It may be easy for those going into divorce proceedings in Indianapolis to view them as the official end of their association with their soon-to-be ex-spouses (particularly in cases where a couple does not have children together). Yet what they may view as being "the end" might actually signal the beginning of a lengthy dispute over the terms of their divorce settlement. Arguments over assets (often fueled by the emotions that both sides of a divorce feel towards each other) may prompt all parties involved to dig their heels in and brace for what could be a long, drawn out battle.
When a couple in Indiana makes the painful choice to end their marriage, one of the next things they face is the challenge of splitting up their marital estate. In most situations, both spouses end up losing some of their assets or treasured belongings. At the same time, each person must establish their own solo household. Since living alone costs more than living with someone else, this coupled with the loss of assets can contribute to financial challenges.
Property division proceedings in Indianapolis are rarely easy due to the fact that they force you into relinquishing certain assets that you likely value very much. Your 401k is no doubt chief among these. You work hard throughout your professional career to earn funds that you can then rely on to support you during your retirement, and having to split even a portion of those funds with your ex-spouse may seem like a bitter pill to swallow. Even so, as contributions to your 401k during your marriage come from marital income, they must be included in your property division.
If you are like many divorced or divorcing people in Indiana, you are aware that your financial situation is likely to be quite different after your divorce than it was while you were married. All of a sudden, two households must be supported on the same income amount that supported only one before. On top of that, you might be ordered to pay child support or spousal support every month. As much as you might want to join your friends for an evening out, you can feel pulled to stay in because you cannot afford the luxuries of going out as often as you used to.
If you have not reviewed your prenup or post-nuptial agreement yet to see if it fits with the new tax rules about spousal support, maybe it is time for a review. Alimony payments are no longer deductible from income tax, and that could be a significant issue for you in a divorce.
While the term "broken home" is simply meant to indicate a family in which the parents are divorced, the phrase nonetheless has an extremely negative connotation. The fact that studies show that children tend to thrive in households where both parents are present is seemingly irrefutable (indeed, information shared by the online life science publication STAT shows that children who are allotted equal access of 35 percent of their time with each parent perform better academically, socially and psychologically). However, that does not mean that children from divorced homes cannot succeed in the important areas of life.
Most people in Indiana probably know at least one couple or one person that has gotten divorced. No longer an uncommon or even a taboo experience, divorce is still something that most people would say they would rather avoid. It is also something that many people hold misconceptions about. One of those misconceptions is about how many divorces happen in America today.
When getting divorced, many Indiana residents get so focused on the mechanics of the divorce process and the obvious everyday life changes that must be tended to that they can easily overlook some of the other things that require their attention. According to Fidelity Investments, a divorce is one of the many life changes that necessitates an update to a person's estate plan.
Many fathers in Indianapolis may feel picked on during divorce proceedings. That may be due to the perception that the processes generally favors mothers. According to the law, no preference is supposed to be given during divorce proceedings (particularly when coming up with a custody arrangement) on the basis of sex. Yet statistics show that this standard may appear to be more of an ideal than an actual practice. Indeed, information shared by the U.S. Census Bureau shows that as of 2013, only 17.5 percent of custodial parents were fathers.
Some people in Indiana might have heard references to a trend called "gray divorce". This term pertains to a divorce that happens when the spouses are over the age of 50. While property division settlements may result in the loss of assets for spouses regardless of their ages, the financial hit taken by a person over 50 has the ability to be more damaging than the hit taken by a person in their 30s.