Many have heard that the divorce rate among older people has doubled in the last 30 years. What they may not realize is just what effect divorce can have on a person's finances. Though that can happen to anyone of any age, the difficulties can be particularly pronounced for people older than 50. Fortunately, experts have advice for anyone here in Georgia who falls into that category.
When people get married, they often promise "'til death do us part." They may not realize if that "parting" happens due to divorce that they may also be responsible for their ex's debts. When determining who gets what as part of a divorce agreement, most people here in Georgia probably think of shared assets or property. However, student loan debt could be part of that agreement as well, depending on several circumstances.
Conventional wisdom has long held that 50% of marriages today end in divorce. However, recent statistics prove that idea wrong. Overall, divorce rates are plummeting -- the rate dipped 18% from 2008 to 2016, according to one study. Upon closer examination of the facts, however, it is apparent that this decrease only holds true for certain demographics. Experts have theories as to what is causing these trends, and Georgia families may learn a great deal from their insight.
Children in Georgia deserve every chance they can get to succeed. When a child's parents are not living together, it is often necessary for one parent to make child support payments to the other to ensure that the child's needs are met. Some parents have difficulty honoring that obligation for valid reasons, such as a change in their income level. However, there are parents who choose not to make court-ordered child support payments without any justification. The U.S. Department of Agriculture is hoping to convince state agencies that tying child support to the Supplemental Nutrition Assistance Program will help prevent that.
When two people decide to end their marriage, they probably realize that the process won't be a simple one. Many soon-to-be-ex-spouses have to determine how to manage childcare, split assets or handle a marital home. Though many people expect that their finances will be impacted, they may not realize that their credit score could take a hit. Fortunately, experts have some advice for those here in Georgia and around the nation who want to minimize the effect that divorce can have on their credit score.
Most people who marry do so from a place of optimism, believing that their relationship will stand the test of time. Sadly, divorce is an all-too-common outcome for many marriages, here in Georgia and elsewhere. The reasons for divorce vary as widely as the people who decide to get married. However, experts say that there are three common causes that may lead a couple to divorce.
If you're one of many Georgia residents whose plans for the new year include ending a marriage, you likely have numerous concerns and, perhaps, worries regarding your or your children's future. Divorce is never easy and often prompts a lot of emotional turmoil, not to mention additional challenges that may surface as you adapt to a new lifestyle. If you and your spouse disagree about child custody, visitation or property issues, you may feel overwhelmed about it all, even before you file the paperwork in court.
In Georgia some divorced couples with children have experimented with a new concept of family law that is called 'birdnesting.' Research has shown that keeping children in a low conflict environment during a divorce and thereafter is an effective way of minimizing the stress on them. One way that some couples do this post-divorce is to maintain the family home as the main anchor, with the parents rotating their stays in the home instead of flipping the children from house to house.
Georgia residents who are contemplating a divorce may want to think about planning early with respect to future retirement funding. Divorce can place an inordinate strain on a person's regular income, which will not be bolstered by combining with the former spouse's income after the divorce. This is often a strain for those who were on a relatively tight budget in the first place.
The U.S. Supreme Court on June 11 issued a decision involving the question of who inherits the proceeds of an insurance policy when the owner of the policy apparently forgot to remove his former wife as beneficiary after they divorced. The problem that is illustrated is instructive to all couples who are in divorce or planning to file for divorce in the future. The lesson that the case teaches is that such matters should be resolved and taken care of during the divorce and immediately thereafter, both in Georgia and all other states.