Shock, sadness and anger are just a few of the emotions that may crop up when a husband utters the words, "I want a divorce". While the divorce process can be overwhelming for anyone, it's especially difficult for women who, for whatever reason, didn't see it coming. This is especially the case for those women who dropped out of the workforce or chose to stay home to raise children.
The majority of married couples have joint financial accounts. One or both spouses may contribute to the accounts, but typically only one spouse maintains or controls the finances and accounts. In the majority of households, the husband is the financial keeper. While this type of arrangement works fine for many couples, it can present challenges when a marriage is heading for divorce.
Valentine's Day is meant to be a holiday on which individuals show their love and appreciation for those they love. For many couples, what is supposed to be a fun and romantic day however, ends up being either a wake-up call or the final straw. In many states, February has become the busiest month for divorce filings with the day after Valentine's Day seeing the most notable spike in filings.
During the last five years, many Americans and Washington residents have faced difficult economic situations. A weak economy forced many businesses to downsize or close their doors altogether. While losing a job is likely a huge stressor and financial blow for anyone, for married men, losing a job may also mean they'll lose their spouse.
As Washington residents embark on a new year, many may contemplate major life changes. For individuals who are married, the decision to divorce is a major change that impacts nearly every aspect of his or her life. After the decision to file for divorce has been made, many individuals may find themselves overwhelmed by the prospect of starting over. There are, however, some key first steps that can make the divorce process easier.
When contemplating divorce, there are several matters that must be attended to and sorted out. Typically, most couples are consumed by figuring out matters related to child custody and division of assets. Oftentimes, other considerations that can greatly impact an individual's financial wellbeing are largely ignored.
Couples who decide to walk down the aisle have a lot to consider. Selecting a venue, deciding on a menu and whittling down the guest list are all important decisions related to the big day. What many couples don't consider, however, is their financial future especially if the marriage eventually ends in divorce.
Going through a divorce can be an emotionally draining experience. While it can be difficult to believe things will get better, they do. One way for new divorcees to feel better about and more in control of their lives is to get a handle on personal financial matters.
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.
If you are thinking about getting divorced, you've likely thought about the impact it will have on your life. What areas of your life do you think will be impacted the most? For some people in Clark County, divorce takes the biggest on their emotional well-being. For other people, divorce hits the bank account with the most vengeance.
Honesty is a rare quality in people going through divorce. Yet many spouses are conned into taking their soon-to-be-exes' words at face value and assume that there's no reason to get lawyers involved. Although some divorces can be handled in that manner, it's impossible to know when your trust will be rewarded and when it will leave you burned.
A changing trend in American marriages is that the rate of divorces among couples over the age of 50 is on the rise. A variety of reasons are contributing to this change, but regardless of how empowered older individuals might feel, going through divorce later in life is much different than what younger generations might experience.
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.
When couples are working through a divorce, they often think about how they will split the assets and the debts they already have. But how many couples think about debt that will be acquired in the future? If you have children and you and your ex are planning on paying for a portion of your child's college education, make sure that is detailed in your divorce decree.
The financial considerations of divorce are often complex. The earnings of each spouse, assets owned, child custody, child support and other factors all affect how finances are divided up, including what type of financial support is provided in the aftermath of the divorce.
Some couples believe their spouses are cheating on them if they are secretly using joint bank accounts to purchase unnecessary items or feed unhealthy habits. If financial infidelity is occurring, it may mean that divorce is on the horizon. These feelings of betrayal and outrage occur across the country, including in Washington.
Celebrity divorces seemed to run rampant in 2011. There are also common folks who are divorcing, like a 99-year-old man who filed for divorce after he learned of his wife's affair in the 1940s.
A wealth advisor states that the quickest way to cut your assets in half is to divorce. Divorcing in Washington near or after retirement often leaves well-off couples fighting to support themselves. Divorce can be especially difficult for the spouse who let the other spouse handle the finances during the marriage.
When couples begin preparing for divorce, it's easy for both individuals to stop investing as much energy into maintaining the family's finances. As each individual tries to establish a new life, both people may neglect the bills and financial obligations they share.