When a couple decides to divorce, money is often a, if not the, major concern. When coming to an agreement about the division of marital assets, divorcing spouses must not only take into account their current, but also future financial needs. For individuals who are in their 50s or early 60s, it's important to have enough money to retire and live out one's retirement years comfortably.
The divorce process is often equated to being on a roller coaster. Not only is divorce full of many emotional ups and downs, but you also never quite know what to expect. This is particularly true in cases where divorcing spouses aren't able to come to an agreement about how assets should be divided or who should retain primary child custody of a child. In cases where a divorce case becomes contentious and is headed for court, it's important to be prepared.
By nature, most human beings seek to avoid conflict. It can be extremely anxiety-producing, therefore, when an individual is forced to face what's sure to be a difficult situation head on. For a spouse who wants a divorce, relaying this news to a husband or wife can be one of the most painful and important talks that he or she may ever have.
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.