4th June: Thinking of taking a divorce? Take a pause to see whether it is the only available option for your irreconcilable issues.
The US is having fifth highest rate of divorce the world over. And the issue needs serious consideration keeping in mind its aftereffects on you and your children.
Divorce affects your children-
Before going ahead with your plans for divorce, it is advisable to think and ponder over the impacts of divorce on your children’s lives. Every child reacts to divorce in a different manner because he or she is different.
- Psychological aspect–However, generally, divorce can affect the health and happiness of your children. It can lead to behavioral as well as psychological problems in your children. Children have to adapt themselves to a new way of life- it may mean living with one parent or spending time between two parents.
- Educational aspect–That’s not all. Children of single parents often lag behind in their studies. It happens due to the trauma happening in their family life. It has a direct effect on the performance in the school. Children often feel abandoned. And due to this feeling, they get a serious affect on their studies.
Financial aspects of a divorce—While considering the financial aspects of any divorce, the role of a neutral expert (like a financial professional/planner) cannot be undermined. He or she can help in making the process of divorce smooth and easier.
- Role of a financial planner in a divorce—A financial planner or professional will be responsible for creating plan highlighting the (projected)effects of divorce on cash flow, retirement, college savings. This plan will be helpful in knowing about the investment of assets following divorce.
- Payment of bills—During divorce proceedings, it is best to avoid making any significant changes to budget items. Bills needed to be paid as paid during the marriage. However, living together is not possible, then court imposes an order for Pendent Lite after analyzing exact amount for Pendent Lite.
- Health insurance—This is yet another vital issue in a divorce. It may be worth pointed out that COBRA (Consolidated Omnibus Budget Reconciliation Act) extends health insurance (for spouse) up to 36 months period provided health insurance costs under COBRA are paid by him/her.
Remember, divorce is, indeed, a very serious step and you must not do anything in a hurry until you are sure that it is the only best available course of action for you.