When people fall in love and decide to get married, they hope it’s a relationship that will last forever. Unfortunately, every four out of 10 marriages in the U.S. ends in divorce, and Florida ranks in the top 10 for states with the highest divorce rates.
Financial issues are often the most contentious when a divorce occurs. That's why many people work with forensic accountants when it comes to things like alimony payments and asset division. These professionals support your legal team by providing scientifically-driven information regarding a person's financial standing. The American Bar Association explains more about these processes and how they can help you.
Single parents often rely on child support payments to ensure their kids have what they need to lead healthy and happy lives. When payments are late or fail to materialize at all, that might leave you struggling financially, especially when it comes to back to school shopping. While you should report any payment issues to your legal team so they can be rectified, The Penny Hoarder also recommends these saving tips for back to school shopping.
Many people file for bankruptcy when they find themselves in over their heads when it comes to debt. While the process can help discharge a great many debts, including credit card debt and medical payments, things like alimony or child support are not usually able to be discharged. The Balance explains how these debts are treated when a person files for bankruptcy.
Divorce is often difficult for a lot of reasons, whether kids are involved, or a married couple is unsure how their finances will be affected by this major decision. However, some people find themselves involved in particularly difficult divorces, especially when contentious family law matters such as custody disputes, property division, child support or alimony are at the center of heated debates. Moreover, some people may think that newlyweds are more or less immune to these challenges since their marriage has not lasted very long, but this is certainly not always the case.