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Recipes For Life

Helpful (Financial) Things to Consider If You’re Contemplating Divorce

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Practically everyone thinks that 50 percent of marriages in the United States end up in divorce, and while that may be somewhat true, it is not entirely accurate. Still, divorce is definitely NOT an uncommon thing, and not only in the United States. In other countries where divorce – or some form of it – is legal, more couples are facing the sad reality that is divorce.

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If you are still not 100 percent sure about getting a divorce, there is absolutely no reason to rush it! There might be other options, and you might actually be worse off if you go down that road. So here are some financially helpful things that you really need to ponder on if you’re thinking about getting a divorce.

  1. Be informed. Consult the pros. Let’s get this out of the way – at the end of the day, the decision to get a divorce will be affected by so many factors that finances may not matter anymore. Whatever the reason may be, however, being informed and having professionals guide you is the best route to take. Don’t just take on any lawyer, but make sure that the firm/lawyer is specialised in family and/or divorce law. In the Milwaukee area, Campo Blumenfeld LLP Attorneys at Law is a prime choice.
  2. Create a balance sheet of your current finances as a couple. Whether you’ve been living as husband and wife for a year or for a decade, you will have to face the fact that a divorce will affect your income. Before you can look at the financial future, though, assess your current finances. More than your joint income, pay particular attention to all your liabilities and assets as a married couple. Then, label each liability and asset according to whether it is joint or individual. Once you’re done with this, you can easily assess if you’re going to come out of a divorce financially okay.
  3. Peruse your joint IRS tax returns. Preferrably, take a look at the last 3-4 years. This will give you a better idea about your finances, as well as things such as pension/retirement accounts.
  4. Create your future budget. Pretend you’re actually divorced and living on your own (or perhaps with the kids). List down all your potential income and expenses, and create a budget out of this information. This will help you see into the future and perhaps help you decide if you can hack it yourself financially.

Whether you decide to get a divorce or not, at the very least, you have a better grasp of the state of finances, right?

Things To Look For in a Divorce Lawyer

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Going through a divorce can be a very stressful experience. Whatever people say, it’s going to be an emotional experience for both parties and it gets more complicated when it comes to negotiations (and especially more so if you have kids).

If you are going to go through a divorce, one of the most important things you need to do is to choose a good divorce lawyer. Your divorce lawyer will help you through the whole divorce process and offer advice on what steps to take and explain the options that are available to you.

If you’re on the lookout for a good divorce lawyer, follow these tips: [Read more…]

What to consider in child visitation agreements

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One of the important parts of finalizing the divorce and child custody agreement is the schedule of visits. Naturally both of you want to spend as much time as possible with your child. This can be quite tricky if you are living very far apart from one another. And there’s always the debate on holidays—who gets to have the child on Christmas and Thanksgiving? Here are some things to consider while you work out those details. [Read more…]

Stupid, unfair, and totally damaging myths on divorce

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It’s sad that even in this day and age, divorce carries a stigma. ‘When I tell people I’m divorced they give me this look—either they’re sorry for me, or are judging me for not making my marriage work. Or, even if they don’t, I am afraid they will,’ admits one recent divorcee.

It’s crucial that we see divorce for what it is: a simple decision to end a marriage. Everything else is just bias and prejudice that needs to be set aside. Here are some of the myths that propagate a stigma. [Read more…]