Divorce can leave you feeling vulnerable. However, it's important to focus on financial details during this time as your future depends heavily on your divorce settlement. Your legal counsel should be experienced in the division of marital and separate assets, and have a passion for advocacy on behalf of their clients. "Equitable distribution" is not the same as an even 50/50 split of all assets, so pay attention to financial matters throughout your divorce proceedings.
Posts tagged "divorce"
In the first post in this two-part series, we talked about one of the things that could put an older individual in a particularly tough financial position following a divorce: asset hiding by their spouse. Another thing that could have very negative financial implications for a person in a gray divorce is not being careful enough when it comes to what is ultimately in a settlement they reach when it comes to property division.
As a person gets older, their financial situation can shift quite a bit, through things like retirement and medical expenses. This shifting can make an older person particularly vulnerable to financial changes. This can create some special concerns when a person over 50 decides to divorce (such divorces are commonly known as gray divorces).
Going through a divorce can be stressful, and because of the level of technology in use today there are potential issues that may arise that people might not consider. Those issues can affect your case, so it's important that you have an understanding of what to avoid doing. One possible issue is social media. What you share on your social media accounts can have an impact on the settlement you obtain in your divorce. Even if you think your spouse can't see your accounts, they may have mutual friends or even family members who can.
One's path in life in never guaranteed. Even the most diligent planners could find the course of their lives changed dramatically in the blink of an eye. Sometimes the reason for the change is the end of a marriage. Among other ways, a divorce could change the financial situation of those involved, as well as the amount of time each parent spends with children, if there are any.
We can say with incredible certainty that going through a divorce will have a significant impact on your finances. That's because there is a considerable amount of research out there that tells us this is true. When it comes to children, we can say again, with relative certainty, that they will also be affected by the process, which is something we pointed out in a post last month. We can say this because of psychological studies and because of the professional opinions of experts in the field.
Figuring out a child custody agreement both parents can agree to can be incredibly challenging in some situations, especially if neither parent is willing to become the noncustodial parent or agree to a joint custody arrangement. But as hard as parents think these disputes are on them, some experts believe the effect is far worse on children, who are typically caught in the middle with nowhere to go.
It's uncommon for Marylanders to care about legal cases in other states. It's even rarer, though, for them to care about cases in other countries. That's because most people know that the outcomes of these cases are affected by laws that do not pertain to residents in Maryland. Nonetheless, we'd like to call our Gaithersburg readers' attention to a story from India. That's because the legal issue at stake is one that could raise questions in our country as easily as it did overseas.
Unless you've been through the divorce process before, most people are caught off guard when they are served with divorce papers. Most people have no idea where to begin, let alone how the rest of the process will proceed. Many of these people will simply allow their emotions to take over, guiding them through the divorce process for better or for worse.