When many people discuss the topic of divorce, they immediately consider the impact the new family structure will have on the children. While children of divorce face a dramatic change to their daily lives, a divorcing couple without children still must undertake a difficult series of negotiations to reach their end goal.
Numerous meetings and compromises geared toward guiding both individuals to their new, independent futures often punctuate the divorce process. If the divorce includes children, the couple must determine custody, visitation, a parenting time arrangement and child support. Those without children, however, generally face numerous financial matters, including:
- Addressing non-marital property: Many, but not all, couples take the time to draft a prenuptial agreement prior to their marriage. This contract helps individuals clarify the separate property that they each bring into the relationship. Whether it is an inheritance, a business or a significant savings account, these financial elements are crucial to an accurate monetary split in divorce.
- Property division: In a divorce, the court will guide the couple through the division of all marital assets. This can be the matrimonial home, vehicles purchased, prized collections or retirement accounts. Additionally, the couple must divide digital assets such as shared websites, an online marketplace or an entertainment collection stored in the cloud.
- Debt responsibility: Throughout the marriage, it is likely that the couple will accrue debt together. From mortgage and car payments to personal loans and medical debt, the couple must reach a compromise regarding the division of debt responsibility. It is wise to close any joint accounts and settle shared debt prior to the divorce, failing that, they will likely be a part of the property division process.
Even if there are no children in the marriage, a divorce often represents a challenging process for the couple. There are numerous financial negotiations to resolve before the two individuals can begin their new, independent futures.