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“Gray divorces” are becoming more prevalent these days. That’s when couples in the 50+ age group call an end to their often long-term marriages. While divorce at any age can be difficult, these later-in-life breakups present their own unique challenges. For one thing, many of these couples are facing an end to their careers, which translates into a potentially lower income and less time to rebuild after a financial setback.
Divorce at this stage of life also puts the retirement picture in a whole new light. The financial resources that a couple has accumulated over many years of marriage now has to support two households instead of one. But divorce, even at this late stage, doesn’t necessarily mean an end to your retirement plans. There are steps you can take to salvage your relaxation plans when you finally decide to leave the workforce. For ideas on how to still enjoy retirement after divorce, read “5 Ways to Stop Divorce from Wrecking Your Retirement.”
The distribution of assets is one of the biggest hurdles, after matters pertaining to children, that a divorcing couple faces. While it may be easy to assign ownership to certain assets, big-ticket items like the family home are a different story. Some couples just want a clean break. They sell the house, split the proceeds and move on. For others, it is not that simple.
There are a number of reasons someone would want to keep the house following divorce, the main one having to do with not uprooting the children. Another reason is not wanting the added challenge of adjusting to a new home, with or without children. Whatever your reason, once you decide you want the house, the next step is to figure out how to make this happen — buy out your ex, take out a loan, swap another asset for the ex’s share of the house. For a guideline on what to consider before fighting for the house, read “Follow These Steps To Keep The House After Divorce” and make sure you can afford it.
One of the difficult end-products of divorce is learning to navigate the unique challenges of co-parenting. Coordinating schedules and synchronizing parenting styles with your ex while dealing with your own mixed emotions and lifestyle adjustments is hard but necessary for the sake of the children.
The good news is you’re not alone; many parents before you have gone through the same situations and faced the same challenges – and you can learn from them. “8 Tips for Better Co-Parenting After Divorce” offers real-life advice from two moms who have been there.
Celebrating the holidays after divorce can be an extremely stressful situation. During this season, we put a lot of emotional value on family traditions, which are often passed down from generation to generation. These traditions are what make our holiday celebrations uniquely special, but they are also what makes facing the holidays after divorce so difficult for adults and children.
Divorced couples who plan to co-parent their children need to create new traditions to accommodate their new family structure. To do this effectively requires compromise and open-mindedness. For tips on how to avoid conflict and miscommunication and keep the holiday excitement alive for your children, read “Coordinating Child Custody During Holidays.”
Couples rarely enter a marriage thinking that their union will one day end in divorce. Yet, it happens, and when it does the financial consequences can be catastrophic, especially for the small business owner. In this case, divorce not only impacts your immediate family, but also your business partners and employees.
A business can become part of the property battle between divorcing couples. Sole proprietors or those who are in business with their spouse potentially can lose everything. The divorce of a business owner in partnership with non-family members, on the other hand, can be financially damaging to those partners. And then there’s the drain on the company finances, not to mention the emotional toll on the divorcing owner – these can trickle down to affect everyone who works with the company. To learn more about the toll divorce can have on a small business and the strategies that might help lessen that toll, read “In owners’ divorces, businesses can become part of the fight.”
By now, most people understand that a prenuptial agreement, or prenup, is not something that applies only to the rich and famous. In fact, a prenup can save a lot of time, pain and emotional turmoil for any married couple should their marriage end in divorce. But what is a cohabitation agreement and are the two interchangeable?
Cohabitation agreements are contracts between two individuals who are in a romantic relationship and share the same household. These agreements address a variety of financial, personal and family issues and how they should be dealt with in the event the relationship ends. Although they sound very much like a prenup, there are some basic differences between the two. For one thing, a majority of states have laws that pertain specifically to prenuptial agreements; cohabitation agreements, on the other hand, are governed by general contract law.
To learn more about cohabitation agreements and whether you should consider one, read Money Crashers’ “What Is a Cohabitation Agreement – Why You Need One Before Living Together.”
Divorce is an emotional, complex process and it can be painful for everyone involved – especially the children. While parents are busy hashing out the terms of their divorce, including finances, asset distribution and custody arrangements, the children are left to deal with a lot of uncertainties as they watch their lives spin out of control.
The husband/wife relationship may be ending, but the parent/child relationship remains intact – and no parent likes to see his or her child suffer. It’s important for both parents to take the time to make the divorce process less traumatic for their children. The article, “33 Important Ways to Prepare Your Child for Divorce,” offers some practical advice for doing this.
If your dreams of the perfect wedding include lavish venues, exclusive designer gowns, gourmet food and star-studded entertainment, your marriage could be in trouble before it even starts.
A recent survey found that almost half of those couples who went into debt to finance a lavish wedding eventually considered divorce, citing money as the reason. That’s in sharp contrast to their more frugal counterparts who managed to keep their wedding plans within budget; less than 10% of the couples in this group later considered divorce. Why would the cost of a wedding have any affect on the longevity of the marriage? Read “Couples who go into wedding debt are more likely to consider divorce” to find out.
Raising kids can be a tough job and most couples are thankful they have each other to lean on especially when the more complex issues of child-rearing come up. What happens, though, when those couples split? Divorce throws parenting into a whole new context. Couples who once willingly cooperated for the sake of the family are now fighting to protect their own interests. A well-thought out parenting plan helps couples remain effective parents through this adverse time.
Parenting plans are court-approved agreements negotiated by divorcing spouses and their attorneys, and they involve much more than just which parent has primary physical custody of the children. Your parenting plan needs to address the challenges of your family now living in two homes instead of one, and should cover everything from who the primary decision maker is to how future disputes will be resolved. “Everything Divorced Couples Need to Know About Parenting Plans” outlines the elements that are essential to an effective parenting plan.
New Jersey Family Law Blog