It does not matter whether you have $100 in your bank account or all of the money in the world -- divorce is just as tough, both emotionally and financially, whether you are rich or poor. Many people think that couples who have more money tend to have an easier time if they get divorced, but that is not actually true. If anything, these couples experience just as much, if not more stress than couples with fewer assets. High net worth couples getting a divorce have a lot at stake, which is why it can be so emotionally and financially demanding for them. Here are just a few mistakes you should …
You have probably heard of romantic infidelity, but have you ever heard of financial infidelity? Financial infidelity is when one person hides money or other assets from their spouse, and it is not uncommon. According to a report by Creditcards.com, about 15 million American adults currently have a credit card, checking account or savings account that their live-in spouse or partner does not know about. Another 9 million people admitted that they used to have a secret account but no longer do.
As remarriage after divorce has become increasingly common, more blended families or stepfamilies have emerged. According to the United States Census Bureau, over half of all American families were divorced and remarried or recoupled in 2010, which was the last major census year. Nearly 4 million children were living in a blended family or stepfamily in 2010.
Many people think that divorce only affects children when they are young and still living at home. In reality, it is difficult for children of any age to hear that their parents are getting a divorce. Adult children whose parents are getting a divorce also feel a sense of loss and sadness.
The holidays are supposed to be a happy time for your children, but your divorce has the potential to make it depressing for them instead. When arguing about parenting time on Christmas, it is easy to forget that you should base your decision on what will make your children the happiest, which may be different than what makes you the happiest. You will likely need to make sacrifices and compromises in order to give your children the best holiday experience that you can.
Parties in a divorce can schedule spousal maintenance to end after a set number of months or years, often determined by the length of the marriage and the recipient’s ability to support him or herself. The recipient can petition to extend the maintenance past the end date, but the payor is likely to contest the effort. In the recent case of In re Marriage of Wojcik, an Illinois man appealed a trial court’s decision to award permanent maintenance to his former wife on the grounds that:
One of the most important things you must come to an agreement about when you get a divorce is how your children will split their time between you and the child’s other parent. In the state of Illinois, all divorcing couples who have children together must come to an agreement on their own about a parenting plan, attend a mediation session to help them come to an agreement or have the judge make decisions about the parenting plan if you and your spouse cannot come to one any other way. A parenting plan will set out the future of your co-parenting relationship and while it is not set in …
Getting a divorce can wreak havoc on many areas of your life, but your finances can take an especially hard hit. When you are married, your accounts, loans and bills are all typically in both you and your spouse’s name, but that can be disastrous, especially if your divorce is particularly contentious.
You should listen to your instincts in a divorce if your spouse’s reported business assets and income seem to not add up. You may not know all of the details about his or her business, but you know in general whether your family is doing well financially. Your spouse may be misreporting his or her business income or hiding assets. Business fraud is both illegal and detrimental to your financial interests in the divorce. Only a thorough investigation of your spouse’s business can determine whether your suspicions are true.
Are you considering getting a divorce but hesitating to go through with it? You can motivate yourself by making a New Year’s resolution. If you are unsure whether to divorce, you can resolve to come up with an answer. If you know you need a divorce, you can resolve to explore divorce resources and take the big step of telling your spouse about your decision. Following through on your resolution could help you find new optimism for the coming year.
There are a multitude of things to think about when you are getting a divorce -- where the kids will live, which one of you will remain in the family home and how you will transition to single life. If you are like most people, taxes are not very high on your list of priorities. Even so, a divorce can have a big impact on your taxes -- especially in this coming new year. In January 2019, the new tax laws will finally be put into full effect and will mean some big changes for the way divorced couples handle their taxes.
Despite parents’ best efforts, children of divorce often feel a significant amount of stress during and immediately after the divorce process. Typically, when two parents divorce, one parent is the “main” caregiver that the child resides with the majority of the time and the other parent is granted specific parenting time, though this can be problematic for the child. In an effort to make this life transition easier for children, something called a “nesting” arrangement has been becoming more popular for families of divorce.
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