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Marriages can break down and can end in divorce for numerous reasons, whether it’s due to varying life circumstances, infidelity, or changes of feelings. No matter the reason, a divorce has a huge set of ramifications on your life and while it’s difficult, you must contemplate these factors before and during the process to make sure you can come through the other side with stability. Below, we look at the four main factors so that you can prepare yourself if you feel your marriage is no longer sustainable.
Safeguarding money during divorce is one of the most difficult processes due to the various factors involved. Do you have a joint account? Who pays for the different bills? How are your finances split? These are factors that require careful attention to ensure that you get what you are legally entitled to and that you can survive the divorce with financial stability.
Throughout your marriage you most likely have a range of assets either purchased or loaned. These things need to be divided between you in a process generally known as equitable distribution. How your assets are split will depend on various factors such as ownership, contributions, earning potential, and standard of living during the marriage; it’s not necessarily a 50/50 split.
You can also choose to divide your assets between you and your partner without involving the courts; this is the best option to avoid additional legal fees and stress. Either way, you must look at what you own and how it will be divided.
With a divorce, there are a host of legal implications and process too that have to be considered, including:
Hopefully, you can discuss these different processes and implications with your partner amicably and find a peaceful resolution to each of them. However, if this isn’t the case, you may need to get legal assistance.
Children often have to suffer the consequences of divorce and you of course have to take care of their emotional well being. It’s important to speak to your children about your divorce, explain what’s happening, and make sure their voice is heard.
However, there are also legal implications for children from a divorce including child custody laws and things like child support. If you and your partner can’t amicably decide what happens with your children, you may have to consider legal action and fighting for custody.
The emotional turmoil and stress of the breakdown of your marriage is difficult enough to deal with and for many people going through divorce, this is all they can manage. However, there is much more at stake and you must try to be proactive and look at the above factors. Your finances will have to be managed and at the same time you must give consideration to your assets and their ownership.
Divorce obviously has legal implications too including splitting of assets, child support, and custody. You also have to consider your family including your children (if any) and where they stand as a result of your divorce.
