A property settlement in a divorce case contemplates all of the marital property of the couple being available for distribution. This typically means all of the bank accounts, real property and any source of income.
Divorce fraud leads to four years in jail for doctor
The end of a journey?
Marriage is often said to be a journey. With many things, practice makes perfect, so you might expect with couples who have been married 15-, 20- or 30-years, that they would be unlikely to divorce after that amount of time, as they would have figured out how to maintain their relationship and their marriage.
Does it matter what other people think?
Americans have had shifting views on divorce. At one time, it was less common and was view unfavorably. Then, in the 1970s, with the widespread adoption of no-fault divorce law and the greater participation of women in the workforce, it became more common and more accepted.
Do you have a lot of "complicated externalities?"
Technology can do a great many amazing things. You can "face time" with a friend across town or in Europe or Asia. You can watch movies and television on your phone anywhere with a cell connection. You can post to your Facebook page and receive nearly instantaneous replies from people all over the world.
What will a divorce do to your business? Pt.2
The next issue is how to cover the expense of buying out your spouse's interest. You may need to liquidate some assets to buy their interest or perhaps trade assets. For this, you want to make certain you have the assistance of the necessary legal, tax, and financial advisers to prevent mistakes and ensure you understand all of your costs for this transaction.
What will a divorce do to your business?
Divorce can bring many unexpected changes in your life. If you and your spouse have children, the change to your life while working through the parenting plan will likely be profound. The handoffs of your children every week, not having your kids on birthday's or holidays, the cost of child support and the expense of a new home or apartment will all mean next year will feel very different from last year.
Timing is everything
Sometimes, with a divorce, the timing may be unexpected. You may have been married 20 or 30 years, raised your children and be looking forward to your retirement when suddenly your spouse decides "it's over."
How much will a divorce cost? Pt.3
Understanding your expenses after a divorce allows you to look at the property division portion of your divorce settlement in a meaningful way. You may think that receiving the family home is a victory, but understanding the process that you will need to go through in order to pay off the mortgage and refinance while buying out your spouse's share could change your mind.
How much will a divorce cost? Pt.2
The world of your finances after your divorce may seem hidden. You may think that there are too many unknowns to deal with and that you will just have to wait until your divorce is final before you can get your arms around the actual numbers.
How much will a divorce cost?
No, this is not a metaphysical question of the psychological costs of a divorce. That question is always difficult, but its answer is inherently intangible and you are the only one who can truthfully provide an answer.
