The following guide will help you understand how debt is divided in a divorce and what to expect if you are going through a divorce in which there is shared debt involved. When going through a divorce, it helps to have a professional divorce lawyer to navigate the division of financial assets including debt.
Going through a divorce can be a long, difficult process which is why there is some relief once the divorce has been finalized. After a divorce, your living situation will no doubt be different. If you need to find a new job so you can move on with your life after divorce, the following tips will help make the transition easier.
Dealing with the divorce proceeding can be somewhat of a balancing act as you should have your own plan to protect yourself and your assets, yet you don’t want to be overly aggressive and turn the divorce into a long legal battle.The following are important steps you should take as part of the divorce planning process.
When a divorce occurs, the division of marital and financial assets is a necessary step in the divorce proceedings. Social Security benefits may come into play in certain jurisdictions when other assets are divided. Government employees can put money into their government pension plans without contributing to Social Security. This makes a percentage of their pensions a legitimate Social Security substitute that is considered a marital asset that can be divided in a divorce.
Many people consider their dogs and cats members of the family, not property, and custody of the pets can become a major issue in the divorce proceeding. As of January 1, 2018, a new Illinois law was passed that treats pets more like children and allows couples more options to come to a compromise when it comes to pet custody.
With all the stress, time, and effort that goes into the divorce proceeding, it is easy to overlook the effects of the divorce on the children. Children are vulnerable to stress from a divorce because they are witnessing the splitting of their family, often for reasons that they do not know or understand. The situation can be especially stressful if one parent engages in parental alienation.