During a divorce, people are dealing with a lot of stress and making some difficult decisions. On top of this, they are transitioning from one household into two. Often, one of the main sources of contention and concern during this time is the financial standing of each party.
Planning for retirement is a decades-long goal, and one that not everyone has the desire or resources to pursue. To complicate planning further, according to a recent survey, a divorce can be almost as hard on your retirement plans as a recession.
Dividing property is typically one of the most onerous steps in a divorce. People are often dealing with painful emotions that cloud judgment and make it difficult to know what is fair. There are also logistical obstacles in dividing property that further complicate the process.
When people get divorced, dividing assets can be the top concern. Most spouses are scared about losing property they've helped accumulate over their careers, and many people don't know what they will be able to keep.
Marriage is a major commitment, complete with the phrase "'til death do us part," though it doesn't always last that long. Marriage isn't the only major commitment in life. Business ownership is a long-term investment that needs to coexist with whatever situations come up in personal life. Sometimes, that includes managing a business through the divorce process.
During a divorce, particularly a contentious or bitter one, parties might feel motivated to engage in some unwise -- and potentially unlawful -- conduct. Some people do things to hurt their ex; others do things to protect themselves.
Some of the most problematic assets to divide in a divorce include real estate, businesses, valuable collections and other types of complex marital property.
When people get divorced, they often look back on the marriage and reflect on what went wrong or where the relationship went off track. They might think of some behaviors or events that were red flags and pointed the relationship toward its end.
The first working Monday after the holiday season is dubbed "Divorce Day" for a reason. Many couples choose to forgo filing for divorce until after the holidays have ended. Some wanted to make a few more family holiday memories while others found the stress that comes with this time of year provided that final push towards divorce.
In a divorce, you divide not only your shared assets but also your shared debts. That said, even if your divorce agreement says your ex is now responsible for certain debts, your creditors have no reason to let you off the hook. Creditors are not a party to your divorce agreement, so legally they don't have to abide by what your agreement or order says about who is responsible. This is why any agreement or order should clearly specifies what will happen if your spouse defaults on their financial obligations and how you will be protected.