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Around half of all marriages end in divorce.” That’s the popular phrase, isn’t it? There is a 50/50 chance that when you say “I Do”, before long, you’ll be saying “I Don’t” and want an end to your union. But although that statistic isn’t necessarily true, recent figures show that around 41% of first marriages do end in divorce, and this increases exponentially for second and even more for third marriages.
Contrary to popular belief, not everyone goes into a marriage expecting it to end in divorce or planning for it to be a starter marriage. When people take their vows, they do mean them at the time. However, not all marriages are equal, and putting a ring on it and legalizing your relationship doesn’t guarantee a happy ever after for some people. Divorce is the right or only option they have to regain their lives and create a new story for themselves.
But what do you need to think about before you start divorce proceedings? Understanding the divorce process and the expected outcomes is crucial. It typically involves several steps, including filing a petition, serving it to your spouse, responding to it, and attending court hearings. Being aware of the below factors can help you navigate the process more easily.
Mortgage
A massive problem for people when they consider divorce is what happens to the mortgage payments, and who gets the house? There are a few options that will be on the table for your mortgage in the event of a divorce. These options include buying the other party out, selling the house, settling the mortgage, or removing names from the mortgage and becoming solely responsible for the payments. Each option has its implications, and it’s wise to explore them in depth with experts to ascertain the best course of action for your circumstances.
Alimony
Alimony, also known as spousal support, is a financial arrangement that one spouse may be required to pay to the other after a divorce. It is enforced in all states, with the legibility, amount, and duration of the payments dependent on the circumstances, the length of the marriage, and the state where you reside. The purpose of alimony is to ensure that both spouses can maintain a similar standard of living after the divorce. A recent study has shown that the average alimony payments are in the $0 to $1,381 ballpark, but again, the amount you are required to pay your former spouse can vary and will be unique to you.
Custody
Open communication and a shared commitment to the well-being of your children or pets are crucial in custody arrangements. By prioritizing their needs and working together, you can ensure a fair and beneficial arrangement for all parties involved.
If it gets to court, the court will also do what is in the best interests of the child, but it’s preferable that things do not get this far and both parents put their differences aside to work out a mutually beneficial schedule and agreement that works for all children involved.
It’s important to understand the legal status of pets in divorce. While some states may treat pet custody similarly to child custody, in most cases, pets are considered personal property and will be included in the division of assets, much like a car or furniture.