Are You Considering Divorce?
A blog that describes the steps a couple must take to dissolve a marriage.
The Process Of Divorce Or Dissolution
Divorce or dissolution is the legal process of formally ending a marriage or civil partnership. When two people marry or enter into a civil partnership, their relationship becomes registered with the Province. This means that, although they are no longer free to marry or enter into an alternative arrangement with another person, there are certain rights and responsibilities which they continue to share.
Divorce allows a person to end the legal obligations between them and their partner by formally ending (dissolving) their marriage or civil partnership. A divorce will also normally deal with arrangements for the children and how much money both partners should pay towards looking after them.
Many people get divorced or dissolve their civil partnership without taking legal advice but this can lead to difficulties and disputes over money in the future. It is best to seek legal advice as failure to do so may risk you losing key assets, which has a major effect on the rest of your life.
In most countries, a divorce does not wipe out any existing obligations owed by either spouse to the other, such as child support (compulsory payments made by one parent to another for the support of children), alimony (spousal support), child custody, child visitation/time-sharing, or division of property. In some cases, divorce will terminate the existing marital/civil partnership and replace it with a new marriage or civil partnership
Overview Of The Family Finances
During the divorce process, you will be forced to make decisions about child support, spousal support, property distribution and a host of other issues. There are numerous financial mistakes people make when there is an impending divorce that can cost them thousands in the long run.
The decision to get a divorce shouldn’t be taken lightly. Whether you plan to resolve the matter yourself or hire a highly recommended family lawyer, you should consider the impact of your divorce on your finances. You’ll have many decisions to make about dividing your property and debts.
As a result of divorce, your family’s financial situation will likely change dramatically. You may have to move; you could lose one or both partners’ income; debt may need to be refinanced or discharged altogether — and that’s just the start.
Divorcing couples often have less disposable income as a result of their split and may have to make difficult choices about how best to spend it. Moreover, even if the entire family is still living under one roof, the terms of your breakup will have an immense impact on your economic situation. If you find yourself facing these changes with little preparation, you’ll want to correct the course as soon as possible.
You will almost certainly need to consult experts—particularly a certified financial planner (CFP) and/or Certified Divorce Financial Analyst (CDFA). It may also be beneficial for you and your spouse to attend divorce mediation. A divorce, like any other major life event, should prompt you to review your situation with these professionals.
Divorce Or Dissolution Can Be Clean And Quick Or Messy And Drawn Out
If you’re considering divorce or separation, it’s best to surround yourself with competent, knowledgeable professionals who can help guide you through what is likely to be a turbulent time.
This is especially true for couples where there are significant assets that need to be divided, retirement accounts and investments that need to be addressed, and other long-term financial planning. The faster you are able to resolve these issues – either on your own or through mediation, the faster you will be able to dissolve your marriage and start moving forward with your life.
