The Cost of Divorce and the Financial Risks Involved: Whereas you once thought you had a love to last a lifetime, you now realize this is no longer the case. But if the matters of the heart seem complicated, they are nothing in comparison with the fiscal aspects involved with the legal dissolution of a marriage. These aspects are multiple, sometimes very complex and have a variety of lasting consequences for both parties involved.
Understanding Debts and Credit: Although a particular marriage may be coming to a conclusion as a result of divorce, unfortunately, the same cannot be said for any and all debts and/or credit obligations accumulated during that marriage. While there are many uncertainties connected with the entire divorce process, one element can be counted on to remain constant, the monthly bills.
The Financial Effects of the Separation Date: During the divorce process, there are references to three such D-Days: the Date of Marriage, the Date of Separation, and the Date of Divorce. In reality, with respect to a marriage, the beginning of the end traditionally comes with the formal Date of Separation.
Joint Accounts...What Should We Do?: As a given marriage travels down the road towards dissolution, many loose ends will need to be tied up. Some of the most significant of these will be of a financial nature, specifically, the joint accounts once shared during the marriage. Savings and checking accounts, credit cards, equity credit lines, safety deposit boxes, investment and similar type holdings, and property ownership are some of the issues, to name a few, that will have to be resolved before the actual final divorce can be granted.
Searching for Hidden Assets: Divorce is, by nature, never an easy process. Quite often it is impossible to avoid emotional issues such as resentment and even worse, anger. Many times, it is one of these two or perhaps a combination of both that fuel attempts to "strike back" at or "get one over" on the other.
Financial Asset and Property Checklist: To follow is a list of all relevant documents that you will want to collect and maintain for use in comprehending and preparing for the impending distribution of marital assets and property. You should also prepare a list of all personal property, including that acquired prior to and during the marriage.
Legality and Finance: How to manage Best in Event of Divorce: Divorce is an entity that, in fact, permeates almost all aspects of everyday life. However, the two most important issues that are of significant consequence and that will need to be addressed are that of legality and finance. In each case, there will be a far-reaching and lasting impact that can be best managed with adequate preparation long before the divorce is actually consummated in a court of law.
Taxes and Divorce: Although a particular marriage may be coming to an end with divorce, this does not mean that the old adage about death and taxes does not still ring true, As the institution of marriage has often drawn comparisons to an economic union between two people, the truth is that the two spouses are legally still responsible for any and all tax liabilities incurred.