3 Complicating Factors To Eliminate Before Filing For A Divorce
A divorce is a legal separation of two legally joined people, which means a conjoined life two people build together as one recognized legal unit must be divided. Because married couples can do many things together, the division of the two people into individuals can sometimes be a complicated and complex process. If you and your spouse are headed for a divorce, and you have built a life together that holds many shared properties and responsibilities, it is always best to eliminate some of the complicated factors before filing. Here are a few complicating factors to work out on your own or with the help of a divorce lawyer before you file for a divorce.
Shared Business Operations
It is not at all uncommon for a married couple to open a business ass a joint venture. While you are married, this can work out well, but when you go through a divorce, having a shared business can make the whole process complicated. If at all possible, work out how the division of the business will be handled before you file for divorce. This may involve one of you buying out the other party or one of you granting ownership to the other party, but it is much better if the two of you can decide amicably than to have a judge decide what happens to the business for you.
Shared Retirement Plans
Some married couples plan for retirement together, and some even have shared retirement accounts. This idea is wonderful for both parties in theory, but if you ever get a divorce, a shared retirement plan can be really confusing. The judge will have to wade through years of information to figure out who contributed what monies and who holds rights to the funding. In most cases, the retirement funds will be split equally, which may not be completely fair. Therefore, it is better if you can divide a shared retirement plan and account on your own.
Shared Debts
Perhaps you both have your name attached to the house mortgage or a bank loan. This is pretty common for married couples to do, but it can make things difficult during a divorce. Because a debt is shared, it will likely be deemed that both parties are equally responsible for repayment. If you do not want certain debts to be shared, make sure you make arrangements for the debts to be cleared or designated before filing for divorce.
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