A properly executed prenuptial agreement can be equated to a good insurance policy. The hope is never to have to use it, but if the time comes and the situation arises and it's needed, it can be very useful in saving significant time and money. Traditionally, many Alabama residents contemplating tying the knot would take offense if their intended spouse even hinted that a prenup should be considered, but more and more people are realizing it can be beneficial to both parties to at least have a conversation about financial expectations and whether a prenup is a necessary component of the marriage.
Going through a divorce is one of the most stressful and anxiety-producing events that a person can experience. It can cause stress mentally, emotionally and financially. The financial stress, though, is among the most readily reduced as the parties can gain piece of mind through preparation and understanding. People in Alabama can reduce the amount of financial stress associated with divorce by understanding how retirement assets are likely to be divided and by planning for the required changes.
Many co-parents in Alabama have found that challenges arise when raising children in two different households, even if a separation or divorce was amicable. When a person is dealing with a toxic ex-spouse, though, they may feel like the challenges are so overwhelming that it affects their ability to parent well. Here are a few tips to help individuals who are dealing with a toxic ex-spouse.
Part of getting a divorce in Kentucky is determining the value of assets and then dividing these between each spouse. The marital home is typically one of the major assets that a couple owns. It is common for one individual to buy the other person's share of the house in a divorce, especially in divorces that involve couples with children.
A divorce can be a significant source of stress for Alabama residents who are going through one. However, it may easier to deal with it by thoroughly preparing for the end of a relationship as soon as possible. First, individuals will want to make sure that there is a plan in place for dealing with a marital property. This means deciding who will keep the property and who will pay for its upkeep until it is sold.
Alabama parents are generally required to financially support their minor children. However, there may be questions about who the father of the child is. In some cases, individuals may try to cast doubt about their paternity even if there is reason to believe that they are their children's legal fathers. If necessary, a judge can ask for a DNA test to confirm who a child's father is.
In Alabama and across the United States, people frequently share personal information via social media platforms. Many couples planning to divorce have active accounts on Facebook and Twitter. Although it's fine to stay active on social media platforms, people getting divorced should take some precautions. Most online friends are not close friends. Accordingly, sharing personal and confidential information with distant acquaintances is not always advisable. For instance, people should refrain from posting negative comments about their spouses.
Millennial married couples in Alabama may be among the 28% who keep their finances separate according to a Bank of America survey. This is more than twice as many as Gen X and baby boomer couples. However, according to experts, this will not necessarily mean their finances are considered to be separate property in a divorce.
When a divorce takes place in Alabama or any other state, it could mean significant changes for an individual. For a business owner, it is important to understand how much the company is worth and how having a business could impact the final divorce settlement. Ideally, the company's value will be assessed by an independent professional appraiser. This person should have access to any documents needed to come to a fair valuation.
For many married people in Alabama, Social Security benefits are an important asset. Even when a spouse has little or no income of their own, they may still collect up to half of their significant other's benefits if they are eligible to receive payouts. But when a marriage ends, there's understandable concern about what might happen with such benefits.