Tag Archives: divorce finances
After the Divorce Is Final
ave you just received word that your divorce is finalized? Divorce can be a draining process physically and emotionally, and finally being through with it should bring a huge sigh of relief. A new life of freedom and opportunity awaits. Clients regularly ask what to do once their divorce is over. Divorce is consuming, so it can be a bit strange to transition suddenly to having no court dates or attorney meetings in your future. While the period after your divorce is certainly a time for celebrating and reflecting, there are a few steps you should take once your divorce is finalized to make sure you have everything in order for your single life.
Divorce and the Marital Home
Divorce is full of difficult decisions. One issue that our clients regularly face is what to do with their shared marital home. In some cases, one party wants to hold on to the residence, either by buying out the other spouse or by replacing an existing mortgage with a new mortgage that only lists one spouse. In other cases, both parties agree that selling the home is the best decision. There are advantages and disadvantages to keeping or selling the home, and long-term implications that come with either choice, so it is important that those going through a divorce seek the help of an experienced divorce attorney who can advise them on this matter.
Just Divorced? Tips for Getting Your Finances Back In Order
If you have just divorced, you are likely ready for some relaxation and recovery time. Everyone needs a little break after a stressful, complicated experience, especially after a taxing process like divorce. While you may be ready to take a break from the lawyers, paperwork, and court dates you faced during your divorce, there is one last area to focus on before enjoying your newly single life – your finances. Life post-divorce can be vastly different from married life, so it is crucial that you move on with a solid understanding of your finances and a plan for the future.
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Are ‘Divorce Mortgages’ Coming To Help Older Homeowners?
Gray divorces, or divorces among adults 50 and older, are becoming increasingly more common. In fact, the divorce rate for Americans 50 years old and older has doubled over the past 14 years. Divorce for older Americans, however, has its own unique challenges. Older couples are often either planning for retirement or about to retire, and a divorce can throw a major wrench in those plans. The divorce process itself can be costly, but even after divorce, life as a single person is typically more expensive than married life when incomes are combined. In many gray divorce cases, one spouse hopes to keep their shared family home, but this is unfortunately often too costly for one spouse to handle on their own, especially if they have other large expenses. For this reason, many divorce specialists suggest gray divorcees consider selling their shared home during their divorce and splitting the proceeds. Now, in the United Kingdom, lenders across the country have announced plans to implement “divorce mortgages” at some point this year, and there is a large chance these mortgages will become available in the United States soon as well. Here is what you need to know.
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Financial Tips for Gray Divorce
Divorce can be a burden, both emotionally and financially. For those over 50, likely preparing for retirement, divorce can be financially destructive. Retirement plans can quickly unravel, assets can disappear, and many late in life divorcees, especially women, find themselves in poverty post divorce. Late in life divorces, often referred to as gray divorces, are on the rise in America. For those ages 55 to 64, the divorce rate has doubled since the 1990’s, and for those 65 and older, the rate has tripled. Today, around one in four couples over 50 years old divorce, and it is more important than ever that late in life divorcees plan accordingly for their future finances.
Life after Divorce: Strategies for Putting Your Divorce behind You
The start of each year is a great time to set new goals and let go of any past negativity. While moving past unresolved feelings towards your divorce can be difficult, your new, post divorce life can only begin to improve when you let go of any unnecessary negativity and move on. Millions of other people have divorced and recovered, and now, you should too. While thinking about putting your divorce behind you this year, here are a few strategies to consider:
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Finding the Funds for Divorce
When one Geneva, Illinois woman wanted to divorce her spouse but found herself short on the funds necessary to hire an attorney, she turned to a rather unusual source to obtain the money she needed to hire an attorney: crowdfunding. Crowdfunding sites allow users to create a public webpage in which they detail how much money they would like to raise and for what purpose. People who view the page on through the crowdfunding website are then able to donate any amount they see fit toward the particular person and/or cause. In the case of this woman, a short time after she created her crowdfunding page, she had raised nearly one-third of the money she needed to retain an attorney.
Separation or Divorce Checklist: Changes You Should Make
USA Today recently published an article describing five online changes that you need to make when you are getting a divorce. However, there are more than just internet changes you need to make. Here is a suggested separation or divorce checklist of changes that people should make:
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