At least 33 percent of all marriages end in divorce. If you are pondering breaking up with your spouse, then there are some considerations that you may want to consider. Here are some points you may want to consider before pulling the plug on your marriage.
Marriage over? Heading into divorce proceedings? 4 things for consideration.
Put the kids first
Consider what’s best for your children when you divorcing. Sadly, children who grow up without their fathers often find it difficult to be a successful adult. Talk with your spouse about how you can both be an important influence on their lives where possible. Often it helps if both parents live in the same community. You also need to work out a plan for who is going to pay for their expenses, according to the Law Office of Greg Quimby, P.C.
Think about money
Money can be a big concern when someone is breaking up. Consider assets that may be hard to turn into cash if things become rough. You may also want to consider which assets are taxable. If one person has higher earnings, then the spouse may need to pay alimony. Most courts, however, are ruling for alimony payments for a specified period. Basically, giving the lower income earning spouse time to start making more money.
Divide property equally
While state laws differ, most property brought into a marriage returns to the owner of said property. All inherited property goes to the individual the court’s gave it to at the time of a death. Gifts are often considered the property of one spouse, or the other. When it comes down to dividing the remaining property, consider the future value of the property as well as its current value. Some states offer mediation services to help couples divide property equally.
Contemplate taxes
Divorce can have many tax implications. You may no longer be able to get a working tax credit. Only one parent can claim the child tax credit. The number of people left in your household may also change the tax deductions that you are able to claim. You may also want to find a way to check the spouse’s tax statement to make sure that they do not try to claim deductions that they have promised not to claim. Remember that separating assets often have important tax implications.
If you and your spouse have agreed to end your marriage, then use these ideas to make sure you come to an agreement. Your future and the future of your children may depend on it.
Author bio: Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.
