Prenuptial agreements are often the butt of many jokes. Stand-up comedians never lack fodder for their routines when this is…
Sadly the statistics don’t lie. It is estimated that some 40 to 50 percent of all marriages end in divorce courts these days. What can we attribute this to? Was the picking of a permanent partner more carefully thought out back in our parents’ day? Perhaps couples just agreed to disagree and kept a stiff upper lip and carried on with the relationship for the sake of the children. By the time the children were grown and out on their own, the polite air of civility was the norm and the relationship was comfortable, so the marriage continued until one or the other passed away.
Today though, our society seems less content to just be satisfied with making do in the relationship “until death do us part” and perhaps this accounts for the fact that nearly half of all marriages are doomed for divorce. Of course, there are the exceptions like needing to extricate oneself from a threatening relationship where domestic violence is present or when one’s spouse has addiction issues which seem unlikely to be resolved, even through counseling, thus, there is a resignation that divorce will be the answer.
Yet, domestic violence and addiction issues cannot account for all the divorces that crowd the family law docket these days. Why has the sanctity of marriage and a relationship that was so treasured become so seemingly disposable?
Sadly, the rate for marriage ending in divorce has escalated in the past few years/decades. Once upon a time people married and stayed together, through thick and thin, for life. Often, though there were irreconcilable differences, people stayed together for the sake of the kids as they knew the turbulence of divorce and the divisiveness that results is often difficult on the kids. But sometimes the relationship becomes intolerable and you seek an exit, vowing that you will not let the kids suffer the consequences of this faltered relationship.
The wedding plans are in motion and it seems that there are a million details to attend to before the big day. While you, ever the romantic, are pondering over what color butter cream roses should adorn the wedding cake, your intended tells you he has made an appointment for both of you to see a divorce attorney. “A divorce attorney?” you ask with a smirk on your face. “Why would we see a divorce attorney – we’re not even married!” “To get a prenuptial agreement in place” is the response. Immediately your eyebrows go up in a quizzical manner and you feel your mouth form a perfect “O” as you feel you might faint dead away.
While this scenario might sound like it straight from out of the afternoon TV. soap operas, it is a scene that happens more and more these days. In an age, where nearly half of all marriages eventually are dissolved, one can never be too prudent.
All our lives we acquire and lose things. We buy, we sell, trade and borrow. We spend all day at jobs to buy the things we desire. It’s not only physical things that we acquire however. We also acquire retirement plans, bank accounts, investments, and debts. We gain some of these things before marriage and some during. If and when these marriages come to an end assets must be divided between spouses. This is never easy and it’s important to understand your rights so that you receive a fair settlement. It’s wise to get a good understanding of exactly what the value of all these assets are and to hire some professionals such as an attorney and an accountant or actuary to help with this process.
Going through divorce means big changes for both parties. Daily life changes drastically, new lifestyles must be built, and assets must be divided. It takes a lot of planning and careful consideration in order to protect yourself and your fair share of your assets in divorce. There are many tricky things to divide up from homes and vehicles to bank accounts and retirement plans. Tricky or not, retirement plans are often one of the largest assets that couples have to divide in divorce and are therefore extremely important. In order to make sure that you are getting your fair share you’ll need to have a deep understanding of what you are legally entitled to as well as probably hire a qualified attorney to help you sort the matter out.
Huge changes come with divorce across all aspects of life. Your finances are certainly not immune and it’s important to understand and protect your pension rights. Couples already in or approaching retirement will find this to be even more important. Couples will typically have all sorts of assets but retirement plans and funds are often one of the largest. They must be divided fairly and in accordance with the law. It’s critical to understand your divorce pension rights when dividing these assets; otherwise it will be extremely difficult to ensure you get your fair share. Don’t let your divorce ruin all that you have worked for and saved toward retirement!