We've all seen the television commercials that tell us that not enough Americans do adequate financial planning for their retirement years. Interestingly, a study by Fidelity Investments found that people are doing even less planning for retirement than they were just two years prior.
We're all much smarter in hindsight, right? Unfortunately, when going through a divorce, mistakes can be costly. Whether they're made from lack of knowledge or emotions such as anger, too many people realize at some point that they should have done some things differently.
Many couples reject the idea of a prenuptial agreement because they believe that it's "planning for failure." However, whether you choose to get a prenup or not, doing some wise individual financial planning and saving during your marriage can help prevent unexpected and unpleasant consequences should the marriage end. Further, it's important that both spouses are involved in the financial decisions, managing the budget, paying the bills and saving for retirement.
When spouses are listing and dividing up their assets in a divorce, occasionally an important one that gets overlooked is a timeshare ownership. Perhaps one spouse was handling the payments, so the other spouse may have forgotten about it -- particularly if they hadn't vacationed there for awhile. However, forgetting about a timeshare can cause you legal and credit problems down the line with the resort if neither of you is paying for it after the divorce.
Many couples don't consider drawing up a legal agreement when they decide to live together. They're not getting married, at least not yet, so there's no messy divorce to worry about.
When divorcing Floridians own a business, including a medical, legal, accounting or other professional practice, there are added layers of complexity to the division of property. In addition to fighting to retain as many of your personal assets as possible, you may end up having to fight to keep the business you've worked hard to build.
It's always a wise idea to have a prenuptial agreement before you get married in order to detail how assets and debts will be divided in case of a divorce. However, for spouses who didn't get a prenup before tying the knot, a postnuptial agreement is always an option.
Most people invited their friends to give then gifts when they get married and have children. However, very few people reach out for help when they may perhaps need it most -- when they're going through a divorce. Even though divorce has lost much of the stigma it once had, many people still view it as some type of failure or something to be ashamed of.
You're contemplating divorce, or you think that your spouse is. One of the things that you may be concerned about is your spouse's financial situation. Is he or she in serious debt that you don't know about? Is there money in accounts that you're not aware of.
When two people get married, they merge their lives and their assets. When they get divorced, they need to separate themselves as well as these shared assets. Unfortunately, too many people expect the separation of these things to be just as simple as the merging likely was, but that is not necessarily true.