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.
Marriage is not a flat line; there are ups and downs that every couple experiences. Over the course of these events, spouses can change how they feel about their relationship, their priorities and their future.
Financial security and stability can be difficult to regain in the aftermath of a divorce. People are living on less household income; they have legal and living expenses they didn't have before; the costs of paying for credit cards, car payments and healthcare can increase significantly.
Divorce is typically one of the last things people want to think about when they are about to get married. However, couples who have certain assets, children from previous relationships or anything else to protect in the event of a divorce would be wise to at least consider having a prenuptial agreement in place.