It’s no secret that divorce is a messy business.
But what most people don’t realize is that divorce settlements can be just as messy, if not more so.
Trying to negotiate a fair and equitable settlement between two warring parties is practically impossible, and often results in both sides feeling like they’ve lost.
How will we split our property? Who gets the cars and who gets the dog? What about our marital debt?
These questions and more come up when a couple dissolves their marriage.
Simply put, divorce settlements are said to be a practical impossibility.
Why Are Divorce Settlements Considered Impossible?
The process of reaching a settlement usually requires both parties to be in agreement on every key issue.
However, in many cases, this simply is not possible. ESPECIALLY, when emotions are involved.
Whether it’s due to disagreements over child custody, property division, or spousal support, there are often a few key issues that both parties simply cannot agree on.
Fast forward to 2022 and divorce settlements have gone from impossibly practical to almost at a complete impasse at the moment.
With inflation being at an all time high of 9.1% in 40 years, couples are struggling to figure out their future needs.
Because the rise of the cost of living and the uncertainty about future mortgage rates has them in fear of reaching any financial settlements that may become unaffordable later on.
Divorcing couples find themselves unable to accurately estimate the costs for things they need in their daily lives, namely food or electricity which continue to increase with no end in sight.
If couples cannot come up with a divorce settlement before a third party mediator, a judge will make a ruling and this is where it can go from bad to worse.
One big mistake people make is assuming that the judge will take into consideration the rise of inflation and the cost of living when making decisions about child support and alimony payments.
Unfortunately, this is often not the case.
As a result, people end up owing far more than they can afford, which can lead to financial ruin.
With the cost of everything being out of control right now, some couples have decided they would rather stay together and be miserable than separate and be desolate.
This isn’t a good idea either as resentment and abuse can unfold in situations like this.
What can divorcing couples do?
Try to figure out a realistic resolution for how much each party will spend in order to reach an affordable compromise that works best overall.
The costs of a divorce can be high, but it’s important to keep your eye on the long-term picture.
You need an experienced lawyer who understands the law and can help you get the best possible outcome for your unique situation.
Don’t try to go it alone!
Need assistance? Call me today, I will help guide you down the right path.