Philadelphia, Pennsylvania, readers know that divorce is one of the most challenging legal issues for anyone. The end of a marriage brings about many legal issues that must be tackled individually until both parties agree to a divorce settlement, or a divorce judge makes a ruling. As emotions run high, spouses may find it difficult to focus on their goals, which is why it is important to set their objectives or priorities in order to ensure a smooth transition from being married to being single.
When people talk about divorce, they often refer to the legal process that mostly involves finances. Divorcing spouses should understand that some assets are liquid, while others are illiquid or difficult to sell. It is important for spouses to know which of those assets have great monetary value and which have sentimental value. One common mistake of divorcing spouses is to fight over the marital home. While it is true that keeping the marital home can help the children maintain the lifestyle to which they have been accustomed, when the divorce is finalized, a parent may find it difficult to maintain the house due to mortgage and taxes. Sometimes, it is best to just sell the house and split the proceeds.
During divorce, spouses should plan on how to settle these issues, whether it be through litigation or alternative methods such as collaborative law. For divorcing spouses who cannot work together, litigation may be the best solution, but for spouses who can set aside their differences and talk through issues, collaborative law can help them achieve the best results.
The success of the divorce process depends on the spouses. Divorcing spouses may work with financial advisors and legal professionals when crafting a divorce agreement in order to ensure that the legal process is handled appropriately.
Source: The Wall Street Journal, "Divorce isn't just about the money grab," Larry Stein, July 28, 2014