What to expect when you’re divorcing
When Alabama couples see the end of their marriage in sight, they may often contemplate how life would be without their spouse. No matter what preconceived notions individuals may have of a divorce, however, it can be different actually going through the process firsthand. Accordingly, it is useful to know what expectations individuals should have when approaching a marriage.
One key aspect in any divorce is the asset division that takes place to divide the couple’s marital property. While courts will attempt to fairly divide the property obtained during the marriage, it is important for individuals to approach property division with a view toward the future.
For starters, if one spouse wants a particular piece of property, it is important to negotiate this with the other spouse. A spouse with a business, for example, may need to negotiate in order to retain complete control over the business interests, while giving up other assets like the family home.
While courts attempt an equitable distribution, this is not always accomplished in each case, particularly in those involving complex property division. What’s more, spouses must realize going into the divorce that a divorce court cannot ensure individuals will maintain their standard of living after the divorce. It is often cheaper for two individuals to live together, and therefore spouses may need to prepare for the financial impact of living alone.
Indeed, spouses should understand the new lifestyle they are transitioning into after a divorce. Aside from ensuring their finances are in place, individuals likely will need to update their estate plans and reassess their insurance policies.
Of course, not all of this needs to be done at once. However, by understanding the full process of divorce, and a person’s needs, spouses can be more prepared going into the divorce, and know what they need to do in order to handle the process effectively and efficiently.
Source: Fox Business, “Starting your financial life over after divorce,” Andrea Murad, Mar. 22, 2013