Separation or getting a divorce always has an element of finances involved. Most parties choose to involve courts so that the determination is binding and thus easy to execute. However, finance divorce matters are not as easy as they appear mainly because they involve existing funds as well as ongoing support.
Considering that divorces are usually tense and acrimonious, discussing the issue soberly becomes a huge problem. In fact, most of the details are skipped because the environment is not sober for such a discussion. There are short term financial matters to discuss as well as long term issues. If they are not addressed or they are handled inadequately, the discussion is bound to recur many times in future causing one partner to resist or feel aggrieved.
There are differences in scenarios where finances are involved. An example is where pre-nuptial agreements exist. The discussion is usually short and guided by this agreement. If you invested as a couple, the discussion takes a different angle. Where both parties earn salaries and contribute to the daily upkeep of the home, the outcome is unique. If the couple has children, their welfare will inform the debate.
Immediate financial needs of both parties and their dependents must be addressed. The idea is to give all parties financial stability before all issues are addressed so that they do not fall in debt. The first target is to utilize liquid cash available in banks or expected from salaries and wages. Assets that can be disposed quickly to cater for the needs of dependents may also be targeted by the judge or mediators.
Maintenance of parties involved after the separation is another concern. The discussion centers around how much should go to who and for how long. The judge considers the financial position of both parties and the responsibilities that will be assigned. The contributing history of the two parties will also be scrutinized such that a person who was bringing the money is required to continue until the other party settles.
Assets that are owned jointly have to be shared but you have to deal with the challenge of cars or houses that cannot be utilized jointly. In some cases, some may be sold to provide resources for pressing needs. One of the biggest challenges when sharing assets is sentimental attachment as well as inheritance.
There are savings and continuing pension to share. The two parties have to agree on who goes with what. You will need to understand what the law provides in regard to these issues. The mediators and judges also look at the most reasonable, realistic, fair and desirable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
Considering that divorces are usually tense and acrimonious, discussing the issue soberly becomes a huge problem. In fact, most of the details are skipped because the environment is not sober for such a discussion. There are short term financial matters to discuss as well as long term issues. If they are not addressed or they are handled inadequately, the discussion is bound to recur many times in future causing one partner to resist or feel aggrieved.
There are differences in scenarios where finances are involved. An example is where pre-nuptial agreements exist. The discussion is usually short and guided by this agreement. If you invested as a couple, the discussion takes a different angle. Where both parties earn salaries and contribute to the daily upkeep of the home, the outcome is unique. If the couple has children, their welfare will inform the debate.
Immediate financial needs of both parties and their dependents must be addressed. The idea is to give all parties financial stability before all issues are addressed so that they do not fall in debt. The first target is to utilize liquid cash available in banks or expected from salaries and wages. Assets that can be disposed quickly to cater for the needs of dependents may also be targeted by the judge or mediators.
Maintenance of parties involved after the separation is another concern. The discussion centers around how much should go to who and for how long. The judge considers the financial position of both parties and the responsibilities that will be assigned. The contributing history of the two parties will also be scrutinized such that a person who was bringing the money is required to continue until the other party settles.
Assets that are owned jointly have to be shared but you have to deal with the challenge of cars or houses that cannot be utilized jointly. In some cases, some may be sold to provide resources for pressing needs. One of the biggest challenges when sharing assets is sentimental attachment as well as inheritance.
There are savings and continuing pension to share. The two parties have to agree on who goes with what. You will need to understand what the law provides in regard to these issues. The mediators and judges also look at the most reasonable, realistic, fair and desirable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
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