Money and Divorce - Financial matters play a huge role when a marriage is ending. Please don't ignore this stuff!
Some people stay with the spouse even in very bad circumstances because of the financial situation.
Quick story. I have a friend who does in-home personal training to many wealthy housewives.
This trainer has told me that on many, many occasions the reason this particular housewife is getting in shape is for a man outside of their husband.
Now she has commented that this does go both ways, but for the housewife, who stays at home and hasn't worked in years, she would have to leave perhaps an ideal situation of money (of course there is alimony which we'll discuss).
That thought in itself is scary for these women (or men in some instances) and they prefer to sneak around and stay married because of the lifestyle they've become accustomed to.
Bottom line is there are a number of factors when it comes to money and divorce.
Each money and divorce topic above will divide into a number of subsets and articles that will provide you tips, strategies, and action steps to get you on the right track as the road can be very bumpy along the way.
To end the money and divorce overview, let me share part of a story. Since this involves financial matters I will leave the couple's personal names/information out of it, mainly because it ended badly.
They were kind enough to share with me knowing what my background and education are...
The couple was young when they married. Money was always tight as they grew into adulthood, but they worked together to make it work. As years went on, income grew, children came, homes were purchased, retirement accounts were filled, businesses were started, failed and re-started.
Good jobs were achieved. Items were purchased. Debt grew, not out of control, but as we accumulate stuff debt tends to go along with some of that.
A number of years into the marriage (let's say they made it past the normal honeymoon phase), the couple is unhappy, sees no way to fix it (there's always a way if you're committed), and decides to get divorced.
Because of this one decision that was made without putting thought into various aspects, including financial matters, things were not planned well.
The first few months into the split, everything was going fine. However, it was a ticking time bomb waiting to happen. They had rented out their old home, bought a larger home to raise a family in, financed two cars, had children, had some credit card debt and student loans. Basically they were a standard middle class family just trying to build their future.
Right after the wife leaves, the couple renting their home decides it is time for them to divorce as well. Rent was paid for a while. The house was maintained for a while. Then it all blew up.
Tenant informed the couple they could not afford to live there. Everything seemed fine until it was found the home was destroyed and needed thousands in work to make it livable again.
That was one issue to try and tackle. The next one came along as they tried to sell their current home. In a down real estate market, the house actually sold three weeks later.
That was probably the first bit of good news they received until the inspections noted over $20,000 worth of repairs that had to be done. Deal fell through.
In this case, the couple divorcing has to work together to try and save two houses at the same time.
Fighting ensued on who was to handle what, take over what debts, manage which house, whether the husband should begin helping with support for the child, etc.
Let me finish this story for now by indicating that this perhaps could've all happened if they had still been married. The point is that the couple was going through a divorce and we want to indicate that financially, things can spiral out of control very quickly.
It got to a point where they felt like they were being buried alive and could not breathe nor get out. We'll continue to tell more of this story as we go along, but we want you to consider the effects of money and divorce and how that plays a major role during and after the process.
Being trained in finance and accounting work I may be able to assist with questions. Simply contact me here and I'll work with you the best I can or refer you to someone who will.
This is where you can share your own divorce advice, tips, wisdoms, and more. You don't have to leave any personal information if you don't choose to, but it helps others to at least understand the various aspects divorce presents since the journey can be different for everyone. Please share!
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