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Divorce Facts

Divorce Facts:

  • In the U.S.A. the divorce rate is above 50% and the Divorce rate is even higher for Second Marriages. dreamstime_13321620Belgium rates highest with 75%. Chile is currently the country with the lowest Divorce rate.
  • Nevada has the highest divorce rate in the US and Massachusetts has the lowest Divorce rate in the US.
  • On average, it takes about a year to complete a divorce procedure
  • Reasons for Divorce are many: boredom, age difference, incompatibility, Psychological reasons, religion, culture, adultery, abuse, poor communication, money, sexual problems, lifestyle and many others.
  • More and more children are living with one of the parents only.
  • The risk of entering into a divorce is increased by: having a low annual income, having a low education level, not being religious, being a child of divorce or marrying at a young age.
  • Married couples who lived together first before they married have a higher probability to divorce

Division of Assets:

Dividing the marital assets can be one of the most difficult tasks faced by divorcing couples. But, if you and your soon-to-be ex can agree on dividing some of the most commonly contested assets, you may enable the divorce go a little more smoothly.

Dividing a home, vehicles, securities, valuable collectibles, retirement benefits, and household items are where couples run into difficulty. Before a divorce is granted, all assets must be divided in a way that is satisfactory to both parties.

  • First you must make a complete list of all assets. The simplest option is for spouses to make a list together that is honest and fair. Items that must be listed should include the home or any joint property (land, a vacation home, lake cabin, etc), all vehicles, bank accounts (including full balances), securities (stocks, bonds, money market accounts, CD’s), valuable collectibles (a restored classic vehicle, antique collections, coin collections), household items (furniture and appliances), and retirement plans. Joint-owned items might also include boats or other recreational vehicles.
  • Try to play nice! Together, if at all possible make a list in an amicable way. This can prevent the expensive and slow process in which a court determines distribution of assets
  • Determining which spouse will retain the family home is often a major issue. If children are involved, judges will often grant the home to the parent with primary custody of the children but it is not a guarantee that the home will go to the spouse who has primary physical custody. This can often be a source of contention.
  • The Hardest Splits – Retirement Benefits and Family Businesses. These are often called complex divorce cases, those involving complex and high net worth cases.  Perhaps the most complicated property division issues stem from family owned businesses or medical/legal practices.  The value of the business, both at present and for future profit, must be considered. Options include buy-out agreements in which one spouse buys out the portion owned by the other spouse. One spouse receives the business while the other receives financial compensation. Payments from a co-owned business can be made over a specified period to insure that both spouses gain from any financial success.
  • It is very important to keep records and keep track of who came into the marriage with what property and funds. This co-mingling of assets can complicate the Division of Asset process.

 

 

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