Posts

Divorce and Financial Considerations | Johnsen Wikander P.C. West Michigan Divorce Attorneys

Divorce and Financial Considerations

Divorce can often boil just below the surface of a marriage for several years before coming to pass, churning until one or both of the spouses can no longer maintain their relationship or avoid the inevitable outcome.

At other times, divorce can be unexpected, leaving one spouse little or no time to prepare for the uncertainty and upheaval that accompanies the end of their marriage. In such cases, a husband or wife who is caught off guard may have little to no time to prepare for the financial issues they may face after their relationship has ended.

No matter how equitably marital assets and debts are divided or how income is distributed through alimony (spousal support) and child support, a newly divorced spouse may find themselves in a difficult situation due to inexperience and lack of knowledge regarding their marital finances. Bills, taxes and insurance all potentially present unfamiliar territory when one spouse has primarily handled those day to day affairs in the past.

Consult with an experienced attorney as soon as possible to avoid common financial pitfalls and consider these important issues in advance of your meeting:

1. Insurance – It may be necessary to assume your own car, renters, homeowners, or health insurance. Pay a visit to your insurance agent to discuss how to proceed with changes in your coverage.

2. Credit Cards – If your credit card was part of a joint account it may be necessary to apply for a card in your own name. Also, it may be best to remove yourself from a joint credit card if you do not need to use the card for expenses while the divorce is pending. You want to protect yourself from being liable for credit card debt incurred by your spouse while a divorce is pending.

3. Banking – Checking and savings accounts should be set up in your own name as soon as legally allowable. Consult with your attorney on the correct process to remove joint account owners or to set up your own accounts.

4. Financial Management – If you have not played a part in your financial management during your marriage, find a good accountant and advisor who can counsel you on issues such as taxes and investments.

5. Taxes – If your spouse has been primarily responsible for filing and paying your joint taxes, find an accountant who can help navigate important tax issues. It’s better to pay a professional than to risk mistakes and potential penalties.

There are other financial implications to divorce aside from the challenges of alimony (spousal support), child support, and the division of assets. If you’re facing divorce, please contact the experienced West Michigan attorneys at Johnsen Wikander and let us help you through your most difficult time.

Divorce Themed Jewelry | Johnsen Wikander P.C. West Michigan Divorce Attorneys

Divorce Themed Jewelry

After wearing a wedding ring for years, many newly divorced partners become all too aware that the ring is now missing from their left hand. In order to fill that void, a new wave of divorce-themed jewelry has begun to appear in its place. Or, in the case of rings, next to its original place.

Available on websites as big as Amazon and through craft outlets like Etsy, divorce rings, necklaces, and other “bling” can take many unique and interesting forms. Although the patterns vary, many feature obvious signs of separation such as a cut or opening down through the item’s center.

Rings and Other Things

Divorce rings, often worn on the middle finger of the left hand, can be simple symbols of survival or more intricate designs that are only meaningful to the wearer. A popular option features a gold band with two small bars broken away from the larger design and creates a powerful message when the ring’s purpose is understood.

Other options, such as necklaces or bracelets, can carry engraved messages of strength, wisdom, or humor. Amazon carries jewelry aimed at divorced partners with messages including “He had it coming” or “I’m not giving up, I’m starting over.”

Many people have used the money gained by selling their wedding or engagement rings to buy jewelry that symbolizes their freedom or that provides a reminder that time can heal. Some have even melted their original wedding sets to create something new, just as they see the divorce process unfolding in their own lives.

Additional Options

Another option has recently gained in popularity. Instead of melting the original rings down to form new pieces, divorced spouses have sold their rings and donated the proceeds to charities for domestic violence or homeless women.

Divorce is difficult enough without a constant reminder of loss in the shape of a ring, or that ring’s absence. If a symbol exists for love, it is no surprise that a symbol would become popular for the loss of that partnership. Whether the symbol takes the shape of a ring, necklace, or bracelet it is the message of strength and hope that it carries, which is ultimately important.

To discuss the challenges of divorce, please contact the experienced West Michigan divorce attorneys at Johnsen Wikander today. Please let us help you find your way through this difficult time.

New Year’s Resolutions and Divorce

For many people the New Year brings new hope, providing a fresh outlook and the feeling of renewed opportunity. However, the turn of the year also brings a spike in divorce cases nationwide when holiday events are over, family commitments have been met, and guests have gone back home.

Both spouses may have reached common ground and agreed to divorce after the holidays are over to preserve family traditions and protect their children’s holiday experience. If both spouses are on common ground they may also have agreed to preserve appearances and avoid explaining the situation during family gatherings or parties.

However, a spouse who has been unhappy for some time may use their New Year’s Resolution to commit to a difficult choice and end a rocky marriage. Holiday stress can also become a driving force in the decision to divorce. Family visits, party preparations, and excess spending can increase tension and stress, and push an unsteady relationship over the edge.

One partner’s decision to divorce may blind-side the other partner, leading to angry and emotional confrontations. Even though both partners may know there is something wrong one may not be aware that other has become unhappy enough to leave, especially if any attempt has been made to resolve personal differences and repair the marriage.

With any unexpected confrontation, emotions and anger become factors that can only make matters worse. As difficult as it may be, it is extremely important to keep a level head and approach the situation cautiously and to be as informed as possible, especially when there are minor children involved.

The situation can also create knee-jerk reactions and spontaneous decisions that could create additional challenges, especially if any discussions about finances, custody, or assets take place. As hard as it may be, the best options are to face the issue head-on with rational conversation, or to step back until both partners have time to process the information and can talk through the issue.

An angry response or clouded judgment can make matters substantially worse. A snap decision could create an outcome which is difficult to reverse and has long-lasting effects on one or both partners.

If you are facing a potential separation or divorce, please – don’t make any quick decisions. Contact the experienced West Michigan attorneys at Johnsen Wikander and let us help you through this difficult time.

Choosing Sides: The Impact of Divorce on Friendships

West Michigan residents tend to be very social, developing strong relationships with people in and out of work, organizational, or religious environments. As social beings, almost all people want to feel like they are part of a group, and friendships provide the natural support system that goes with being an accepted part of a larger whole.

Divorce proceedings can create stress for the people on the outside of the relationship as well as the divorcing spouses. The process often pulls friends and acquaintances into the middle, forcing people who had allegiances with both partners into the uncomfortable position of choosing who they will continue to socialize with when divorce proceedings are complete.

People who choose to remain friends with adversarial divorcing spouses may find it difficult to maintain an allegiance with both. These people may find themselves caught in one partner’s struggle for information about the other, or victims of one’s jealousy regarding the other’s relationship.

Psychology Today reports that married couples rarely stay friends with either divorced partner, and divorced singles rarely remained friends with a strong couple. The married relationship often reminds the divorced individual of what they had lost and creates feelings of remorse or depression.

For couples, remaining friends with a divorced partner is often identified as the source of their own marital strife. New lives, new situations, and new opportunities can be attractive to one or both spouses who are having doubts about their own situation, and they may decide to abandon their friendship as a defensive measure.

Divorcing couples need to remember that people are not an asset to be divided, like furniture or capital. Friends of both partners may naturally choose to remain as part of one spouse’s life or another, but putting them in the middle or demanding they pick a side will almost certainly drive them away.

Friends are natural support systems and few situations create more stress or challenges than divorce. In times of need, we all want a shoulder to cry on or strong back to help us move forward. However, it is important to let other people find their own way through your divorce and come out wherever they feel safest.

That may mean they follow the other partner, keep their distance, or decide to simply disappear. In any case it’s best to let them stand where they are the most comfortable, even if it means the loss of a best friend.

Divorce is difficult, but an experienced divorce attorney can help. Please contact us at Johnsen Wikander in Grand Rapids with your questions and allow us to be your support system during your time of need.

Cohabitation After Divorce: A Growing Trend

In most modern marriages both spouses work to support their family and to move toward common goals such as children’s college expenses, a larger house or retirement. During marriage, most costs associated with housing, cars, and other resources are shared between husband and wife.

Aside from the emotional impact, divorce, whether it takes place in West Michigan or anywhere else, can create another layer of hardship when both partners suddenly find themselves house or apartment hunting, or in need of another car. The resulting financial challenges can add to the stress of an already difficult situation.

These days, many couples are choosing to live together after divorcing for several reasons. Children have the largest effect on strategic and financial decisions during, and after, a divorce. Staying close together, or even under the same roof, to provide parental continuity has led many couples to simply sleep in separate bedrooms in their existing home once divorce proceedings are finalized.

Real estate also plays a major role in the decisions made after separation. When a house or property has been purchased as an investment, or real estate has dramatically decreased in value, it may make more sense to live under the same roof until the market bounces back or a project home is completed.

Another reason couples will live together is to prevent upheaval. A single parent may not be able carry the costs associated with the current family home. However, if both parents continue to shoulder the mortgage, utilities, and taxes together they can ensure their children stay in the same home and the same school with their established friends and teachers.

In many cases, custody or visitation arrangements mean the children are packed up and shipped between their parent’s separate houses. This can result in two sets of belongings, and even friends. When spouses choose to stay under the same roof, the effects of the divorce on the children may again be reduced by eliminating the need for children to shuffle back and forth.

This situation can also impact fighting over custody and over who gets to see the children on which night or weekend. When the children of divorced couples stay put and both parents come to them, the situation’s impact is less severe.

Cohabitation after divorce is by no means an easy solution. Aside from the agreements put in place by the spouses and their respective divorce lawyers, rules and boundaries must be set. This is not a simple roommate situation, especially when old emotions resurface or one former partner begins dating.

Like any other situation, cohabitation after divorce has pros and cons. It may not be possible for everyone, but it could provide an easier solution to financially challenged partners and may allow parents to spend more time with their children.

Cohabitation may not be for everyone, but there are plenty of success stories about parents who have amicably divorced and made cohabitation work. The children of divorced parents appear to reap the most benefits, but it could provide a better financial and structural solution for the parents as well.

Options aside from litigation include mediation and Collaborative divorce. An experienced divorce attorney can help you find the best path forward, so please contact Johnsen Wikander for a free consultation today.