Many assume that they will need to go to court when they file for divorce. However, there are many forms of alternative dispute resolution that enable couples to resolve their legal issues in a fair and equitable manner without entering the courtroom. One common approach is mediation. This format is often less expensive, less acrimonious and less intrusive than a long drawn out court battle. It is also more private since courts keep public records. The circumstances behind each legal dispute are unique, even when comparing one custody issue to another or one divorce filing to another. With this in mind, individuals and their attorneys have options for picking a mediation format that is right for them.
Prenuptial agreements used to be an unthinkable subject - one that when broached, created emotional conflict or bad feelings between soon-to-be-spouses. But thanks to a younger generation, they've become more commonplace and less taboo.
News of Jeff and MacKenzie Bezos's amicable divorce took the internet by storm when they made the announcement early in 2019. Media outlets picked up on the story of the Amazon CEO's impending divorce with even President Trump weighed in. The reason was the $137.1 billion estate that the couple would split in half under the community property rule in Washington State. New York follows a fair and equitable distribution of assets, which may better reflect the contribution each party made to the financial well being of the marriage. As it stands, MacKenzie's share adds up to an estimated $66 billion.
Divorce is one of the most emotionally draining and complicated challenges that many will face, so it makes sense that some want to avoid it if possible. A viable alternative is separation. A separation can come in the form of an informal cooling off period where the couple lives apart, or it could be a more formal decision involving legal separation or a marital separation agreement.
If you're contemplating a divorce, you may be wondering if you can afford it and what your upcoming financial road may look like. Divorce is a complicated process both emotionally and financially, but it will be important to separate the two. Making the right financial decisions (while leaving your emotions out of it) will set you up for a more stable future.