Seeing that divorce is not something you go through daily, many people hardly know what to expect. The lack of information is further fueled by rumors and common misconceptions. This may result in the divorcee succumbing to false, predetermined truths and getting less than they deserve in a divorce settlement.
In this article, the team of certified divorce financial analysts from Merit Financial Advisors aims to debunk most of the common myths surrounding divorce finances to prepare you for this life-changing event.
1. All the assets are divided 50/50 between both parties
Although all assets are divided equitably, it does not mean all parties will get a fair share. The court takes your everyday living expenses into account, and the one with more responsibilities receives the lion’s share. So, most of the time, the one with children or other dependents will be awarded more in a settlement.
2. You get a more significant divorce settlement if you can prove your partner was the reason your marriage failed
Most people think if they can prove that their partner cheated, was abusive, had a gambling addiction, etc., that they will be awarded more. This isn’t often the case, as the state is not looking to find blame or listen to the injustices of your marriage. The lawyers will stick to their sole purpose, which is to divide the assets in a reasonably equitable manner.
3. Alimony is issued to women only
Although this used to be the case in the past, now, women sometimes earn just as much or more than their male counterparts. Taking this into account, the spouse who has the most assets or income is more inclined to pay alimony. This is because when you get married without a pre-nuptial agreement, all the assets you previously had or you acquire within the span of your marriage are considered joint property.
4. Getting a divorce costs an arm and a leg
People are always under the false misconception that divorce will cost them a fortune, preventing them from going through with it. Luckily, divorce does not have to cost you a lot, especially if you find affordable solicitors, attorneys, or divorce financial analysts focused on getting you your fair share and not on getting paid.
5. Financial ties are severed when you sign an absolute decree
An absolute decree is a document that signifies the end of a marriage. But don’t assume signing an absolute decree severs all financial ties; sadly, it isn’t the case. One needs to sign a separate financial agreement that clearly outlines the state of your financial obligations to each other going forward.
Contact us to speak to a certified divorce financial analyst today!
One of the safest ways to ensure you are factually informed about financial matters pertaining to your divorce is seeking advice from professionals. Our team at Merit Financial Advisors prides itself on arming our clients with all the necessary information. Call us today and to speak with one of our friendly divorce financial analysts.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Merit Financial Group, LLC, an SEC registered investment adviser. Merit Financial Group, LLC and Merit, are separate entities from LPL Financial.