Over the course of their marriage, a couple will likely amass numerous assets and debts in addition to what each party brought into the relationship. Unfortunately, if the couple decides to divorce or separate, everything must be properly valued and divided. This can be a complex process leading to heated debates and emotional disputes.
Dividing debt in a divorce
Don’t forget to change your insurance after divorce
After a divorce, individuals are generally filled with emotions that run the gamut from elation over starting a new chapter in their life to dread over how everything will now work. Unfortunately, too many people lose sight of the administrative details that must also be addressed. In short, any paperwork that lists you and your spouse should be examined to determine if a change needs to be made.
Is dividing property difficult?
A couple who is facing divorce or separation will likely have to carefully examine assets and debts – both marital and non-marital – to reach a compromise regarding division. The longer the duration of the marriage, the more challenging this becomes.
Grey Divorces: What You Need To Know
A “grey divorce” is an unofficial but common term used to describe the rise of divorces within an older age group in the last few years. What this means is that divorce proceedings are focused more on wealth issues than parenting or spousal support.
The reason for this is that older couples are generally at their peak earning capacity around age 50 and most, if not all, of their children are already grown.
Drafting Parenting Agreements
The decision to leave or divorce a partner can be a difficult choice to make for some couples. In certain situations, one partner may never want to see or speak to the other partner ever again. However, this may not be possible in situations where children are involved.
If you and your ex-spouse both want to participate in your child’s life, and it’s in the child’s best interests, you may have to interact with your former partner for many years to come. In these situations, it’s best to have a game plan for how both parents will co-parent their child.
Tips to protect a child's best interests during, after divorce
One of the top priorities parents have when they divorce is to safeguard the best interests of the children affected by the split.
As noted in the Alberta Family Law Act, this means identifying arrangements that protect a child's safety and prioritizing solutions that best meet a child's needs and circumstances. This can seem difficult and overwhelming, particularly for parents who may be involved in a contentious divorce. However, there are steps parents can take to protect their child's well-being.