When you and your ex decide to divorce, you're required to divide up marital assets. Each item must be appraised and assigned a valuation date before you do so. While the process involved in assigning a monetary value to your property may seem pretty straightforward, it's often not the case.
A study conducted by TD Ameritrade in 2017 highlighted how 40 percent of all marriages end in a divorce and how at least 25 percent of all seniors age 65 and older are widowed. If you're wondering what one statistic has to do with the other, it's that at least 66 percent of those belonging to both groups admitted to not having a contingency financial plan in place if one of these life-altering events occurred.
If the average American were asked what the leading cause of relationship problems was in the United States, they'd likely admit that it has to do with financial discussions. What many likely wouldn't know is what researchers at SunTrust Bank found out. They determined that one in eight marriages end over student loans.
The Center for Retirement Research at Boston College released a report late last month. Its researchers concluded that it's becoming increasingly difficult for divorcing spouses to maintain their retirement accounts.
Let's face it — there's a big difference in how an average couple's divorce is handled in comparison with a high-profile celebrity divorce.
When it comes to divorce, some husbands and wives will go to great lengths to hide their assets from their spouse in hopes of avoiding having to turn over their hard-earned assets. While it's illegal for someone to take and hide money or belongings when a divorce is imminent, many spouses do it anyways, hoping to never get caught.
When couples have been married for some time, remembering which spouse brought certain possessions into the marriage may be difficult to do. Determining which spouse's salary went toward buying one item versus another may also be difficult to do.
Some legal experts are suggesting that a concept known as an "anonymous divorce" may be fast becoming the desired method for high-profile couples to end their marriages.
In an equitable distribution state like Florida, a judge is often called upon to determine how to fairly distribute marital assets between the couple in alignment with the contributions they've made to the marriage. Even with this approach to asset division in place, it's not uncommon for a spouse facing an end of his or her marriage to try to hide money, property or other valuables, especially if he or she fears losing them in a divorce.
As if divorce weren't complex enough, deciding what to do with a jointly run business can make things even more complicated. There aren't any recent statistics that capture just how many couples jointly own a business. However, one statistic captured in 2000 suggested that just under 7 percent of all 22 million American small businesses were owned by couples that year.