It is unfortunate that life is not always love, bliss, and roses. Many couples experience divorce which can be emotionally draining on the couple, family members, and friends. However, there is a percentage of couples who do separate quite amicably. If you can work out your finances in an agreeable way, this will help you to move on with your own life. No matter how old you are or how long you have been together, you will probably have a considerable amount of joint finances tied up in property, debt, and savings. Sometimes tough decisions will need to be made.
Look at your cash flow
Any outstanding bills will have to be cleared. You will then have to work out if it is possible to run two households on the income each of you have.
Joint assets are usually vaguely known by each person in the relationship. However, there is much more to take into account than your home, your vehicle, and your bank accounts. Any investments, superannuation accounts, and pensions must also be taken into account. Needless to say, separating joint assets can be tricky. It would, therefore, be a good idea to seek the help of a Rockville divorce attorney (or law practitioner elsewhere) before taking any decision related to property division. Legal experts can help in negotiating a reasonable and fair division of assets; they can advocate on behalf of their clients to ensure their interests are protected.
How many loans and credit cards are in joint names? These joint debts will have to be attended to. When that process is done, get rid of any cards with joint names. Each person should then apply for a card in one name only.
Many couples will have to make a tough decision if one partner wants to keep the marital home. The first question to ask is: is it financially possible? The spouse who wants the home could take out a loan to pay the other out. With this money, the spouse who has left the family home will then be in a position to purchase another property. It is better to speak to a lender with expertise in refinancing.
Don’t rush things
In the heat of the moment, many spouses make emotional decisions and wish to walk away from everything. This is the reason why it can be essential for divorce lawyers to be there and mediate. Handling the procedure might seem like a good idea at the time, but months later, reality will set in and you will then wish you had taken what you were entitled to. Do not allow anyone to put unjustified pressure on you, especially your spouse or his/her legal advisors.
Divorce could be a very turbulent time and it is essential to not make any hasty decisions because it could spell more trouble for you, legally, and financially. So, you should think carefully and plan out the course of action in a calm and cool manner. Try to seek Independent Legal Advice from dedicated professionals before you finalize any decision. Consulting professionals could benefit you in the long term as they could provide you with rational advice to help tackle such problems and salvage what you can from the marriage from a legal viewpoint.
If you have tried to sort things out but seem to be going around in circles, mediation may help you settle things. Parting ways may sometimes make things financially difficult for one or both parties. Some lifestyle changes may be needed. A big question is whether to rent or buy. Everyone wants some type of secure living arrangement. You may be able to pay out your joint mortgage and take on another mortgage to purchase a property of your own. Lenders come across this situation weekly and can offer solutions like a Clear Path Home Loan from BOQ. This type of straightforward loan suits many people looking to purchase a property the second time around.