Posted on April 06, 2017 in Divorce

Overall, Americans are living longer, healthier lives than just a few decades ago. Ultimately, that is a positive thing, but this increased longevity is having a somewhat adverse effect on the older generation. With divorce rates for this population now double what they were just twenty years ago, many people entering retirement have found themselves financially strapped, despite having planned for their golden years. Why is this happening, and what can be done about it? The following explains.

Understanding Why the Financial Risk Exists

Couples usually start planning for retirement while in their 20s or 30s. Most assume they will still be together at that stage in their life, so they plan for a single home, one set of expenses, and one lifestyle. If they then divorce as they near retirement, all they have saved must then be split. Now, most couples only suffer a brief financial struggle after divorce, but they still have time to repair any damage that divorce may have done to their retirement plan. Individuals who are nearing retirement age may not have that same ability. Hence, they may be at a higher risk for long-term financial troubles. In extreme cases, couples may even have to completely revamp their retirement plan to accommodate the depletion of funds.

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 Posted on April 04, 2017 in Divorce

For most couples, divorce does not end upon decree. Instead, there are little details that must be sorted out, issues that must be resolved. Unfortunately, some couples fail to handle these matters and then place themselves at risk for long-term financial consequences. The following information can help you avoid making the same mistake after your divorce.

Dividing Property and Assets After Divorce

Now that you and your spouse know what goes to whom, it is time to start dividing up the assets. To do this, you may need to obtain a certified copy of the divorce decree from the court. Also, as you work through the various assets, pay close attention to details. As an example, rules from one type of retirement account to another can vary. Failure to follow the properly execute the split of a pension plan could end up costing you more than you had planned.

You will also need to contact any creditors that hold accounts that need to have a spouse removed from, or must be split. Typical examples include home mortgage companies, auto finance companies, and credit card companies.

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 Posted on March 29, 2017 in Family Law

Parents who wish to divorce often grapple with the idea of moving forward. This conflict often comes from fears about how their children will fare during and after the emotional process. A new study on the effect that children may experience after divorce may not ease those concerns, but it does offer some advice on how parents can do things differently. Learn more with help from the following information.

Children Often Internalize Divorce

In an analysis of 10,000 surveys from children and parents of divorce, a child psychologist determined that children often internalize divorce. Many see themselves as the cause of the stress that fractured the relationship between their parents and often lie about their feelings, telling their parents what they want to hear, instead of divulging the truth. Even worse is that approximately 70 percent of children who attended therapy during their parent's divorce felt it had not helped. The study author said this lack of benefit may have been due to a lack of connection between the child and therapist, and may also be attributed to the overall awkwardness of disclosing one's deep, personal information to a stranger.

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 Posted on March 27, 2017 in Family Law

Family structures have changed significantly over the last 50 years. In fact, data from the Division of Vital Statistics suggests that more couples are shirking the idea of marriage and, instead, participating in cohabitation. Unfortunately, this can present some unique legal challenges, should the couple ever decide to split up. Learn more about protecting your assets as a cohabitating couple with help from the following information.

Cohabitation is Not Treated the Same as Marriage

Back in 1979, the Illinois Supreme Court determined that common-law marriages would not be treated the same as legal ones. This ruling extended to the division of property and other assets. Last year, the court revisited the issue and ruled in the same manner. Though the premise for doing so was different, the reasoning is nearly the same: all couples have access to legal marriage. As such, those who choose not to engage in the institution do not receive the same legal benefits (i.e. alimony, legal division of property and assets, etc.).

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 Posted on March 22, 2017 in Divorce

Most books and advice columns focus on saving marriages, and for a good reason: divorce is hard, often painful, and expensive. Sometimes, though, it is better to know if you should let go. Marriages that are toxic, abusive, or beyond the point of salvaging are prime examples. No amount of work would likely repair such a marriage, and staying could result in more harm than good. So how do you know if your marriage is on route to divorce? The following information may help.

Time Apart Feels Like Relief

Spending time alone or with your friends can give you the chance to socialize, de-stress, or recharge. Unfortunately, this positive influence can turn into a bad one if you are using time away to avoid time with your spouse. The same goes for spending extra time at work, at the gym, or pursuing personal interests. If these things have become more of an escape and less about the sheer enjoyment, it may be time to consider moving forward with a divorce.

One Party Has Become the Martyr

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 Posted on March 20, 2017 in Family Law

Women tend to be relational in nature, but relationships themselves may place them at financial risk. More specifically, marriage and divorce can be dangerous endeavors for women. This information comes from a new report, which was published by the Chartered Insurance Institute (CII). The following examines this phenomenon more, and explains how women may be able to mitigate their risks.

Understanding Why the Disadvantage Exists

Despite misconceptions, women continue to be at a financial disadvantage in America. They earn less for the same jobs. Older women are less likely to have substantial earnings in social security or retirement savings. Further, men continue to be the primary or sole breadwinners within the family. True, more women are working, but they are far from equal in terms of earnings, pay, and opportunities as a whole.

Preventing Financial Devastation Before Marriage

Ideally, women would take steps to discuss finances prior to marriage. One of the best ways to do this is through a prenuptial agreement. There are a few caveats, however. If women are planning to stay home and care for children or a home, then this should be factored into the agreement. Women should also ensure they have the guidance and experience of an attorney during the process.

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 Posted on March 15, 2017 in Divorce

While nearly every divorce is painful and difficult, it is those with a high net worth that tend to be the most contentious. Sadly, it is often the lower-earning or non-earning spouse who is at a severe disadvantage during the case. What is worse, many do not realize that the asset hiding and deception that sometimes occurs often takes place long before the divorce starts. Learn more about protecting your finances in a high net worth divorce with help from the following information.

Asset Hiding Often Starts During the Marriage

Non-earning and low-earning spouses are often kept in the dark when it comes to their marital finances. Sometimes it is because the disadvantaged spouse was not concerned about their finances or divorce. In other instances, the lack of knowledge is intentional; their spouses may have been hiding money for years - perhaps since the start of the marriage.

Whatever the reason for their lack of knowledge, the end result is typically the same: the disadvantaged spouse typically have no idea what their marriage is worth, or where their money might be. This can present some serious issues in divorce. Thankfully, there are some strategies that can be used to overcome the obstacles.

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 Posted on March 13, 2017 in Divorce

Divorce can be stressful for all parties, but a new study suggests that it may be more so for women. Previous studies have also shown that women are more likely to experience other negative effects from divorce. There could potentially be a direct correlation between those negative effects and stress levels among women. Thankfully, it may be possible to reduce stress levels during the divorce process. The following explains

Women and Stress During Divorce

In the study, researchers asked 2,000 British adults to rate what their stress level would be in a variety of circumstances (death of a loved one, divorce, imprisonment, etc.). On average, women ranked each situation at about 0.56 percentage points higher than men. This included divorce, which ranked as the sixth most stressful life event.

Understanding How the Stress Impacts Health

Stress is a concerning issue among American citizens, and for good reason. Prolonged exposure can increase the risk of heart problems, weight problems, and may even lead into mental health issues.

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 Posted on March 08, 2017 in Child Custody

Divorce can be painful and difficult for everyone involved, but children tend to be the most vulnerable to emotional trauma during the process. Further, children are at a higher risk for long-term negative effects from divorce. A new study indicates that stress may be one of the biggest factors. Learn how to mitigate this issue for your child during your divorce with help from the following information.

Understanding Why Children Experience Stress During Divorce

Although the stress of divorce has been linked to numerous health problems for adults, few studies have examined how stress in divorce impacts children. Yes, there are those that have examined the emotional impact of divorce, both in the short and long term. There have also been others that have examined how contention in divorce can affect children. Yet none have looked specifically at stress.

Stress can exist outside of contention. It can be present, even when parents are working together to ensure the best interests of the child are protected. It can be the result of missing a parent that has moved out. It can be caused by fear that one or both parents may leave and never return. It can even be caused by feeling they are at fault for the split.

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 Posted on March 06, 2017 in Divorce

Family structures have changed significantly over the last couple of decades. It used to be that fathers went out and provided for the family while mothers cared for the children and home. Now there are single parent homes, homes where the father stays home, and still others where both parents work. Of course, no single option is really any "better" than another, but studies suggest that these non-traditional roles may be impacting the risk of divorce. Learn more about this phenomena, and how you can protect your family if you believe that divorce may be on the horizon.

Non-Traditional Roles and Divorce

In the recent study, researchers found that women do most or all of the house work in about 11 percent of all marriages, and somewhat more than men in about 60 percent of relationships. Around 25 percent of the couples stated they divided the work down the middle, and around 4 percent claimed the husbands did the majority of the work.

Overall, it was determined that families with a less "traditional" structure had a higher risk of divorce. Yet this may not be fully accurate. There are some limitations to the study. For example, the sampling of families in which dads did all or most of the work was rather small. Further, the information does not give a comprehensive overview of which families had stay-at-home dads and full-time working moms, and which had two full-time working parents.

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