Can A Reverse Mortgage Benefit A Divorce Settlement?
Divorce shouldn’t mean your life is over, but rather a new beginning to living life according to your rules. “Grey divorce” is becoming quite common as nearly one in ten marriages ends after being together for more than 40 years, according to Pew Research. As for the causes, this has been happening for various reasons – one of which is due to retirement. Elderly couples are looking to make their golden years enjoyable, even if life was either too busy or stressful in the past. So, can a reverse mortgage benefit a divorce settlement? Dividing the Assets Seniors often have many assets that are shared and nearly impossible to split. During negotiations, a family home is often one of the most sought-after assets as they are usually paid off and hold a lot of equity. That is why divorcees over the age of 63 are looking to compromise on a divorce settlement and help settle their assets with the help of a reverse mortgage. One of the benefits of a reverse mortgage is how it allows one partner to continue living in the home without paying for a mortgage nor have access to equity funds. Splitting the Benefits of Homeownership During the divorce settlement, splitting the home asset is usually the first decision to make. Instead of selling the home entirely, spouses could choose who can stay in the home and keep the reverse mortgage while the other party receives the equity funds. This useful tool helps couples reach an agreement without further complications. However, it is important to understand that the spouse who continues to stay in the home will be held responsible for certain obligations such as homeowners insurance and property taxes. Provide Less Drastic Financial Changes Perhaps the couple is used to living off two solid incomes – whether it be from owning a…
Creative Child Care Solutions As A Single Parent
It can be challenging juggling childcare as a single parent. The key is to have Plan B. Seems children get sick when a parent has a mandatory meeting or work project. Enlist people ahead of time to be available in case of an emergency. Several parents I know have used up all of their stick leave on ill babies and toddlers. They learned the hard way to have someone on speed dial for that eventuality. Talk to a neighbour to see if they are able to be a last-minute fill in if your little one needs to come home from school. Possibly a friend who works from home can plug a childcare gap when you have to be on the job. You can reciprocate the favour another time. If you have your own office it may be feasible to bring along an older child who is recovering. Pack books, art supplies and snacks. My insurance agent allows his secretary to have her son there after school every day while she does her tasks She has her boy go into the waiting area when a client needs to speak to her. Maybe you can make arrangements to work at home if your child has a stomach bug. Several offices permit older kids to take over the conference room during a bank holiday or short break. This helps the organizations to keep their employees on the job. Some hospitals and companies have nurseries, like the one I attended where my mother was a nurse. Ask co-workers how they are handling their childcare needs. If you are able to negotiate with your co-parent, perhaps you can split up school holidays. Then neither one of you has to find childcare for the entire period. Some divorced people remain on good terms with former in-laws…
Marriage & Divorce Globally- A Statistical Comparison
Divorce There’s nothing wrong with divorce and it shouldn’t be seen as a dirty word. The fact that it conflicts with various world religions’ teachings and traditions was a reason for prejudice surrounding divorce in the past. Thankfully in progressive society, although it is something never to be taken lightly and family values are still at the forefront in the world of parenting, divorce is an accepted option. No one deserves to be trapped in an unhappy marriage that may be affecting their children negatively as well. Data from 2014 divulges divorce rates (divorce to marriage ratio) by country in an interesting and easily interpreted diagram here. What we can gather from this data is that the traditional view of religion or conservative religious belief holding marriages together and affecting divorce rates doesn’t always ring true. Chile is a religious country and consequently does have a very low divorce rate. However a predominantly Catholic country like Spain actually appears to have a much higher rate of divorce than the relatively secular Scandinavian counties. How divorce is perceived internationally is often dependent on a country’s societal and cultural attitudes not just religion. The research does have its limitations with information missing for various countries. Further studies have shown that within the US the Bible belt doesn’t necessarily have lower rates of divorce in comparison with the rest of the country. Although the south-central and south eastern states have long been associated with the promotion of conservative views both politically and socially, the data suggests that divorce rates don’t correlate with the higher rates of religion in these areas. Marriage Findings amongst OECD countries show that the number of marriages in recent years is declining. This runs concurrently with the average age of people when they decide to marry increasing. In some…
Traveling With Children Post-Divorce
Why is travel important? Travel is sometimes a necessity. People need to travel for work, to visit family but also to have important relaxation time and breaks from the day to day schedule. Studies have shown that compared to other OECD countries Americans get the least paid public holidays and least paid vacation time However travel can broaden the mind, it can be necessary to de-stress and maintain productivity in the workplace for when you return. Furthermore it is essential in terms of having quality work-free time with your children. Divorce shouldn’t change that time. It is important for bonding and for your child’s development. Family holidays are generally always remembered well into adulthood and for some families they become a rare time when there is enjoyment, indulgence and new exciting experiences for everyone. The lack of set routine, pressure and stress is always a bonus factor. Never underestimate the importance of planning! Divorced parents should try and continue giving their children these experiences. In fact usually there are court ordered specific allotted holiday times for each parent, often solidified in a custody agreement or parenting plan. These can take the spontaneity out of planning a trip but at least it adds to the anticipation for the kids! After divorce you will find travelling with your children takes additional planning anyway. You have to respect the sometimes legally binding allotted holiday periods each parent has. You should inform your ex-spouse of the details of your trip and all relevant travel arrangements. This could include expenses, dates, destinations, hotel names, addresses and phone numbers, plus expected methods of communication whilst away. Planning is always productive in terms of trips, it helps anticipate and deal with potential issues whilst managing your time better in order to get the most out of your…
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