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divorce Archives

How is a mortgage handled in a divorce?

If you are getting a divorce in Louisiana, it is important to understand that separating your life from your spouses will not be easy. One area where trouble often arises is if you own a home. Your mortgage lender will not care if you are getting a divorce. The mortgage contract was signed by two individuals and that is how they look at you. Even if you divorce, your obligations to the lender still remains. It is up to you and your spouse to clear up what will happen with the mortgage.

What should I do financially before filing for divorce?

Divorce can be very difficult on you financially. If you are expecting a divorce, you may go through serious financial difficulties during and after the process. To best prepare yourself for handling the trouble that may come from separating from your spouse, you should plan ahead and be prepared to handle whatever may happen.

Considerations when awarding alimony in Louisiana

When couples decide to terminate their marriage in Louisiana, one spouse may be eligible to receive alimony for a certain period of time. Divorce can present a considerable financial strain on people who have become dependent on their spouses’ income during the marriage. Once the divorce is finalized, some spouses may have considerable financial difficulties when attempting to make ends meet. Alimony, or spousal support, is intended to help people get back on their feet and become independent once again.

How do you know if it's time to consider divorce?

You've been unhappy for a while now in your marriage, but you have also been unsure whether you are ready for a divorce. You know divorces cost money, and even though you've just gotten some money back from your tax return, ending your marriage is a tremendous change. However, the fact is that if you have a happy one, your mind wouldn't keep coming back to the question of divorce. So how do you know whether it's time?

Gray divorce: Parting ways later in life

When people exchange their wedding vows, they often include the phrase, ‘till death do us part.’ With more than half of all marriages ending in divorce, however, this isn’t always the case. In fact, the rate of divorce for people over the age of 50 in Louisiana and across the U.S. has climbed since 1990. A study analysis performed by Bowling Green State University found that in 1990, one in 10 people who were divorced fit in this age group. By 2011, the number jumped to one in four. Why has there been an increase of people filing for divorce after the age of 50?

When does a divorce settlement need modifying

Whether you have negotiated the terms of your divorce settlement through mediation or a court-appointed judge has determined factors involving property distribution, child custody, child support, parenting plans and alimony, the settlement is not always set in stone. A situation may arise where you require a modification to your divorce settlement. While not all changes may be accepted as valid reasons to enter into the modification process, there are certain instances in which a modification may be approved.

Divorcees near retirement should double check finances

For divorcing couples with growing families, child custody is often the most contentious issue of divorce. However, for aging, empty-nest couples near retirement, assets and finances are the biggest concern for the future. Coincidentally, a new study shows that men and women who consider divorce later in life are not doing enough to account for their financial needs in retirement.

Financial documentation and divorce

Given how life-changing a divorce can be, going into such legal proceedings properly prepared can be critical. One key step in preparing for a divorce is gathering financial documents. This can include a wide range of documents, such as brokerage firm statements, tax forms, investment documents and bank account statements.

Divorce and your credit score: Mitigate the impact

Divorce is not cheap, which is one of the many reasons why it is only chosen as a last resort. Your circumstances and choices will have a big impact on cost. For example if you have a contested divorce where your spouse fights tooth and nail for every cent, then it can cost you. If you skip out on attorney costs and go with a cheap option then you might end up losing more money in the end. If you do not plan for the expenses in divorce then it could have a big impact on your credit score.

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