When you walked down the aisle, you never dreamed that one day you would be facing off in a divorce. But life can be like that sometimes. According to the Census Bureau, almost one out of every two marriages is doomed to end in divorce.
So, how was your Monday this week? If you are married and you or your spouse didn't file for divorce, you may have dodged a bullet.
Couples who have few or no assets can divorce with relative ease. But for couples with significant resources and assets, the divorce process is usually much more complex.
With the exception of some custody matters, typically the property settlement portion of a divorce is the most difficult to resolve. If you and your soon-to-be ex are struggling with the division of assets and debts, you are certainly not alone.
If you are 50 or older and going through a divorce, chances are good that you and your spouse have acquired significant assets and marital property during your union. If so, the focus of your divorce will be less likely on the custody and visitation schedule with the kids and more on the property settlement.
Any high-asset divorce has the potential to cause conflict. Both parties have a lot to lose, so it makes sense that they may fight tooth and nail to keep all they can.
Going through a divorce when you have a considerable amount of assets can be a complicated process. You and your spouse may have assets that are invested, saved or put aside that you'll have to access and disclosure during the divorce. You might have assets your spouse doesn't know about or vice-versa. These need to be fully disclosed.
As you may know, high-asset divorces typically last a very long time. They also come with deep conflict, particularly over property division issues. Most people heading into a marriage do not give much thought to the possibility of divorcing one day. However, as statistics from the American Psychological Association confirm, about half of the marriages in America end in divorce.
The wealthier you are and the more apparently stable your family life seems prior to your divorce, the harder your children may take it when the divorce finally comes.
When you're going through a high-asset divorce, one thing you might not be thinking about is how it could affect your children's outlook. While you're worried about their health and overall happiness, the reality is that the cost of this divorce could affect them, too.