The days when divorcing was an almost sure cause for becoming a social outcast are long gone. These days divorces are commonplace and single parent families have become a normal phenomenon. Unfortunately, when a marriage breaks up it is not simply a matter of separating. There are numerous decisions to be made and the process can easily become very expensive. In many instances one or both partners simply cannot afford the process and are therefore forced to seek divorce financing.
In the majority of cases both partners will end up much poorer after divorcing. In many cases they have to sell their assets such as their homes and even cars in unfavorable market conditions. Liquidating pension funds, savings and investments can also require high administrative fees and penalties. Then there is the cost of the lawyers, which can be exorbitant. The cost rises even higher in contested cases.
There is a lot that divorcing couples can do to lessen the financial impact of separating. In uncontested divorced, the partners involved can privately reach agreement on most issues such as custody, maintenance and the way in which their assets will be divided. This can only be achieved if both partners are reasonable and willing to give and take. In such cases the only task of the lawyer is to draw up the final agreement.
Contested cases are almost always extremely expensive. In these cases the partners simply cannot agree on key matters and they therefore hire lawyers to negotiate on their behalf. This can be a lengthy process and each partner will have to pay for every minute that the lawyer spends on the case. The cost escalates considerably when the lawyer has to appear in court to ask the judge to make the final decisions.
Couples that cannot afford to pay for their divorces often approach financiers that specialize in financing the cost of divorces. This is an expensive route, however. There are high service fees to be paid and the interest charged by the financier will be much higher than that charged by the banks. Such loans have often left both partners in serious financial trouble.
If money is needed to pay for a separation it may be better to rather sells some assets to negotiate a loan from a pension fund or against a fixed deposit. Shares can be sold quickly. Many couples owe luxury items that will not be needed to maintain a reasonable standard of living. These remedies will almost always be much cheaper than opting for a loan.
There is a trend among newly married couples to purchase special insurance that specifically caters for future legal costs. Critics say these couple actively plan for divorce but this is not the case. It is true that these policies will pay for the cost of divorces, but they are primarily meant for a wide variety of legal issues that may face families from time to time.
Divorces can be financially crippling, but this is not always necessary. All it takes is for both partners to be reasonable and to do everything they can to separate amicably. Unfortunately, not all couples are reasonable and they will have no choice but to pay for the very high price of a contested divorce.
In the majority of cases both partners will end up much poorer after divorcing. In many cases they have to sell their assets such as their homes and even cars in unfavorable market conditions. Liquidating pension funds, savings and investments can also require high administrative fees and penalties. Then there is the cost of the lawyers, which can be exorbitant. The cost rises even higher in contested cases.
There is a lot that divorcing couples can do to lessen the financial impact of separating. In uncontested divorced, the partners involved can privately reach agreement on most issues such as custody, maintenance and the way in which their assets will be divided. This can only be achieved if both partners are reasonable and willing to give and take. In such cases the only task of the lawyer is to draw up the final agreement.
Contested cases are almost always extremely expensive. In these cases the partners simply cannot agree on key matters and they therefore hire lawyers to negotiate on their behalf. This can be a lengthy process and each partner will have to pay for every minute that the lawyer spends on the case. The cost escalates considerably when the lawyer has to appear in court to ask the judge to make the final decisions.
Couples that cannot afford to pay for their divorces often approach financiers that specialize in financing the cost of divorces. This is an expensive route, however. There are high service fees to be paid and the interest charged by the financier will be much higher than that charged by the banks. Such loans have often left both partners in serious financial trouble.
If money is needed to pay for a separation it may be better to rather sells some assets to negotiate a loan from a pension fund or against a fixed deposit. Shares can be sold quickly. Many couples owe luxury items that will not be needed to maintain a reasonable standard of living. These remedies will almost always be much cheaper than opting for a loan.
There is a trend among newly married couples to purchase special insurance that specifically caters for future legal costs. Critics say these couple actively plan for divorce but this is not the case. It is true that these policies will pay for the cost of divorces, but they are primarily meant for a wide variety of legal issues that may face families from time to time.
Divorces can be financially crippling, but this is not always necessary. All it takes is for both partners to be reasonable and to do everything they can to separate amicably. Unfortunately, not all couples are reasonable and they will have no choice but to pay for the very high price of a contested divorce.
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