It's no secret that money problems are near the top of the list as to why Tennessee couples and others throughout the country divorce. Some divorced individuals blame debt and student loans on the reason for their divorce. Divorce can also leave individuals struggling to pick up the pieces in a financial sense. Here are a few things individuals can do to stay in control of their finances during the divorce process.
Millennials who live in Tennessee might be more likely than their parents did to want a prenuptial agreement. Nearly two-thirds of the attorneys in a survey by the American Association of Matrimonial Lawyers said there had been a rise in couples asking for a prenup, and of those, over half said that more millennials were requesting them.
The main reasons some people in Tennessee get a divorce might differ from reasons for divorce in previous decades. A study that appeared in the "Journal of Sex and Marital Therapy" suggests that ideas about marriage and grounds for divorce may have shifted.
For people over the age of 50, the divorce rate has doubled since 1990. Unfortunately, the financial consequences of ending a marriage have also become especially pronounced among seniors. Even wealthy Tennessee residents can find the divorce process financially draining.
Divorcing spouses in Tennessee and around the country who have never worked or only worked part-time have a lot at stake during alimony negotiations, but these discussions are usually less contentious when the couples involved have been married for 10 years or longer. That is because divorced spouses who were married for at least a decade are eligible to receive Social Security benefits based on the contributions made by their former wives or husbands.
Some men in Tennessee are perfectly fine with being stay-at-home dads or having a wife who earns more. However, not all men have this attitude even though nearly 40% of wives earn more than their husbands according to Bureau of Labor Statistics figures. Census Bureau stats also show that when a wife is the higher-earning spouse, her income is reported for census purposes at nearly 2 percentage points lower than it really is.
Around 25% of mothers in Tennessee and across the country stay home from the workplace to raise their children as do 7% of fathers. This choice is widely praised socially. Over half of Americans surveyed say they think it is better when a mother can stay at home than go to work or even have a stay-at-home father. Being a stay-at-home mother often involves more than just providing childcare and education. As a result of the parent at home's time and availability, the parent in the workforce can work long hours, go on business trips and develop his or her career far more extensively than if they had to share parenting duties or rely on traditional paid childcare providers.
In Tennessee, many couples find it painful to even think about getting divorced. The entire procedure of filling out legal documents rivals the strong emotions and conflicting thoughts felt by both spouses. Feeling burdened with sleepless nights and grief, couples may benefit from working with an experienced family law attorney. Ex-spouses could still have more work to do even after the divorce decree has been signed by both parties.
The rate of divorce for American over the age of 50 has been steadily increasing over the past two decades. There are a number of factors that have been contributing to the rising number of these so-called "gray divorces."
Tennessee couples may be interested in a recent survey that sheds light on why some marriages ultimately fail. While the U.S. divorce rate is falling, it remains high. In many cases, multiple factors contribute to the ultimate demise of a marriage