Most Common Financial Concerns During a Divorce

Money is an ongoing concern for many and it can often cause problems for marriages, occasionally to the point where it ends in divorce. However, divorce brings with it, money trouble of its own.

Splitting Possessions

There may be a house, a car and even a collection of some kind all of which will have to be divided. This is a big part of the divorce process and the way it works has some relevance to where you live.

There are two forms of states known as community property states and equitable distribution. Community property states see all belongings as being owned by both parties. This does not necessarily mean that everything is split 50:50 and belongings are split in a fair way.

Equitable distribution states indicate that any property obtained during the marriage will belong to the spouse that earned it. In the case of divorce, the two parties have the assistance of solicitors and such to help them divide belongings in a fair way.

Splitting Debts

Splitting debts is very different to splitting assets because you have to share the money that you owe. Therefore, it is important for all involved to understand what is owed and who owes it and there is always the scope of settling the debts at this point by selling something such as a property. There is the possibility of swapping debt for assets when they property is divided but there is also the possibility of splitting debts equally – this of course depends on how amicably the divorce is.

Tax problems

Splitting assets and debt are usually at the forefront of the divorce arrangements yet there are tax implications to consider.

As you are not considered to be married any more, following divorce, your filing status changes. There is the possibility that capital gains tax could be expected, particularly if you receive a large amount when the property is divided and there is every chance that the legal fees linked to your divorce could be susceptible to tax.

Child support and any other family support payments could be taxed and if there are children involved, who will be exempt from making the payments? The tax payments can be quite high and so they have to be considered.

Are there children involved?

It is never a pleasant experience if there are children involved in the divorce, but the main fact is that they cost money. The cost of raising a child up to adulthood can run into the hundreds of thousands of pounds and this involves providing them with a home, clothes, food, school and a lot more and so, when it comes to divorce, child support becomes an issue.

If you are not granted custody of the child then you will have to provide regular payments as a form of child support. These are payments that you will have to commit to until your child reaches 18 years of age.

The payment will be made to the other parent as they are the ones who has to pay for the majority of costs associated with raising a child.

When it comes to divorce, things can become extremely complicated and so there are hurdles and barriers to slow you down along the way. While money may have been the reason for your divorce it can certainly cause you problems beyond that, but understanding some of the financial concerns when it comes to a divorce will prepare you for what lies ahead.

Author Bio K J Smith Solicitors are specialists in family law, with an expert team of family law professionals who are experienced in all aspects of family and divorce law.

Dating After a Break Up

After a divorce or the breakup of a long-term relationship, it may be tempting to get right back into the dating scene. One may feel lonely and crave companionship, erroneously thinking only a romantic partner can fill this need. The fear of being on one’s own can be the push to flit from relationship to relationship. Consider taking a pause from dating to think things through and regroup. This is the opportunity to do a self-assessment and discover who you really are. Have you been a reflection of your spouse and not clear about what are your own passions, ambitions and interests? Some folks I interviewed, saw themselves as part of a single unit (couple) instead of as a whole entity (person). No wonder after a death or divorce, they felt like a fragment and very lost.

Have a Full Life Before Dating Again

Take the time to be comfortable with your own company and not require a companion 24/7. Guys have told me that some mutual female friends were “too needy” and they quickly parted ways. When someone has a life packed with hobbies, cultural activities and friends, they are captivating to others. When an individual is not waiting around for a date, but rather is hiking the Appalachian Trail or doing a charity bike ride in some far flung locale, this is what is attractive to others. One can have adventures abroad or in their hometown. Yes, mourn the past relationship, acknowledge and process your emotions, then get on with life before entering into a new relationship. When we do not pause between relationships, we can drag old issues into new ones. Look at why you broke up, take responsibility for your part in it, so that you do not repeat the past mistakes.

Patterns with Dates

Look for patterns. If you are having a series of breakups it could be that you are dating the same type of person over and over again. One acquaintance dated mainly biker dudes and wondered why her guys drank and partied so much. Another one dated a few Narcissists and complained about their preoccupation with themselves. Talking to trusted friends can help one see a destructive pattern with their choice of dates. Ask them if your new date also has these undesirable qualities. I know some people who met with dating coaches and were quite pleased with the results. They learned how to accurately access new dates and how to present themselves in the best light. All said it was money well spent. One gains some clarity with their dating situation when getting feedback from a neutral third party. Please read more   https://digitalromanceinc.com/breakups/dating-after-break-up-step-by-step-guide/

Parenting Plan for Relocating with Children Post-Divorce

The most obvious aspect of your parenting plan that will need adjustment is the custody and visitation schedule. Chances are that the primary residence will remain the same, but the visitation schedule will not. A parent that may have had time with their child every weekend might now only see their child one weekend a month, but more during summer vacation. You will also need to take the travel time into consideration. Regardless of how your visitation schedule will need to be adjusted, it’s important to get all the details worked out before a move.

It’s no question that separation and divorce can be difficult for children. While it might actually create a better environment for them in certain circumstances, they don’t always understand that at the time.  Add in a geographic move of one of the parents into the mix, regardless of whether the child has to relocate as well, just creates another whole level of complexity.   

Create or Amend Your Parenting Plan to Reflect Your Living Situations  

If you are divorced or divorcing with a child or children, you will need or already have a parenting plan. This plan should contain everything about how both parents will cooperate in regards to raising their children, from how time will be shared to how expenses will be handled. If one parent plans to move a significant distance away after a parenting plan has been created and approved by the family court, it will need amended to reflect any changes.  

Here are some of the major points that need to be considered.   

Transportation is Important  

Most parenting plans have details about pick-up and drop-off times and locations. But, that gets much more complicated when long distances are involved. Long distance travel takes time. Anything involving a considerable amount of time needs to be looked at and potentially amended because it affects the time-share between parents.  Additionally, travel expenses can add up fast. Don’t forget to include in your new amended plan which parent will cover what expenses.  

You also need to put in clear text how the child will travel. Will they travel with a parent, and if so, which parent is responsible for that? Of, if their using public transportation, who will be responsible for making the travel arrangements?  

You can never be too detailed with all of this information.  

More Miles Doesn’t Mean Less Communication  

Your original parenting plan should include provisions about parental communication. That doesn’t change if one parent moves.  

You still need provisions and both parents still need to communicate. And, with all of the communication technology available today, that should not be a problem.  In fact, the distance makes communicating according the parenting plan even more important.  What might need amended though is how the child will communicate with the parent they do not live with. One example is that an amendment about video calls might be considered.  

Adjust Your Schedule   

The most obvious aspect of your parenting plan that will need adjustment is the custody and visitation schedule. Chances are that the primary residence will remain the same, but the visitation schedule will not. A parent that may have had time with their child every weekend might now only see their child one weekend a month, but more during summer vacation. You will also need to take the travel time into consideration.  

Regardless of how your visitation schedule will need to be adjusted, it’s important to get all the details worked out before a move.

In Summary

Any time one parent in a co-parenting environment makes a significant change in their living situation, both parents need to revisit their parenting plan and see if adjustments need to be made. These adjustments will need to continue to reflect what is best for all children involved. They will also need to be approved by the family court, so remember to use legal terminology and only edit what absolutely must be changed.

Tim Backes is the author of this article and senior editor for Custody X Change, a co-parenting custody scheduling software solution.