Divorce And Settling Finances

In society today, more than half of marriages end in divorce

. While this statistic is sad, and even disturbing, it is true. Some will put the statistics a little higher than this, and others will report them slightly lower, but divorce is prevalent no matter how you look at it.

When a marriage ends, there is much to be settled. If the couple owned property, this must be divided. If they have children, custody issues must be solved, and the children must get any help they need in dealing with the breakup of their parents. A married couple is likely to have credit cards together and bank accounts together as well. Settling the finances in a divorce becomes a messy situation. While many states will have each partner in a relationship entitled to half of everything, it doesn't play out this way so easily. When one partner in a relationship brings in more income than the other, they feel as though they should be entitled to more than half of the money. When children are involved, child support must be determined and if the custody is evenly split, the divorcing couple will need to figure out who will claim the children when it comes to be tax time. When there are joint debts, it must be determined who will pay for what in regards to the debt. Settling finances can take a long time and can be one of the more difficult aspects of a divorce. Divorce can leave one or both parties in serious debt and can cause financial distress or ruin.

With the prevalence of divorce today, some people rely on things like prenuptial agreements. Other people have taken to keeping their finances completely separate when they are married. Having separate accounts, separate credit cards and having assets like real estate or vehicles in one person's name or the other person's name, not in both names. Divorce has made people very aware of their finances in a marriage. People, although they are not going into marriages with divorce in mind, do take steps to keep things clean financially, which is not a bad idea in case the relationship ever does take a turn for the worst.

by: kevin

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