Divorce as defined by Webster is “a judicial declaration dissolving a marriage in whole or in part, especially one that releases the husband and wife from all matrimonial obligations”. Ask anyone who has been through a divorce and you will find it is not that cut and dry. The emotional discourse and stress affect many of the families the rest of their life.
When a marriage is dissolved it is also the dissolution of a partnership. When children are involved, which is very often the case; a new partnership agreement must be reached. The state you reside in will apply their standard formula to your incomes regarding child support, but have you thought about all your financial rights and responsibilities?
Most people feel it is important to formulate additional guidelines to the State mandated ones. Programs put in place to protect the integrity of the new arrangements. For instance, the death or disability of the ex-spouse could cause further devastation. There are many available options to handle current pensions, 401k’s, IRA’s and other types of retirement vehicles that are held by one or both of the divorcing spouses. Planning before or during the divorce process is especially important; afterwards, can be too late to complete some of the nuances that can change one’s future in a more positive manor.
People use specialists to achieve the best outcome for the divorce. Most often a divorce attorney, some instances a mediator, a therapist and possibly a family court judge. Make sure you use an insurance and financial specialist to protect an integral part of your plan.
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