If you and your significant other are entering into the divorce process, it can put a strain on your finances. Divorces can sometimes be a costly process, especially if it is a contested divorce and you and your spouse cannot agree over anything. The court process often leads to people having to take a hard look at their finances to determine how they can pay for everything now that they are alone. The divorce process is difficult on your finances, but it can be less difficult if you follow the tips listed below.

No Impulsive Decisions

Divorce changes people. It can be for the worse, or for the better. For a period of time, many people will feel distraught about their relationship ending and might make impulsive decisions such as buying a boat or motorcycle or moving to a new city without any planning. It is important to wait until you are sure you have processed the divorce before making those types of financial decisions.

Guardianship is a legal process that gives one person legal authority over another. The most common use for guardianship is a family member or close friend of a child’s parents becoming guardian over a child or other family member. However, that is not the only use for guardianship. It is also used for disabled adults who can no longer take care of themselves due to mental and/or physical incapacitation.

Types of Guardianship

The role of a guardian depends on the disabled person:

There were over 2 million marriages across the United States in 2016. There were also over 800,000 divorces in 2016. Divorces happen all across the country for a variety of different reasons. Each couple has their own issues, which may lead to one person feeling the need to file for divorce. Overwhelmingly, the woman in the relationship is the one who files for divorce. In a study done by sociologist Michael Rosenfeld at Stanford University, it was found that 69% of divorces were initiated by women.

Reasons

Why would women be the first to file for divorce in so many cases? Some of the possible reasons are listed below:

Marriage is a partnership between two people who have pledged to share their lives together. Unfortunately, marriages do sometimes end in divorce and those two individuals separate. However, divorce does not have to be the end of a person’s dating life. If you have previously been divorced and are now considering marriage again, there are some important factors to consider before making the decision to remarry.

Family

You have to think about what your feelings are regarding family and the responsibilities that come with it. If you have a child or if your possible spouse has a child, you need to consider how they will be affected by your new marriage and if you want to be part of each other’s family.

When most people think of marital assets that get divided in a divorce, things like houses, cars, and retirement accounts usually come to mind. However, there are various other types of assets that couples going through a divorce may have to divide. It is important to determine how these unusual assets will be divided early on in the divorce process to reduce the risk of headaches down the road.

Marital vs. Non-Marital Property