Second chances don't always come by often. For people nearing the age of 50, retirement is positioned as the endgame. However, many retirees are looking beyond the double digits and paving a new road. Or should we say, a new business.
Are retirees seeking second careers?
Reasons for gray divorce
Gray divorce, which often happens after couples have been together for decades, has become more common in recent years. If you thought that making it through the seven-year itch meant you would stay married for life, think again.
Maybe you already are. Perhaps you got married in your early twenties, started a family and raised the kids. Now they are all out of the house, starting families and careers of their own, and you and your spouse have started thinking about retirement.
What is an inheritance partition?
You and your brother inherit your parent's home. It is worth at least $500,000 in the current market. While the will divides up a lot of other assets -- life insurance, bank accounts, etc. -- it simply leaves you both the house, so you have a 50 percent share.
You already own a home with your family, however. You do not need a second house. While you have good memories of growing up there, you know that the best thing to do is to sell the house. If you get $500,000, then you can use your $250,000 to pay off the rest of the mortgage on your own home and set up college funds for your children.
How will you handle shared child expenses after divorce?
One of the most contentious matters when parents divorce is how the children's expenses will be split. Even if one parent has to pay child support, there is still a possibility that there will be other expenses like school supplies or fees for extracurricular activities that will need to be divided between the parents.
In order to minimize potential problems later, it is important to have clear plans for these expenses outlined in the child custody and support orders.
Property division matters can be handled in mediation
During a divorce, the property that was accumulated during the marriage will have to be divided. This is a complex part of the split, but it has to be done. The more property you have, the more difficult this will be.
For many people, this matter is handled through mediation. You and your ex can work together to determine what is going to happen with your property. Reaching accord on these matters requires negotiating and a willingness to compromise. Here are some important points to know about the process.
Introducing step-parents into a child's life
Once you are divorced, a step-parent might become an important person in your child's life. Whether you are the parent who is getting married or if it is your ex who is, it is imperative that everyone works together to foster the relationship between the children and the step-parent. This isn't always easy, but your children will benefit if you can make the transition as smooth as possible.
Step-parents are placed in a precarious spot. They have some of the same duties as a parent, but they often have limitations about what they can do. One area that frequently presents a challenge is learning how to balance being an authority figure with trying to earn the child's trust and respect. Here are some tips that might help step-parents to build relationships with the children and how parents can help:
Divorce mediation must be carefully prepared
The thought of working with your ex when you are divorcing may feel odious. There is one good reason why you should consider making a last effort to deal with him or her -- divorce mediation.
When you are working through ending your marriage, you will have to either work with your ex through mediation or battle things out before the court. Both of these options have benefits and drawbacks. Two of the biggest benefits to mediation are that you can usually get the divorce over with faster and with less expense than what is possible if you go through a trial.
Your children might not handle your divorce well
Divorce is hard on everyone involved, but the children can have more difficulties coping than what you may realize. When you think about the complete upheaval that a divorce causes, it is easy to see why. The only life they've ever know is being changed all at once.
Because of the serious impacts that a divorce can have on children, parents should make sure that your children are handling it as well as possible. There are times when they will need some extra help. That might come from you or from professionals who are well versed in these types of issues.
Think carefully before you fight for the marital home in divorce
The marital home is often one of the biggest, if not the biggest, asset that has to be handled during a divorce. Some people go into the divorce with a plan to try to keep the house from their ex out of spite. There is a chance that this train of thought will harm you in the long run.
Even if the marital home is easy to care for now, you need to determine if this will remain true after the divorce. Take time now to evaluate whether fighting for the marital home is a good idea.
Child custody tips to help fathers succeed
Child custody cases have historically been thought to favor mothers. For fathers who are trying to navigate the world of child custody, making plans for success can be difficult.
The fact of the matter is that you have to think about what is best for your children when you are trying to decide what you are going to do. Some of the common things that parents have done in the past might actually work against your quest to make your children feel welcome, comfortable and happy in the current scheme of things.
