When it comes to marriages, no two are alike. What works for one couple could spell the end for another. Because divorces in the United States are more common now than they were half a century ago it is not surprising that there is a curiosity about why this is the case.
Posts tagged "divorce"
Anyone who has kids or is consistently on social media knows it: the school year is beginning. Parents are packing their kids' school bags and lunches. We are all seeing the Facebook pictures of kids' first days of school.
Recently, we have shared posts about divorcing later in life. Whether someone is in the midst of the so-called "gray divorce" or younger when splitting from their spouse, the matter of the family home often comes up. For many, part of the family dream wasn't just the ideal marriage, but the ideal family home to go with it.
Sure, you can breathe a sigh of relief and feel refreshed once your divorce is finalized. All of your worry, disagreements and negotiations during the divorce process are done. An agreement is in place. A divorce decree is approved and in writing. Now life goes on.
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.
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.