Divorce is a difficult process through which an individual will face many challenges and ultimately grow. While it can be a challenging journey, individuals who are able to follow some key guidelines while going through a divorce will ultimately be in a much better place.
In our last post, we talked about the financial and emotional tolls people face after divorce. Although many people in Clark County expect to feel emotionally drained when they are getting divorced, fewer people know what to expect with regard to their finances.
In Washington, a growing trend known as "Gray Divorce" is taking rise among America's older generations. Gray divorce refers to older couples in or nearing their retirement years who decide to get divorced after years, often decades, of marriage.
Studies have shown that a lack of financial compatibility is one of the leading causes of divorce. Whether it's different opinions about how money should be spent or a lack of transparency about where it's being spent, financial honesty is critical.
Blended families are becoming increasingly common, but combining two families poses a unique financial challenge. Parents typically want to ensure that children from their first marriage receive a hefty inheritance, but their spouse may want the same for their own children. It can be difficult to impartially divide assets among the family in such cases, but Washington residents who are divorced and remarried have access to several tools and resources that can make the process easier.
When Washington residents are undergoing divorce, they need to face the reality that the end of their marriages necessitates dividing all their economic assets. One vital issue that many couples have not considered, however, is how to put a dollar price on all of the assets so they can fairly be divided.