Divorce or even separation of persons with properties or children can never be concluded without looking at finances. The involvement of courts and arbitrators is to ensure that a binding solution is found. Finance divorce matters are challenging where the issues involve long term finances like ongoing support or sharing of existing assets.
A sober discussion during divorces is sometimes very difficult because the process is characterized by acrimony and tension. It is in this confusion that the nitty gritty of short, medium and long term financial settlement are lost. When they are not settled in a reasonable and agreeable manner, problems are likely to arise in future causing the deliberations to be reignited. It might prove difficult to solve then.
Issues to do with finances will differ from one family to the other. They will also be determined by the pre-nuptial agreement, if it existed. Couples who have invested together have a complex discussion to deal with. Where both were actual contributors of finances, the issues may be lengthy. Where children are involved, the discussion will take another dimension since the welfare of children has to be considered.
The main items of discussion include immediate financial concerns. This means finances to keep the parties involved going without having to send them into debts. It may mean splitting or utilizing the liquid cash or existing assets. The vulnerability of both parties and dependents must be established. In case there is no liquid money, the mediator or judge may consider disposal of assets or attachment of salaries.
Once immediate financial issues are settled, it is time to focus on medium and long term concerns. You need to agree on the assets that will be covered under long term settlement. The sources of income, how much each gets and for how long is a discussion you must have. The contributions of each partner and responsibilities will have to be considered.
Sharing of assets under individual names or joint ownership is another crucial consideration. Since most of these assets cannot be used jointly like houses and cars, the best approach is usually to sell them and share the cash. Where money exists, it may be used to buy a house or a car if there are objections to selling the existing ones. The challenge is usually sentimental attachment and inability to convince one party to let go.
Pension, shares and savings need to be considered and settled as part of the final agreement. This is combined with consideration for salaries or other finances that will be received and the responsibilities assigned to each party. To be on the safe side, familiarize yourself with provisions of the law on divorce and sharing of finances. The ultimate goal is to get the most desirable, fair, realistic and reasonable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
A sober discussion during divorces is sometimes very difficult because the process is characterized by acrimony and tension. It is in this confusion that the nitty gritty of short, medium and long term financial settlement are lost. When they are not settled in a reasonable and agreeable manner, problems are likely to arise in future causing the deliberations to be reignited. It might prove difficult to solve then.
Issues to do with finances will differ from one family to the other. They will also be determined by the pre-nuptial agreement, if it existed. Couples who have invested together have a complex discussion to deal with. Where both were actual contributors of finances, the issues may be lengthy. Where children are involved, the discussion will take another dimension since the welfare of children has to be considered.
The main items of discussion include immediate financial concerns. This means finances to keep the parties involved going without having to send them into debts. It may mean splitting or utilizing the liquid cash or existing assets. The vulnerability of both parties and dependents must be established. In case there is no liquid money, the mediator or judge may consider disposal of assets or attachment of salaries.
Once immediate financial issues are settled, it is time to focus on medium and long term concerns. You need to agree on the assets that will be covered under long term settlement. The sources of income, how much each gets and for how long is a discussion you must have. The contributions of each partner and responsibilities will have to be considered.
Sharing of assets under individual names or joint ownership is another crucial consideration. Since most of these assets cannot be used jointly like houses and cars, the best approach is usually to sell them and share the cash. Where money exists, it may be used to buy a house or a car if there are objections to selling the existing ones. The challenge is usually sentimental attachment and inability to convince one party to let go.
Pension, shares and savings need to be considered and settled as part of the final agreement. This is combined with consideration for salaries or other finances that will be received and the responsibilities assigned to each party. To be on the safe side, familiarize yourself with provisions of the law on divorce and sharing of finances. The ultimate goal is to get the most desirable, fair, realistic and reasonable settlement.
It is advisable that you agree before involving authorities in your settlement. This makes it easier to agree other than have a decision forced on you. You need to involve an expert who can even help you unearth hidden assets. The pre-nuptial and post-nuptial agreements will prove crucial in guiding the decision of the judge. Where they do not exist, the mediator or judge will be forced to exercise discretion.
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