Understanding Financial Situation in Divorce can be Helpful

On behalf of The Law Offices of Cindy D. Sackrin posted in Divorce on Thursday, January 9, 2014.

Divorce is seldom a welcome process, however, with a focus away from the understandable emotions involved in the process, the best possible outcome for the parties may be achieved.

While divorce rates may have decreased somewhat in recent decades, ten percent of couples still do not make it to the five-year anniversary mark and twenty-five percent do not make it to ten years. Additionally, some divorce rates have increased; so-called "gray divorces," divorces between couples over fifty, have doubled in recent decades. Fifty-three percent of those divorcing over fifty have been divorced at least once before. While these statistics represent divorce by the numbers, the financial considerations of divorce are often overlooked but can be extremely important.

Divorces, including those late in life, can have an impact on finances and financial planning. This impact can be of special concern during the recent struggling economy. Becoming knowledgeable about financial planning can be helpful in this regard. This can be especially important in a high asset divorce. The end of a marriage can bring about many divorce legal issues that sometimes, because of emotions, can lead to disputes.

To keep a clear head during the divorce process, it may be helpful to understand financial goals for the process such as property division, alimony, sometimes called spousal support, and other considerations such as the family home and retirement accounts. Understanding the financial situation as it exists, and going forward, may help when the parties work to reach a settlement agreement at any stage in life or at any stage in the dissolving marriage.

A careful understanding of priorities and goals at the end of a marriage may help parties cope with the unavoidable emotions that come with ending the relationship. A trained family law attorney can help a party evaluate the financial situation the party is in, and faces moving forward, and set clearly-defined and attainable goals for the process.

Source: The Huffington Post, "Financial Tips That Ease the Sting of Divorce," Julian Block, Dec. 25, 2013

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