Archive for the ‘Divorce and Finances’ Category
The emotional impact of a divorce is something that may only be surpassed by a death in the family, but a marriage coming to an end can also have monetary consequences.
According to an article in the Pocono Record, both husband and wife should keep extensive financial records for themselves, as this is one way to alleviate some of the stress that comes with getting divorced. People who have been used to using their spouse as a means of support will be unable to do so, and the transition often occurs in a short period of time.
Divorce is becoming an accepted part of life, as a large percentage of the population will end their marriages early. This can occur during any point of a union, and it is necessary for individuals who are entering retirement to take significant steps in terms of planning prior to finalizing a split.
According to The Globe and Mail, though some people make a decision about a possible divorce in a relatively quick manner, as a single event may trigger the urge to split, it is important for older individuals to plan out a financial path for themselves after their marriage is over.
Going through a divorce may be difficult for an individual, but the financial drain that sometimes occurs helps to exacerbate the negative situation. However, planning in advance can prevent a complete fiscal collapse.
According to Card Ratings, a person who is divorced should not keep joint credit obligations with their ex, as breaking ties can help to make financial dealings less complicated for both parties.
A divorce can be hard enough on an individual, but the resulting tension and stress can be exacerbated by the involvement of a small business into the equation. People who are obtaining a split from their former partner should keep several key things in mind before ending their marriage when a company is involved.
According to an article written by the BizProf and posted by Scripps Howard News Service, keeping the assets and ownership of a business intact during a divorce is not something that is easily accomplished. This is especially true when a bitter spouse intentionally or recklessly looks to interfere with the operations of a company during the split.
Divorcing later in life presents many challenges, and some of the most important to consider are financial consequences of the split.
Often time one spouse assumes control of the couple’s money management, which can present problems during a divorce, according to an article published on the Fox Business website.
Divorce not only has serious consequences for family life but can affect the family business drastically.
While a recent Forbes article hypothesized that Kim Kardashian’s divorce from NBA player Kris Humphries will be good for her business (thanks to the drama it will create on her reality show), this is far from the case for most people’s businesses. (more…)
Protecting one’s business during a divorce is of the utmost importance and there are a number of ways one can accomplish this goal.
Businesses, and their profits, can be split in a variety of ways during a divorce, and some times the results may shock a business owner.
Protecting one’s assets is always important in a divorce but it especially crucial for those in contentious relationships.
Jeffrey A. Landers, writing for the Huffington Post, says that those in such relationships should take a few steps to protect themselves during a divorce.
Ending a marriage is always a difficult proposition but there are certain junctures when getting a divorce is most advantageous.
According to Business Insider, it is better to divorce when the real estate market is doing well as the house can be easily sold for a high price and individuals don’t have to worry about falling behind with mortgage payments. (more…)
The division of assets following a divorce is one of the most important parts of the process, and individuals should be sure not to forget about retirement benefits.
Retirement benefits – whether they be a pension plan or 401(k) – that are earned during the course of a marriage are typically considered marital property and are thus divided during a divorce, according to Emily W. McBurney, writing for the Huffington Post. (more…)