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.
A sober discussion during divorces is sometimes very difficult because the process is characterized by acrimony and tension. It is in this confusion that the nitty gritty of short, medium and long term financial settlement are lost. When they are not settled in a reasonable and agreeable manner, problems are likely to arise in future causing the deliberations to be reignited. It might prove difficult to solve then.
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.
Immediate financial needs of both parties and their dependents must be addressed. The idea is to give all parties financial stability before all issues are addressed so that they do not fall in debt. The first target is to utilize liquid cash available in banks or expected from salaries and wages. Assets that can be disposed quickly to cater for the needs of dependents may also be targeted by the judge or mediators.
Once immediate financial issues are settled, it is time to focus on medium and long term concerns. You need to agree on the assets that will be covered under long term settlement. The sources of income, how much each gets and for how long is a discussion you must have. The contributions of each partner and responsibilities will have to 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.
Savings and on going salaries alongside shares are a challenging element of discussion and have an effect on final agreement. Though responsibilities determine the proportionate allocation of resources, situations may change in future. The best way is to be familiar with the laws in order to know how best to circumvent it. All parties in the debate must focus on getting a realistic, fair, desirable and reasonable solution.
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.
A sober discussion during divorces is sometimes very difficult because the process is characterized by acrimony and tension. It is in this confusion that the nitty gritty of short, medium and long term financial settlement are lost. When they are not settled in a reasonable and agreeable manner, problems are likely to arise in future causing the deliberations to be reignited. It might prove difficult to solve then.
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.
Immediate financial needs of both parties and their dependents must be addressed. The idea is to give all parties financial stability before all issues are addressed so that they do not fall in debt. The first target is to utilize liquid cash available in banks or expected from salaries and wages. Assets that can be disposed quickly to cater for the needs of dependents may also be targeted by the judge or mediators.
Once immediate financial issues are settled, it is time to focus on medium and long term concerns. You need to agree on the assets that will be covered under long term settlement. The sources of income, how much each gets and for how long is a discussion you must have. The contributions of each partner and responsibilities will have to 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.
Savings and on going salaries alongside shares are a challenging element of discussion and have an effect on final agreement. Though responsibilities determine the proportionate allocation of resources, situations may change in future. The best way is to be familiar with the laws in order to know how best to circumvent it. All parties in the debate must focus on getting a realistic, fair, desirable and reasonable solution.
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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