Tag Archives: DivorceTips

Do You Have to Split up Debt in a Divorce?

Splitting up property and assets and figuring out child custody are well-known aspects of a divorce. However, the implications of splitting up assets go deeper than physical items. Certain financial items such as loans and other debts need to be reallocated as well. Many couples will share debts, and when those are split, both parties then become responsible for taking their own share of debts. Many couples make the mistake of keeping debts in both of their names, and if one partner starts falling behind on payments, the other has to deal with that burden. How Is Debt Split up in a Divorce? Debt is often not split down the middle. Factors such as income, age, health, and education are considered to decide who gets what share of the debts. Are your debts marital or separate? Debts like mortgages that are in both partners’ names would be considered marital. Credit…
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How to Keep Divorce from Sinking Your Finances

According to a recent survey conducted by Allianz Life Insurance, two thirds of divorced women stated that their divorce created a financial crisis. Splitting property and child custody can be very difficult. What one partner thinks is fair, may be considered a complete sham to the other. Differences in income and whether a partner is moving somewhere else is another important factor. Financial planning and other methods like online divorce calculators can make these important financial decisions easier. 4 Common Financial Mistakes in Divorce Short-sightedness: Many divorcing couples will only focus on completing the divorce as soon as possible, without considering long-term financial implications. Giving up something like a retirement account could leave you without important savings for the rest of your life. Striving for payback: Divorcees that aim to make life more difficult for the other partner by stalling settlements and creating a poisonous atmosphere will complicate the divorce…
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Why Has There Been an Increase in Divorce After 50?

The divorce rate amongst Americans over the age of 50 has doubled in the last 25 years according to the Pew Research Center. There are a number of reasons to consider when asking why this is happening. For one, second marriages are twice as likely to end in divorce as first marriages, so many older people are more likely experiencing divorces in their second or third marriages. However, a significant amount of divorces happening in this age bracket are couples married for 30 or more years, getting divorced for the first time. Therefore, we don’t know exactly why couples over 50 are getting divorced more now than they used to be. It could be the desire to explore options that have previously been unavailable due to work and raising children. Below are some common negotiations these boomers will have to experience when getting divorced. Things to Expect in a Divorce…
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