Getting Divorced Later in Life Can Impact Retirement

When a couple gets divorced, the initial thoughts are usually centered around who receives the tangible assets?  Parties may readily consider the house, the car, bank accounts etc., but what is often forgotten is the impact divorce may have on your retirement plan. The longer the marriage, and the closer the parties are to retirement, the more the retirement plan can be disrupted. 

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How the Court Divides Property During a Divorce

Going through a divorce or legal separation can be an emotionally taxing process, requiring the assistance of attorneys, mediators, and the state court system. Couples looking to divorce or separate must consider custody and visitation as well as how to divide the property they obtained together throughout the marriage.

Another important consideration while going through a divorce is the payment of taxes. As part of a divorce action, both parties are entitled to full financial disclosure. This means that each party must disclose all assets he or she has an interest in (including businesses) and debts. Often the financial documents for the business are combed through during the course of a divorce. Bearing in mind, a judge and your spouse can report any failure to report income or properly pay taxes, it is important to consult with your accountant in order to ensure you and your business are not at risk of exposure during the divorce process.
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What to Do When Your Former Lover Is a Narcissist

If you are involved in a contentious divorce, here are some tips to make the divorce process a bit easier when dealing with a narcissistic spouse:

Surround Yourself with Supportive People
Don’t listen to their negativity. A narcissistic spouse is usually mentally and verbally abusive. With that being said, try to concentrate on moving forward. Speak with a licensed therapist about your former lover’s behavior. Your former spouse may try to convince you and everyone around you that the divorce is your fault. While their words and actions may be hurtful, you are aware of the truth and those closest to you will not believe their words. Therefore, do not let their behavior consume your life during this already emotional time. During this time, it is important to surround yourself with positive people and positive activities.
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What to do with a Household in a Divorce

One of the most important assets—and the one most likely to directly affect your life—is the marital home or mortgage. This is typically what the couple invested the most amount of money in and has become a home to each person and children they may share. When going through a divorce, it can be difficult to work out what to do with the property, especially if one or both spouses are adamant about remaining in the home.
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