20 September 2010

Minimising The Cost Of Divorce

With the cost of divorce so high these days, perhaps couples will think twice before heading to their nearest divorce lawyers. It might even encourage couples try and resolve their differences rather than to eternally agree to disagree...you never know.

According to experts, divorce costs are at an all time high and back at pre-global financial levels. The rising costs have much to do with key amendments to family, superannuation and tax laws in recent years, which means that there is a wider range of assets being split in marital property settlements. Even the superannuation savings of de facto couples can be divided.

Adding to this is the news that more couples are breaking up after longer marriages and thus the accumulated wealth that must be divided is proportionally higher. It is estimated that the number of couples getting divorced between the aged between 50-55 has quadrupled in the last ten years.
With statistics from the Australian Bureau of Statistics showing that 40 per cent of marriages are likely to end in divorce, couples should enter into marriage with an acute awareness of the facts. Australia saw as many as 47,000 divorces in 2008.

It would be wise to construct a pre-marital contract which states terms of a divorce if a couple were to split, rather than wait until its too late. A secured pre-marital deal might be essentially unromantic but nobody knows what will happen after marriage. It is wise to be prepared and realistic. A pre martial contract can ease some of the stress and financial difficulties of a divorce.

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