determined to be separate property or divisible property. Thus the property that increasingly well educated, married women acquire during their marriages may well be at risk in a divorce.

Hiring a divorce lawyer skilled in the equitable distribution of assets will ensure each party receives what is rightfully his or hers. Litigation is not the only option. The attorneys of Gailor, Wallis and Hunt further make clear that a separation and property settlement agreement, mediation or arbitration are viable options that are preferable to litigation. Upon separation, settling disputed issues such as property division will keep both parties out of court, which can prove to be financially beneficial for both.

In order to ensure the fairness of a separation and property settlement agreement, the separated partners should disclose all assets, debts, income and financial liabilities. All assets must be identified, classified as either marital or separate and have a determined net value, which can be established by agreement or by appraisers of real estate, business interests, tangible personal property and intangible assets such as retirement benefits.

The attorneys at Gailor, Wallis and Hunt can help you identify, classify and value assets acquired during the marriage, and negotiate a fair settlement. Founded in 1994, GWH is one of North

Carolina’s most accomplished firms practicing exclusively in the area of family law and domestic relations litigation.

Each attorney in the firm possesses a particular proficiency in a specific area of family law, enhancing the Firm’s ability to respond to and settle or litigate any issue no matter how complex. Whether equitable distribution of assets through mediation is your choice in separation, or litigation becomes the means required for a successful dissolution, the lawyers of Gailor, Wallis and Hunt are here to help.