Friday, January 20, 2017
Was Forever Over Too Soon? Don't Let Divorce Leave You Drowning In Debt
Divorce is hard at the best of times. Separating from the person you thought you would spend your life with is painful. The process is even more difficult when you consider the financial implications. It’s not just your emotional connection that needs severing. If you’re facing a divorce but can’t stand to think about disentangling your finances, you’ve come to the right place. If you don’t do things right, you could find yourself bordering on bankruptcy as well as singledom. We’re going to look at some of the things that need to be considered.
During your marriage, you and your partner will have accumulated many mutual belongings. For the most part, anything you bought during your marriage will fall under scrutiny. That includes money you’ve made during your marriage! The first thing you need to do is take stock of your finances. That way, you’ll have a better idea of what your partner is owed. If you own a house together, you’ll need to take into account the price of that, too. Do a little research on how much the property is worth. Think, too, about mutual bank accounts. You’re going to have to undertake the painful process of shutting down any joint accounts. If you have a pension or loyalty account that you share with your partner, you’ll have to consider those, too! Once you start thinking about the mutual belongings you share, more things will keep coming to mind. Write down everything you think of so that you don’t forget anything!
You probably don’t want to think of your children as a financial issue. Even so, it’s important you consider the kids during your divorce. While one of you will receive custody, the other will have to pay some child maintenance. In an ideal world, you’ll be able to work this out between you. In reality, divorce is an unpleasant game, and it’ll be hard for you to reach a decision alone. Family lawyers can help you fight for what you think is right. Bear in mind that the parent who gets custody will have money worries of their own to consider. They may have to sacrifice a career or spend a lot of money on child care. Whichever way the battle goes, it’s going to cost both of you. Bear in mind that child custody is based on how much money you earn. See if you and partner can come to an agreement that suits you. Not to mention that you need to take your children’s desires into account too. Remember that this will be a hard time for them!
If you and your partner signed a prenuptial before your wedding, you’ll need to account for that, too. Keep the agreed amount in mind when taking stock of your finances. Depending on your reasons for divorce, you may no longer be willing to stick to your prenuptial. If that’s the case, you’ll need to fight to prove your right to break the agreement!