Being divorced is no longer a social outrage. In fact, statistics show that marriages are dissolved at an ever increasing rate. Meeting somebody that has been married and divorced several time is also no longer strange phenomenon. However, even though divorces have become so common, they still cause hurt, bitterness and anger. There are many issues that needs consideration before divorces are granted and the entire process can become very traumatic and expensive. In some cases divorcing couples even need to apply for divorce financing.
The vast majority of people will quickly find out that they will be poorer after the separation. Savings, assets and investments that took years to accumulate may have to be liquidated in a hurry, often at a loss. Then there is the cost of hiring an attorney or often even two attorneys. These legal representatives charge extremely high fees and can cause the process to drag on for a long time.
Couples need to realize that they can do much to limit the cost of divorces. It is not necessary to hire two lawyers if both partners agree to negotiate with each other in good faith. If they can come to some agreement on custody issues, maintenance and the distribution of their assets then they do not have to pay the hefty fees that lawyers will charge for this very service.
The expenses truly heap up in contested cases. Each partner will have to hire a separate lawyer and the lawyers negotiate on behalf of their clients. This can be a drawn out process and the clients will pay for every minute spent on their cases. The cost will escalate dramatically when the case goes to court. Contested divorces also means that the entire matter is in the public domain.
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.
Financial experts agree that it is better to sell joint assets in order to finance divorces than to use borrowed money. By borrowing money from a pension fund, for example, better rates can be obtained and the payback terms will be more reasonable. Other assets that will be divided between the two partners can also be sold in order to raise the money necessary to pay for divorces.
Many modern couples actually plan for the cost of future legal problems. To this end they purchase special insurance policies that are designed to pay for legal cost, including the cost of divorces. Other couples try to lessen the financial impact of divorcing by entering into prenuptial agreements that already stipulate the terms of the separation.
Experts agree that the very high cost of divorces can often be ascribed to the fact that the divorcing couple, or at least one of the partners, refuse to be reasonable. In such cases the main beneficiaries will always be the lawyers. Divorces are sad and emotional, but if reason prevail it does not have to be so costly.
The vast majority of people will quickly find out that they will be poorer after the separation. Savings, assets and investments that took years to accumulate may have to be liquidated in a hurry, often at a loss. Then there is the cost of hiring an attorney or often even two attorneys. These legal representatives charge extremely high fees and can cause the process to drag on for a long time.
Couples need to realize that they can do much to limit the cost of divorces. It is not necessary to hire two lawyers if both partners agree to negotiate with each other in good faith. If they can come to some agreement on custody issues, maintenance and the distribution of their assets then they do not have to pay the hefty fees that lawyers will charge for this very service.
The expenses truly heap up in contested cases. Each partner will have to hire a separate lawyer and the lawyers negotiate on behalf of their clients. This can be a drawn out process and the clients will pay for every minute spent on their cases. The cost will escalate dramatically when the case goes to court. Contested divorces also means that the entire matter is in the public domain.
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.
Financial experts agree that it is better to sell joint assets in order to finance divorces than to use borrowed money. By borrowing money from a pension fund, for example, better rates can be obtained and the payback terms will be more reasonable. Other assets that will be divided between the two partners can also be sold in order to raise the money necessary to pay for divorces.
Many modern couples actually plan for the cost of future legal problems. To this end they purchase special insurance policies that are designed to pay for legal cost, including the cost of divorces. Other couples try to lessen the financial impact of divorcing by entering into prenuptial agreements that already stipulate the terms of the separation.
Experts agree that the very high cost of divorces can often be ascribed to the fact that the divorcing couple, or at least one of the partners, refuse to be reasonable. In such cases the main beneficiaries will always be the lawyers. Divorces are sad and emotional, but if reason prevail it does not have to be so costly.
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