Thanksgiving is just days away and many families are planning their festivities with extended family. Yet while these celebrations may be gleefully anticipated for some, recently divorced couples and those experiencing irreconcilable differences may not feel the same.
Statistics indicate that at least 20 percent of all first marriages end in divorce within the first five years. By 20 years, 48 percent of all first marriages dissolve. Even though many divorces are complex, there are alternatives to litigation. To make the divorce process more bearable, many couples seek mediation.
A divorce makes for a very unpleasant experience in a couple’s life. Financially and emotionally, these times can be very difficult. However, effectively communicating the provisions following the finalization of a divorce can make the process easier, and several factors need to be determined with regard to spousal support.
Divorce is rarely an easy or simple decision. In fact, couples may spend months or years trying to determine if divorce is the correct path. If you are considering divorce but feel stuck in the decision-making process, the following considerations may help you decide if the marriage is worth salvaging, or if it may be better to let the relationship go. You will also learn some tips for navigating the pre-divorce process, including where to turn for help.
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.
Spousal maintenance is an important aspect of the divorce process, and those beginning the divorce process would be wise to become familiar with the topic. You may have heard spousal maintenance referred to as alimony or spousal support, and all names refer to the same idea of payments being paid to one spouse from the other spouse after divorce.
If you and your spouse are considering a divorce, you may not know how best to proceed. Hiring an attorney can be expensive, but the divorce process is complicated, and going it on your own could lead to costly mistakes. What is your best option? If you and your spouse are willing to work together through your divorce process, and are hoping to keep your case out of court, consider mediation. Through mediation, couples can amicably reach a divorce agreement they both agree upon, without the conflict and expense of a typical litigated divorce. As an added plus, mediation typically tends to take less time, allowing couples to quickly finalize their divorce and move on.
Divorce is a stressful, complicated process, and those going through it are easily susceptible to making mistakes. If you are struggling to cope emotionally with your divorce, your finances – both short and long term – may not be on the top of your mind. If you are going through a divorce, however, you need to be aware of a few mistakes you may be making that could potentially impact your finances for years to come. Divorce specialists say there are a few common financial mistakes their clients make during divorce, and encourage those about to protect themselves from them. They Do Not Budget Budgeting seems to be a problem for Americans. A recent Gallup poll showed that only one third of Americans create and follow a household budget, so it comes as no surprise that people do not budget for divorce either. Before filing, sit down and review the future costs of your divorce. Additionally, budget for your life as a newly single person. Will you be working? Will you be receiving maintenance or other support? They Do Not Get Their Assets Valued If you want an accurate idea of how much you and your ex will be receiving from your divorce settlement, you need to know the value of everything you owned together. While having your house appraised during a divorce may seem like a hassle, it really is the only way you can plan for your settlement. Similarly, if you or your spouse has a pension, get it valued. They Do Not Gather All of Their Important Financial Documents Experts say that not having a complete picture of your shared finances is one of the easiest ways to make financial mistakes during divorce. While nobody enjoys sifting through financial records and other important documentation, you need to know your complete financial picture before moving forward too far. Another common mistake is not reviewing these documents. Simply gathering the information is not enough; you must understand it. If you do not have an accurate understanding of your family’s finances, how can you move forward? They Forget About Taxes All too often people find themselves with a large tax bill after divorce. Taxes can affect many parts of your divorce, so it is essential to understand the tax implications of your settlement. They Only Hire a Lawyer While hiring an experienced divorce attorney is certainly one way to help ensure a smooth divorce process, you may need other help. In complex divorce situations, for example, when multiple businesses are involved, or a variety of investments are involved, you may need to seek additional help. A financial planner or another specialist with a financial background can help you ensure you are making the best decisions possible.
If you are considering divorcing your spouse, you are likely dealing with a bevy of emotions. While your emotional happiness is certainly a vital factor to weigh while determining if you should divorce or not, you also need to consider another important factor – your personal finances. Before you make the final decision to divorce, make sure you are financially ready to divorce.
The beginning of the year is statistically a popular time to file for divorce. Divorce attorneys, mediators, and other experts across the world report that they see a significant spike in divorce filings each January. Divorce can be a painful, confusing, stressful process for everyone involved, but advocates say it is vital that parents focus on what is most important – their children. While it can be easy to get wrapped up in the constant chaos of divorce, parents must remember that the process is just as difficult, or perhaps even more difficult, for their children. Parents should keep the following few tips in mind while navigating the divorce process to ensure their children remain healthy, safe, and emotionally unharmed.