Nearly 50% of marriages in the United States will end in divorce. This statistic means that if you are married, there is a good chance that you will eventually go through a divorce. While it is impossible to predict whether or not your marriage will end in divorce, there are some things you can do to prepare yourself for the possibility.
If you are in a divorce, you may face many complications. Nearly all of them will trigger great stress, so it is essential to stay prepared. It will be a tiring phase, especially when everything you once thought was permanent changes in the blink of an eye.
Regardless of your divorce’s complications, it is essential to remember that you are not alone. Many people have gone through or are currently going through a divorce. You can get through this tough time by seeking support from family and friends, talking to a therapist, or joining a support group.
Still, there is no getting away from the fact that divorce can be complicated. The following are some of the most common complications you may face during divorce.
Asset Division
Married couples collect many assets throughout their relationship. These assets can include property, savings, investments, and retirement accounts. When a couple gets divorced, they must divide these assets between them, and that includes money.
Dividing assets is often one of the most complicated aspects of divorce. It can be challenging to determine who should get which assets and how to divide them fairly. Sometimes, couples may need to sell their assets and split the proceeds.
Unfortunately, it can be challenging to agree on asset division. If you and your spouse cannot agree, the court will decide for you. This outcome is often unfavorable as the court may not understand the sentimental value of certain assets. There will also be a few assets that might belong to one individual more than the other, which will further add to the complications.
Child Custody and Support
Divorce will bring even more complications into your life if you have children. You and your spouse must determine who will have custody of your children and how much child support will get paid.
Custody can be either physical or legal. Physical custody means there needs to be a clear decision over which parent will provide a home for the child, while legal custody refers to who is responsible for the child’s welfare. In most cases, parents share physical and legal custody of their children. However, in some cases, one parent may have sole possession of the child.
Child support is the financial contribution that a non-custodial parent makes to help support their child. Child support payments typically apply until the child graduates from high school or is old enough to get recognized as independent, whichever comes later.
You may have to deal with other complications related to child custody and support, such as relocation. If one parent wants to move out of state, they must get permission from the other parent or the court. This complication can make it difficult for the non-custodial parent to see their child and disrupt the child’s life.
Alimony
Alimony is another financial consideration in a divorce. Alimony is a payment from one spouse to the other that helps the receiving spouse maintain their standard of living after divorce.
Alimony can be either temporary or permanent. Temporary alimony is paid during the divorce to help the receiving spouse cover their costs. Permanent alimony gets paid after the divorce and depends on factors such as the length of the marriage and each spouse’s earning potential.
Determining whether or not alimony is applicable and how much the fee will depend on negotiations. If you and your spouse cannot agree on alimony, the court will also handle the decision for you.
Taxes
Divorce can also complicate your taxes. When you are married, you can file your taxes jointly. This filing status often results in a lower tax bill. However, you must file your taxes as a single person after divorce.
Filing taxes as a single person often results in a higher tax bill. You may also have to pay alimony or child support, further complicating your taxes.
It’s essential to be aware of the tax implications of divorce before you finalize your divorce agreement. You may want to consult with a tax professional to help you understand how divorce will affect your taxes.
However, nearly every part of the divorce process will require family and divorce lawyer services, especially if you have children, pets, or own a business.
Final Thoughts
The divorce process is long and complicated. It would help if you prepared for many things, such as asset division, child custody, support, alimony, and taxes. Each of these complications can be difficult to navigate on your own. It’s essential to seek the help of divorce lawyers to help you through the process. With the help of a good divorce lawyer, you can navigate the challenges of divorce and come out on the other side.
