An end to a marriage rarely comes as a surprise. Instead, most spouses generally see signs that their relationship is turning sour months (if not years) before they get served with divorce papers. It's when your marriage first shows signs of breaking down that it's time for you to start making financial plans.
Do you know when you ultimately decided to throw in the towel on your marriage? Did you take any definitive actions once you decided that you'd had enough? These are some questions that your attorney may ask of you in order to better hone in on a date of separation (DOS) in your divorce case.
Back in the late 1960s, researchers at the University of Washington (UW) reviewed the psychiatric and medical records of several thousand patients in hopes of being able to narrow in the types of life events that caused them the most stress. Similar studies have been conducted with similar results. An increased focus on financial concerns has emerged, though.
Couples who decide to divorce often concern themselves with how they're going to split up things like their homes, cars, jewelry and other valuable items. We seldom hear about which spouse is going to assume responsibility for the debts that they've amassed though. Perhaps it's rarely discussed because couples don't realize that just like their assets, any debts will have to be split up. They have to though.
One of the big questions divorcing couples face is whether to sell the family home. There is no right or wrong answer, as it depends on many circumstances. However, the conventional wisdom is often to sell and split the proceeds.
You've probably heard a line to a famous song sung many times before — "breaking up is hard to do." When writing those lyrics, the songwriter was most likely referring to the emotional baggage that comes with leaving a boyfriend or girlfriend behind. It's unlikely that they referring to the financial burdens that come with splitting assets when couples divorce.
Moving out of a marital home should be avoided at all costs while your divorce is still pending. There are many reasons this is the case.
When it comes to splitting up property when you and your ex are headed for divorce, you may wonder how can you prove what is nonmarital property.
When couples decide to divorce, they often think about how they're to divide up tangible assets. They, however, rarely think about what's going to become of their personal or shared debt. This is one of those things, though, that couples must discuss when it comes to property division.
It used to be where the longer couples were together, the more difficult it would be for them to divide up their property.