If you are thinking about filing for divorce, then here are six known facts about divorce that you must be aware of. After all, the divorce is going to bring about a massive change in how you and your kids are going to live your life after.
• The money will always be an issue.
A lot of couples promise not to fight about money or any other financial responsibilities before talks about divorce settlement commence. Both want to get a fair share of assets from the divorce, and yet everything seems to change when the lawyers begin to speak to each other. Money can sometimes be a bargaining tool for the spouse who refuses to sign the divorce papers. Money doesn’t have to be an issue, but it becomes one especially when the kids are involved.
• Pay the debts before dividing the assets.
The accumulated debts of the couple must be paid for and settled on a clear division of the property are made. You don’t want to be left with very little to nothing after the divorce just because you refuse to settle the debt that the marriage has incurred. Make a list of all your financial obligations and let your partner know what debt you still have to pay. Unless you settle all these debts, you won’t have anything to worry about.
• A fifty-fifty division of properties is not always fair.
When you take into account the assets that you want to get during the negotiations, think about the future value of the property. Compare the market value of the property today and in the future and you’ll realize that demanding for that property may be a good move for you. Moreover, you must also consider tax implications because this could mean losses in the long run. A 50-50 division has always been the goal, but it is not always fair. Make sure you end up with the better half of everything.
There are a lot of changes that come with the divorce. It may mean a change in lifestyle for some while it could mean a change of address for the others. Perhaps the only thing that could save you from losing everything during the divorce is not knowing what you want to begin with.