Going through a divorce can be a very traumatic experience. This is the main reason why it is very important that you make sure that you want to do it before actually going through the proceedings. You have to understand that you will be subjecting yourself to severe emotional and mental stress throughout the entirety of the divorce proceedings. The death of a marriage is not an easy thing to experience. However, you have to soldier on in order to ensure that you are able to live a new life. The main purpose of a divorce is to solve the legal issues. Here are some legal implications that you will be facing.
Bank accounts - you need to properly divide your financial assets with your soon to be ex-spouse. During the proceedings, all the money in all your bank accounts will be totaled and divided accordingly. Some parties do not contest the division, but if you feel that the current division scheme is unfair, then you can ask your lawyer to contest it. Most of the time, if it is a joint account, the money is divided equally.
Real estate property - this legal implication can be very complex to handle. This is because the properties need to be determined first if they were acquired during the marriage or not. Real estate property divisions are often one of the most volatile issues to discuss during the proceedings because of the many technicalities of the law as well as the significant value that the properly usually involves.
Debts - this is also a very important implication. Who will shoulder the existing debts? Some people would wish that their ex-spouse will be saddled with the debt but usually the court will just divide the debt equally just like the bank accounts were divided equally.
Inherited wealth -this is often tricky because determining whether inherited wealth is a marital asset can be quite confusing. If it was a close relative and the inheritance was specifically given to the husband, will the wife have a rightful share to it? The courts will decide it after careful deliberation.
Children custody - this is the biggest source of courtroom drama during divorce proceedings. Sometimes, divorced couples fight to get the most amount of time possible with their children to the point that their children are already suffering from the hurt. The courts will often be as fair as possible to both parents during child custody hearings as part of divorce proceedings.
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