Divorce is the legal process for dissolving a marriage, but along with that legal process comes a whole host of emotional ramifications and economic impact. Between 40 and 50 percent of marriages end in divorce in the United States. Careful planning and thoughtful attention to the impact of divorce on financial resources and family members will help the process run more smoothly.
Consult Financial and Tax Experts
Divorce has both immediate and long-term financial consequences. Expenses go up when one spouse moves out and the same income now supports two households, notes the University of Rutgers Cooperative Extension Money 2000 Press Room. Together with the emotional strain generated, this can result in missed payments or lapsed insurance that can damage your credit rating. Always consult an attorney before signing any property settlement. However, family law attorney Marlene Browne, writing for Forbes Magazine, suggests that attorneys are not always the most helpful advisers in a divorce, while tax professionals and financial planners can usually help. A number of financial issues go along with divorce, such as division of debts, assessing the value of household property, and the future value of property included in an equal division. A financial or tax expert can assist in determining the realistic values of each of these things, which will aid in a more equitable property division.
Talk to Your Children
Children can experience a strong sense of loss when parents divorce, according to the University of Florida Extension. Talk to children to alleviate their fears, and reassure them that they are loved by both parents and they will have a safe, secure home. This is critically important to ensure that a divorce runs smoothly. Although the nature of the conversation will vary depending on the ages of the children involved, one of the most important elements is to ensure each child that he or she is in no way responsible for the marital break-up. Also, don't put down the other parent or put your children in the middle of the adults' dispute.
Seek Counseling
The emotional pain and stresses of divorce may lead to irrational decision-making. Therapists and counselors can often help. The attention required by the divorce process takes on the time and strain of a second job, according to attorney Marlene Browne. This can lead to stress, depression, and cutting off healthful outlets like time with friends or exercise. Therapeutic counseling can help to counteract these strains and develop a broader perspective on the reasons for the divorce. Counselors can help the divorcing individuals make plans for moving beyond the marital dissolution to a happier, stable life, which can in turn make the divorce process more manageable.
