You may also have misconceptions about divorce that could factor into choices you make. This is especially true about the financial aspects of your divorce, which are issues that will impact you and your children for years to come. It might be helpful for you to learn about the common preconceived notions and issues that people often have about divorce in order to avoid undue complications.
Money is one of the most complex and emotionally challenging issues during your divorce. You naturally want what is yours, but it is not always clear exactly which assets are yours, which assets are eligible for division between the spouses and how you can protect your financial interests. The following are common divorce-related money myths that people often believe, which could negatively impact the terms of their divorce order:
Your divorce terms will be unique to your individual situation and factors that are specific to you. If you are unsure of what divorce myths you may believe and what information you may need to make the best possible decisions, it could be beneficial to speak with an experienced professional regarding your legal options and how to protect your future interests.
]]>These factors include the length of the marriage, the age of both spouses, their financial resources and earning capacity and more. Although the list may be in no particular order, at the top is the “standard of living established during the marriage.” This refers to the quality of life or the lifestyle that a spouse who’s seeking support has grown used to during the marriage.
This standard comes into play in some cases more than others. One example where this could be a crucial consideration is when a couple has been married for decades and one spouse left the workforce long ago to raise the children, take care of the home, manage social obligations and maybe provide unpaid help to their spouse in their business.
Say that a non-dependent spouse is now earning a significant amount of money while a spouse seeking maintenance can’t possibly expect to earn anywhere close to that. Even if their marital property is divided roughly evenly, it can still be reasonable for the lesser- or non-earning spouse to seek enough maintenance from a spouse who far out-earns them to provide them with a standard of living comparable to what they’ve been living. Living as a single person is more costly than cohabiting as a couple.
Of course, if you are divorcing and your spouse has greater earning capacity and resists that idea, it will be necessary to make a strong case for why you should receive enough maintenance to continue to support your marital standard of living. If your age, health or other circumstances prevent you from acquiring the necessary education, skills or contacts to get a high-paying job, for example, that would be an important argument to present. If you contributed to your spouse’s success -- for example, by working to put them through medical school -- that’s an important factor as well.
It's generally preferable if divorcing couples can arrive at a spousal maintenance agreement on their own, with the guidance of their legal teams. However, it’s crucial to be able to make a solid case for the spousal maintenance you’re seeking – if you are, indeed, seeking alimony – regardless of how the decision is made.
]]>If you are facing the prospect of a gray divorce, you know there is much at stake for you, and preparation is critical. It is beneficial for you to prepare for what’s ahead and learn how you can make choices that will result in positive, sustainable results. A divorce later in life may require some changes to your future plans, but you do not have to navigate it alone.
There has been a surge in the number of gray divorces in recent years, and one reason for this is due to the fact that people are living longer than ever, and they want to choose happiness later in life. There is also less stigma associated with divorce, which could play a role as well. If you are considering a gray divorce, you may benefit from carefully considering the following five issues:
Your gray divorce will change your future, but that does not mean that your future cannot be meaningful and strong. As you make divorce-related financial decisions and navigate this complex legal process, you will find it helpful to have experienced guidance at every step.
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