There are countless issues to consider when it comes to divorce, and many of these concerns involve finances. Divorcing spouses understandably worry about how the divorce will impact their financial futures. One of the most important issues to consider is how divorce affects one’s Social Security benefits.

Can I Get Social Security Through My Ex-Spouse?

Under certain circumstances, divorced spouses may be eligible to receive Social Security benefits based on their former spouse’s earning record. If the marriage lasted at least ten years, a divorced spouse can claim up to half of the ex-spouse’s benefit amount if it is higher than his or her own earned benefit. To get this benefit, the divorced spouse must be unmarried and 62 years old or older.

When mothers choose to stay home to raise children, they typically rely on their spouse's income to make ends meet. Mothers who do not work outside the home, work limited hours, or volunteer are often put in a precarious situation during divorce. However, with the right planning, support, and legal guidance, divorcing stay-at-home moms can make a successful transition while protecting their financial interests.

Get Familiar with Your Financial Situation

For many stay-at-home mothers, the household and family responsibilities are divided. The mom focuses on taking care of the children while her spouse takes care of other responsibilities, such as paying bills and managing money. Before filing for divorce, it is important for a stay-at-home mother to familiarize herself with the family's financial situation. Developing an understanding of both assets and liabilities will help give her a clearer view of her financial future after the divorce is finalized.

Adopting a child can be a beautiful way to expand your family. However, it is also a big decision with many factors to consider, including whether or not you should have an open adoption. Open adoptions allow adopted children to stay in contact with their birth families and foster a meaningful relationship throughout their lives. Open adoptions can be greatly beneficial to the parents and the adopted child, but they can also bring up complex emotions for everyone involved.

Evaluating the Pros and Cons of an Open Adoption

When you bring an adopted child into your family, there are seemingly countless personal, emotional, legal, and financial matters to contend with. Will my child fit in with our family? How do I handle the legal process of adoption? How can I make my child feel safe and secure? Should we have an open adoption?

There are many pros and cons associated with an open adoption. Having ongoing contact with their birth family gives the adopted child an important opportunity to remain involved in his or her birth parent(s) lives. The child gains additional resources including emotional guidance, cultural insight, and medical information if needed. Keeping the birth family in the picture also allows the adoptive parents to maintain a healthy relationship with the birth parents. This helps create a stronger bond between the families, which leads to more stability for the adopted child.

Classifying, valuing, and dividing assets is often one of the most complex components of a divorce. When spouses marry, their property is mixed. Determining who is entitled to what in a divorce can become a lengthy and complicated process - especially in a high-net-worth divorce.

Asset tracing is the process of tracing the origin of each asset. This is especially important in a high-net-worth divorce case, as the spouses may have complicated financial portfolios with multiple investments, complex tax returns, and global assets. Asset tracing can be used to determine what assets were acquired during the marriage versus those that existed prior to it. Asset tracing may also be used to reveal hidden assets, undervalued assets, or undisclosed sources of income.

What Does Asset Tracing Entail?

Asset tracing is a process of tracking the origin, movement, and ownership of each asset. The process may include:

Splitting up with your spouse is challenging under the best of circumstances. However, separation or a divorce during the holidays is especially stressful and upsetting. If you are beginning the divorce process this holiday season, you know this firsthand. There is no way to completely eliminate the emotional, financial, and practical challenges associated with this major life change. However, you may be able to mitigate the stress and reduce your anxiety to some degree. Here are a few tips to help you get through your first Christmas after separation.

Getting Through the Holidays When Divorce Is on the Horizon

Christmas is supposed to be the "most wonderful time of the year." However, for people going through divorce, it can seem more like a nightmare. Many people struggle with feelings of loneliness, anger, regret, and confusion during the divorce process. 

If you are getting divorced soon, consider the following coping strategies: