What To Look Out For In A Divorce Situation

The Reality Of Divorce Laws

 

            Prenuptial agreements are something that a lot of people don’t think about or don’t want to bring up in the beginning of their marriage, for obvious reasons. Nobody wants to start a relationship by saying, “I want to spend the rest of my life with you…but just in case it doesn’t work out please sign here and initial here.” The fear is that it will sour the new marriage and potentially make things awkward. This is a legitimate concern; however making the decision to sign on the dotted line could be a game changer down the line. It’s a little known fact that married couples, more or less, have a state imposed prenuptial agreement, of sorts, once they are married that dictates what happens in regards to assets and custody in the event that the divorce is terminated. What you don’t want to have happen is to push this to the back burner, make the decision to get a divorce and then have the state start making decision for you. In this regard it’s important to have all your proverbial ducks in a row in terms of financial documents, wills and other legally binding documents that can affect you life in significant ways.

The Current Is Stronger Than You Think. Getting divorced without a plan of action or an exit strategy can be like dying without a will. The state will step in and act according the laws and statutes in place at that time. You don’t want to have an outside third party entity, i.e. the government, show up at your door and start freezing assets. Another potential pitfall is having things like your 401k inherited by your ex husband or ex wife. If you don’t make plans for this kind of stuff then the odds of having something done that don’t want increase exponentially.

Right Down The Middle. We all have things that are special to us whether it’s a priceless family heirloom or a time share in Hawaii. Getting a divorce can be expensive, but you don’t want to be surprised by the expense, it’s better to know what’s coming. If you were to split things right down the middle with your soon to be ex spouse, that might include the things that you wouldn’t think would be split, like that timeshare or your grandfather’s Cadillac. It’s not unheard of for people to just assume that property like that is automatically theirs and can’t be taken away from them and have been caught with their pants down and lost the most important things to them. To reiterate, it’s important to always have an exit strategy. In an ideal world things would just move smoothly, there wouldn’t be any vindictive spouses and everyone would just go about their business. Unfortunately, you have to prepare for the worst sometimes. And that means protecting yourself and the things you value. The internet is a great place for information on how to do stuff like this and as always, the world’s largest forum for people’s opinions and misinformation. Be careful what you take as fact or fiction.

 

See more at –> www.AboutTheChildren.org

(800) 787-4981

 

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Tagged with: Divorce, Financial, prenuptial agreement
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