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? Pt.2
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.
Now there is even an app for divorce
Technology has had an impact on divorce in this country. Cellphones, Twitter, Instagram and Facebook have already played roles in divorce cases. Errant spouses may use the phones to plan illicit meetings while their spouses may use them to track those meetings.
Will divorce end your business?
During a divorce, spouses tend not to be on very good terms with each other, which is not unexpected given the circumstance. For most, much of the communication can be directed through their attorneys. If they have children, there may be some additional forced contact, during hand-offs with their child or children, but even there, their attorney can help them develop a routine to reduce the likely hood of conflict.
With a divorce, "where" and "when" matters
When a couple divorces, they may have a great many things on their mind. Bitterness, frustration or other emotional upset over the ending of their marriage. Financial worries, with concerns over what their economic condition will look like after the divorce. If they have children, the details of their child custody arrangements, if they will receive or pay child support and how to deal with separate households with their kids.
Does thinking about divorce lead to divorce? (pt.2)
In our last post, we were looking at a study that examined how people think about divorce and the implications of those thoughts.
