For many working people, retirement is revered as a long-awaited and anticipated time when the pendulum finally shifts from the repetitive nine-to-five grind to a time of freedom and exploration. At least, in theory, that's how many working adults envision their retirement years. In reality, however, a life of leisure spent traveling and golfing isn't in every retiree's future and statics show that this may be especially true for men and women who divorce later in life.
For many parents and grandparents, a key goal of their financial and estate planning centers on being able to pass along wealth to their children and grandchildren. According to CNN, individuals who make up the baby boomer generation are expected to inherit a whopping $8.4 trillion dollars and a significant percentage of boomers indicate that they also intend to pass along wealth to their own heirs. For an individual who inherits wealth, it's important to understand how inherited assets are treated in a divorce.
In our last post, we hinted that money (and sometimes debt) can be the root of all evil. With that, it is not surprising that money problems can lead to divorce. This is especially true when spouses are business partners; literally and figuratively. But if the romantic relationship fizzles, can two ex-spouses run a business together?
After months or even years of toiling over whether or not you should divorce a spouse, you're likely to feel a certain amount of relief when you finally make the decision to file for divorce. While finally breaking free from an unhappy, unfulfilling or abusive marriage is certainly a reason to celebrate; once a soon-to-be ex-spouse learns of a divorce filing things will never be the same and can escalate quickly.
Whether you chose to file for divorce or were blindsided by a spouse's divorce filing, once the divorce process has been set in motion; there's going to be a lot of changes that occur in your life. In addition to the general feelings of anxiety and worry you'll likely experience as you attempt to sort out matters related to child custody, finances and real estate; you'll also likely experience a range of difficult, confusing and conflicting emotions.
Anger, fear, resentment, relief and vulnerability are all emotions that are commonly experienced by individuals who are going through a divorce. These feelings are normal and even healthy and there's nothing wrong with wanting to lean on friends and family for support during this difficult time. This does not, however, include turning to your 450 closest Facebook friends.
For anyone who is planning to file for divorce or was recently informed by a spouse of a divorce filing, concerns related to finances and maintaining your lifestyle are often top-of-mind. Fears about being left destitute after a divorce are often especially prevalent among individuals who, during a marriage, allowed a husband or wife to manage household finances.
No one gets divorce 100 percent right. We all make mistakes. But that doesn't mean we all need to make the same ones. There are some common mistakes that family law attorneys observe on a regular basis.