The U.S. divorce rate had dropped for three years in a row, dipping to its lowest mark in almost 40 years in 2016. However, the financial effects from divorce remain as devastating as ever. Depending on the state where you and your spouse reside, the average cost is from $15,000 to $20,000. If you are [...]
As discussed in Part 1, divorcing after the age of 50 will be different than a divorce at a younger age. You may have expected to retire comfortably, but a divorce may result in more household costs and less available income. Those divorcing at a later age may have to resume working or stay on [...]
As mentioned in Part 1, it is important to avoid the ten biggest divorce financial errors during settlement negotiations. Consult with a financial divorce specialist to protect yourself and your children financially. Part 2 will cover the second 5 of 10 mistakes. 6 – Poor Budgeting It is common for a divorcing spouse to underestimate [...]
The following are the ten biggest divorce financial errors to avoid during settlement negotiations. Consult with a financial divorce specialist to protect yourself and your children financially. 1 – Emotional Attachment to Assets It is natural to have an emotional attachment to a company pension, family home, or artwork purchased over the years while you [...]
As discussed in Part 1, divorce will probably result in a significant measure of financial loss for most ordinary people. If you are getting divorced, it is very important to seek both financial and legal advice. Part 2 will cover several more important ways that will mitigate the financial effects of divorce. Support Team The [...]
Divorce will likely result in a significant measure of financial loss for most ordinary people. Contested divorces typically cost more than $20,000 in court costs and legal fees. However, there will be other costs that are indirect that should be considered. Divorce results in supporting two households, which may be twice as expensive than maintaining [...]
As mentioned in Part 1, divorce can be devastating on finances. Being knowledgeable about your obligations and rights can decrease the costs and lessen the anguish of divorce. Part 2 will discuss Division of Property and Financial Impact. Division of Property Without a prenuptial agreement, state divorce laws determine how assets will be divided. Arizona, [...]
Negotiating your separation agreement can be one of the most trying, costly, and long-lasting events in your lifetime. Just like our transition to springtime, a change in attitude and mindset can enhance your chances of a faster and financially positive divorce settlement. To be better informed and able to make the tough decisions that come [...]
Certified Divorce Financial Analysts™ (CDFA) have a unique and effective "tool" to help individuals understand the potential financial impact that a settlement offer can have on their future finances. If used properly, introducing charts and graphics into settlement discussions can focus all parties on the bigger picture, separate fact from fiction, and make it [...]
Many times, Divorce Mediation can be the most cost-effective, lowest conflict, process of all of the divorce settlement options. Currently, the majority of divorce mediators are either mental health practitioners or attorneys who help couples make decisions regarding the legal, child custody, and financial issues of the divorce settlement. Certified Divorce Financial Analysts (CDFA™) [...]
