Separation or getting a divorce always has an element of finances involved. Most parties choose to involve courts so that the determination is binding and thus easy to execute. However, finance divorce matters are not as easy as they appear mainly because they involve existing funds as well as ongoing support.
Considering that divorces are usually tense and acrimonious, discussing the issue soberly becomes a huge problem. In fact, most of the details are skipped because the environment is not sober for such a discussion. There are short term financial matters to discuss as well as long term issues. If they are not addressed or they are handled inadequately, the discussion is bound to recur many times in future causing one partner to resist or feel aggrieved.
Each scenario is different when discussing finances. For instance, the existence of a pre-nuptial agreement may shorten the debate. If a couple has invested together, the discussion will take another trajectory. When both partners were earning salaries or contributing to daily expenses, the dimensions will also change. Where there are children, their welfare must also be considered in the discussion.
The first issues to handle are immediate financial needs. This is aimed at shielding the parties from debts or constrains as the deliberations continue. A quick solution is to utilize the liquid cash available or attach assets that can be liquefied with ease. If the partners expect salaries or wages on regular basis, it is used to cater for immediate expenses. This prevents the welfare of both parties from being compromised in the course of discussions.
The middle and long term financial needs of divorcing parties and their dependents is the next item of concern. There should be an agreement on what each party gets, from where and for how long. The current financial positions and the responsibilities that will be assigned to each party will guide the negotiations. What each partner has been contributing in the past will be considered.
One of the most difficult issues to settle is that of assets. Families have assets that need to be shared mostly because they cannot be utilized jointly. These assets include cars, houses and businesses. Where existing resources cannot buy the other party a similar car or house, one has to surrender it in favor of the other. Sentimental attachment and the struggle of starting all over make it difficult to determine who goes with which asset.
There are savings and continuing pension to share. The two parties have to agree on who goes with what. You will need to understand what the law provides in regard to these issues. The mediators and judges also look at the most reasonable, realistic, fair and desirable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
Considering that divorces are usually tense and acrimonious, discussing the issue soberly becomes a huge problem. In fact, most of the details are skipped because the environment is not sober for such a discussion. There are short term financial matters to discuss as well as long term issues. If they are not addressed or they are handled inadequately, the discussion is bound to recur many times in future causing one partner to resist or feel aggrieved.
Each scenario is different when discussing finances. For instance, the existence of a pre-nuptial agreement may shorten the debate. If a couple has invested together, the discussion will take another trajectory. When both partners were earning salaries or contributing to daily expenses, the dimensions will also change. Where there are children, their welfare must also be considered in the discussion.
The first issues to handle are immediate financial needs. This is aimed at shielding the parties from debts or constrains as the deliberations continue. A quick solution is to utilize the liquid cash available or attach assets that can be liquefied with ease. If the partners expect salaries or wages on regular basis, it is used to cater for immediate expenses. This prevents the welfare of both parties from being compromised in the course of discussions.
The middle and long term financial needs of divorcing parties and their dependents is the next item of concern. There should be an agreement on what each party gets, from where and for how long. The current financial positions and the responsibilities that will be assigned to each party will guide the negotiations. What each partner has been contributing in the past will be considered.
One of the most difficult issues to settle is that of assets. Families have assets that need to be shared mostly because they cannot be utilized jointly. These assets include cars, houses and businesses. Where existing resources cannot buy the other party a similar car or house, one has to surrender it in favor of the other. Sentimental attachment and the struggle of starting all over make it difficult to determine who goes with which asset.
There are savings and continuing pension to share. The two parties have to agree on who goes with what. You will need to understand what the law provides in regard to these issues. The mediators and judges also look at the most reasonable, realistic, fair and desirable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
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