If you are served with divorce papers, it's safe to assume that you're now staring down the barrel at a variety of challenges. Even though this is sure to test your patience, there are steps you can take to try to move through the process in a timely manner.
Getting a divorce is often nerve-wracking for everyone involved. Both spouses are often uncertain about the social and financial impact of splitting up, especially if they are getting close to retirement age. Chances are good that you planned for retirement assuming that the funds would support you and your spouse in a single home, perhaps with additional income from your spouse.
There is a lot to think about if you're moving forward with the divorce process. Even if you understand that this will bring many benefits to your life, such as the ability to chase your personal dreams, you understand that there are many questions to answer.
When you realize it's time for divorce, you may feel overwhelmed or so distraught that you simply want to bury your head in the sand and wait for it to pass over. Unfortunately, a divorce can have enormous implications for those with significant assets. Unless these issues receive proper attention, despondent divorcees may wake one morning to realize that they missed an important opportunity by failing to fully engage in the divorce process.
When dividing marital property, it's only natural to have a variety of questions. While some of these are easy to answer, others are sure to throw you for a curve.
One of the most difficult parts of a divorce is the realization that you won't get to be with your children 24/7 like you were during your marriage. Even in the best case scenario, which is likely fully shared custody, you'll be missing out on half their evenings, half the holidays and every other weekend. You probably also worry about how custody could impact any child support the courts may order.
When you start thinking about divorce, a million questions come up. One that far too many people wait to worry about is the impact on retirement plans. Divorce can wreak havoc on your potential retirement, even if you've been carefully saving and investing for years. After all, you planned your retirement budget and savings based on the idea of having one household and two people living there. Now, those same funds will probably have to support two households through retirement.
Social media has infiltrated every aspect of modern life. In fact, social media could be part of the reason you and your spouse plan to divorce. Seeing the heavily edited and carefully crafted posts about the thriving marriages of your friends can make your own marriage seem mediocre by comparison. Being able to reach out to an ex at the tiniest impulse doesn't help things either. You may have even disconnected from your real life relationships in favor of your online support network.