Money has an impact on everything people do in Wyoming and across the globe. It impacts how people dress, what they drive, where they live and how they spend their time. According to some, it may even affect how amicable they are during divorce. It appears that people who are considered wealthy may, in general, be more agreeable during their divorces than those who don't have as much money. There are several reasons behind this logic.
It seems that ending a marriage is all about division. Custody, property, finances and even the family pets are divided between the two spouses during divorce. Although so much of one's life is suddenly subject to being split, many take for granted that certain financial assets such as inheritances are exempt from the division process that is taking place. That could be a costly assumption as that is not necessarily true in Wyoming.
When a Wyoming couple or others around the nation decide to end their marriages, one of the many issues they must resolve is how to divide their marital property. Each state has specific guidelines about how this should occur in a divorce. However, many couples elect to create a prenuptial agreement to deal with how their property should be divided. Financial analysts believe that developing a prenup may be in some couples' best interests.
There comes a time for many Wyoming couples and others across the country when they simply don't want to stay together in a marriage any longer. The decision to divorce is no respecter of persons -- people at any age or any socio-economic status can decide to call it quits in a relationship. When a divorce is eminent, the issue of property division is handled more expeditiously if a couple has a prenuptial agreement in place. While prenups are available to anyone, most celebrities consider them to be a prerequisite to a marriage. Several well-known couples have some interesting provisions in their marital agreements.
More and more people in Wyoming and other states choose amicable uncouplings if their marriages come to an end. After all, an uncontested divorce allows a couple to draft a settlement agreement that suits them both. However, both parties will have to meet legal requirements, and anyone who does not follow the court's orders might face contempt of court charges.
When a marriage ends, it is important to take time to rebuild and heal one's self. Studies show that rebuilding financially is just as important after a divorce considering that many have to start over building retirement nest eggs. Residents of Wyoming and other states who are divorced run a high risk of not having enough money to see them through their retirement years.
The end of marriage comes with many changes and financial surprises. A recent study showed that women in the middle of a divorce or those who are contemplating one were hit with financial challenges that they were not prepared for. Women in Wyoming and other states admitted that they had little understanding about household finances, debts and investments.
Experts say rebuilding credit after a divorce is possible, but it takes the same hard work and solid spending habits that secured that high credit score in the first place. They recommend closing joint accounts if possible and requesting credit reports from all leading credit bureaus. Residents of Wyoming often find that divorce is just as tough on credit scores as it is on the people involved.
Some compare the end of a marriage to be as destructive as the Great Recession on retirement accounts. However, some retirement experts say there may be retirement savings during a divorce. In Wyoming and other states, a Qualified Domestic Relations Order may allow a spouse to receive money from a 401(k) account without penalties for early withdrawal. These funds are subject to regular income tax, and experts recommend saving the payout for retirement.
Many experts believe a marriage can still be seen as a success even when it ends in a breakup. They recommend embracing the experience and the circumstances surrounding it and using it as an opportunity to develop and grow. Couples in Wyoming are discovering that a divorce does not constitute failure but staying in a relationship that is emotionally and mentally draining is.