Nearly 50% of all marriages in the US end with a divorce. Considering that the average cost of a wedding exceeds $20,000, this is a bold statistic to say the least. The financial ties that are created when two people join together in holy matrimony are beyond the realms of a typical couple. There are obligations and expectations, so when divorce is on the table, what are the monetary implications of this?
What Will Be Up for Discussion?
It is important to properly evaluate the assets that will be negotiated during the proceedings. Whatever the reasons behind the divorce coming to light, there are going to be a lot of mediation talks about what comes next. Read on to find out exactly what that means.
Financials
General financial factors like joint bank accounts, investments, pensions, and any insurance policies where you are both named are all relevant. There are always going to be more severe ramifications if one spouse is a non-working party, as they will be facing the most uncertainty.
Property
Any property that you own as a married couple will need to be evaluated too. This includes your domestic base plus any investment properties, vacation homes and business establishments too. If there are children involved, this will influence the discussion in line with who will take on the mantle as primary caregiver as there should always be a focus on minimal disruption for the young lives caught in the mix. Regardless, property is often sold or bought out unless an amicable arrangement can be reached.
Debts
If one or both of you have debts in a married name, these will need to be sorted during proceedings too. Any credit or debt incurred during the time you spent married will be divided, and this can and will affect the credit score of both parties, often in a detrimental way. Divorce is one of the leading factors behind poor credit, and there is no real way to get around it apart from time.
Child Support
If there are children, the subject of child support will need to be resolved. Often, the standard cost of raising a child is factored in, and each spouse must agree what is best and how to move forward in that respect. There is no sense in delaying this, as it is a vital point to find a solution to and must be done with due care and attention.
Personal Items
It is rare to find two people pursuing a divorce that don’t have personal assets too. Things like cars, artwork, furniture and so on are all vulnerable if the other party is acting in bad faith. While there is a call for fairness and ethical negotiations, it doesn’t always transpire, and one person can be left without their treasures as a result.
Northwest Family Law specializes in ensuring divorce proceedings go as smoothly as possible to secure the best possible outcome for your new life. Visit us today at our offices shown below or give us a call to discuss your needs.
- Kirkland – 1207 Market St. Kirkland, WA 98033
Call now for a free consultation on (206) 792-0981.