The older your kids get, the more likely it is that you're becoming more nervous about how you're going to pay for their college, especially if you haven't been saving along the way. Parents who are facing a divorce are likely to face even more uncertainty about how to get their kids through school.
Divorce is always an emotionally complicated situation, and it is usually complicated in terms of finances and property. Florida law allows several types of divorce, but all can be taxing on resources. That can be especially problematic for people later in life who may be looking toward a fixed income in retirement.
The divorce trend is on a downturn in the United States. This is due in large part to millennials choosing to delay getting married. Even still, there are thousands of couples that decide to throw in their towel and get divorced every year. While many people talk about how difficult it is to cope with the demise of their marriage, even less of them speak about how divorce impacts their finances.
Divorces are often difficult to resolve. They may be even more so if you have complex assets such as retirement or investment portfolios, stocks or a business to divide up. Many husbands or wives don't take too well to having to give up a portion of their pension or company to their ex, especially when they haven't put in the hard work to build up its value.
Let's face it. Divorce isn't something people plan for. It's not uncommon for an individual's life to be sent into a tailspin when they're caught off guard by divorce papers. The uncertainty can lead many to make quick decisions in an effort to preserve their assets. While the choices an individual makes may seem to make sense on the surface, they may carry unintended consequences later.
Although a divorce rate in excess of 50 percent would motivate many to sign a prenuptial agreement before they marry to protect their assets, many are "hopeless romantics" who take their chances without them. Even if they have one, it may not protect future businesses that are set up after the couple marries.
States like Hawaii, Nevada, Florida and California are where the largest majority of the country's timeshares are located. If you've decided to walk away from your marriage, then you may be wondering what to do with your timeshare when it comes time to divide up the marital property among yourselves.
Although many states rely upon equitable distribution rules for dividing up property in a divorce, each one also has certain limits that affect the decisions that judges ultimately can make. Even in Florida where such laws are uniform throughout the state, it still may be possible for there to be some degree of variance in how property is split up as the decision is ultimately left up to a judge.
A study published by Worthy Living during the final week in July captures how nearly half of all women who get divorced end up being financially surprised as they look to settle their divorces. These surprises aren't the good type of ones either. Instead, they're ones that leave women financially blindsided or crippled.
Splitting up collectibles such as artwork, china, cars, coins often involves an appraiser coming in and assigning a value to the different items. That value is then used to equitably split up such assets between exes. Splitting up investment accounts, a pension plan or IRA account proceeds can be perhaps even more difficult though, especially if former spouses want to avoid having to pay early withdrawal penalties or exorbitant taxes for doing so.