Divorce Guide

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What is the financial impact of divorce ?

Divorce affects many areas of life of the people involved. The emotional effect of divorce on the family, relatives and friends is tremendous. The financial effects of divorce are also major and can be measured. The financial effects of divorce on the couple, children and their dependents are discussed below.

Division in Property: The first and foremost effect of divorce is the division in the couple’s property. The typical couple tends to accumulate assets in form of property during their marital life. These may be real estate, financial accounts, etc. The division includes the house, cars, and all the other physical assets. This division can be a bit easy by going in for marriage separation agreement. Many couples prefer having equitable division of the assets divided fairly between the parties on a case to case basis.

Asset division: The couple has to divide their liquid assets while they have filed for a divorce. This includes money in the bank accounts, and other forms of currency. This division can be regarded as the most easiest division with respect to assets. This might be complicated in some cases as what amount might be fair.

Alimony: The most long lasting financial burden of a divorce is the alimony. Alimony is paid by one spouse to another former spouse and the chief earner of the family usually pays it. This is done so that the former spouse can get financial assistance and provided for till they get back on their feet after divorce.

Child support: If there are children involved in the divorce, then it is the duty of the parents to provide for them. While one parent will have custody of the child the other may require to pay child support to help the finances regarding the child. This is done so that the child does not face adverse conditions due to the divorce of their parents and continue to have the same privileges as they had when the family was united.

Division of debts:

Both the partners benefited from the accumulated debts regarding debts of marriage. Like the home mortgage loan is beneficial to both the spouses when they are living together.

Legal costs:

Legal fees are to be paid to the divorce lawyers. The case goes before the court, lawyers and there are a lot of expenses on paperwork, filing fees, property appraisals and similar other expenses. All this needs a lot of money and divorce becomes a costly affair.

Cash flows are affected:

Divorce disrupts the steady cash flow of the family. Setting up new residence and other related expenses disrupt the otherwise steady cash coming of the family.

Many significant issues associated with divorce are matters related to finance. The expenses increase during the divorce and in addition, the parties must settle their disputes or face a trial.

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