ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Couples Rethink Divorce Plans Amid Cost Concerns, Exploring Co-Living as a Viable Option

House prices and the difficulty of getting a new mortgage might make staying put seem like the only option to maintain financial stability.
PUBLISHED FEB 29, 2024
Cover Image Source: Couples are rethinking their divorce plans (representative image) | Photo by Alex Green | Pexels
Cover Image Source: Couples are rethinking their divorce plans (representative image) | Photo by Alex Green | Pexels

 Amid the ongoing cost of living crisis, many people are trying to cut down on unnecessary expenses, including rethinking their plans for divorce. Instead of immediately starting the divorce process at the beginning of the year as is often done, some couples are hesitating. They are exploring whether they can navigate the complexities of divorce while still living together. Although this approach has its challenges like sharing space with a soon-to-be ex-spouse, recent house prices and the difficulty of getting a new mortgage might make staying put seem like the only option to maintain financial stability.

Image Source: Photo by cottonbro studio | Pexels
Couples are rethinking their divorce plans (representative image) | Photo by cottonbro studio | Pexels

For couples with children, there could be some upsides to divorcing while still under the same roof. The family can maintain routines and responsibilities as they work through the divorce process, ensuring that both parents remain involved and finances are managed fairly. Deciding to begin the divorce process with a spouse or civil partner while still living together demands considerable thinking. Instead of merely starting divorce proceedings online and surprising their partner with formal documents, the person initiating the divorce should consider how their partner would respond. If the news arrives unexpectedly, especially if they are living together, it may lead to friction and even charges of domestic violence.

If there are children involved, it is critical to consider how this news may affect them, particularly if they have examinations or key school activities coming up. It might also be helpful to visit counseling services to support both parties through all the emotional challenges. One common problem is deciding how and when to inform the children about the divorce. This necessitates careful planning, particularly if the couple wants to continue living together in the family home. For example, they might choose a familiar and comfortable setting for this chat.

It is ideal to avoid circumstances in which other family members, such as grandparents, are present throughout the conversation. It is critical to plan ahead of time and agree on what to say, how the conversation will progress, and what steps will be taken. This planning might assist in alleviating any needless fear for the kids.

Image Source: Photo by August de Richelieu | Pexels
Informing children about the divorce needs planning (representative image) | Photo by August de Richelieu | Pexels

Although no-fault divorces offer advantages, such as allowing spouses to part ways amicably and without blame, they sometimes take longer than anticipated. Given court delays at various phases of the divorce procedure, a 20-week cooling-off period between filing for divorce and receiving a conditional order, and an additional six-week wait for the final order, the entire process can take six to eight months.

Delays in finishing settlements, particularly those involving the sale of the family home, are possible. Divorcing couples should prepare for this, especially if they intend to continue living together. Virtual mediation meetings are a popular alternative and they can be effective even if the couple lives together. It's best if everyone attends from various locations so they may take a break before facing each other after the session. Another option is to attend face-to-face discussions at a mediator's office, which sometimes has separate chambers for isolation and reflection.

Image Source: Photo by RDNE Stock project | Pexels
Handling settlement delays (representative image) | Photo by RDNE Stock project | Pexels

It is critical to plan ahead of time and define duties. This includes things like shopping and paying bills, as well as establishing ground rules for guests. A parenting plan can assist with child-related tasks such as school pickup and weekend planning. Flexibility and collaboration are essential, particularly when one parent needs assistance. Some couples prefer to maintain the family house for stability, taking turns living there. These "nesting" agreements are becoming increasingly popular, frequently for financial reasons.

MORE ON MARKET REALIST
The item might have been worth more, but no one had any idea of how much it could sell for.
11 hours ago
Mr. Wonderful did not hold anything back as he even called the entrepreneurs bad at marketing.
12 hours ago
The player couldn't believe that she had aced the "Grand Game" of the show.
13 hours ago
Cuban beat offers from Lori Greiner and Kevin O'Leary to add the company to his portfolio.
15 hours ago
Rick Harrison wanted to pay less than a thousand bucks at first, but the guest was a tough negotiator.
1 day ago
The contestant had a good start to the game but things did not end all that well.
1 day ago
The guest inherited the jewels from her mother and then found out that they were Cartier products.
1 day ago
The host Pat Sajak was seen standing with a broom while the contestant was celebrating.
2 days ago
The contestant wasn't able to match the excitement with his performance.
2 days ago
The guest said that there was so much more that she hadn't even brought to the show.
2 days ago
This wasn't the first time that an appraisal by an expert worked in favor of the seller.
2 days ago
The contestant seemed to be going through the emotions even before the results were revealed.
2 days ago
As per the guest, even her father had no idea where the piece of jewelry came from.
3 days ago
The contestant was supposed to name a deceased artist who they'd like to see perform as a hologram.
3 days ago
The shoes were apparently the same ones Ali wore in the iconic Thrilla in Manila fight in 1975.
4 days ago
The guest had no idea about the value of what he possessed and was concerned about it being fake.
4 days ago
This was perhaps one of the cruelest Bonus Round puzzles that the show has seen in a while.
4 days ago
The woman also shared her personal opinion about effect of flavorings on the brain.
4 days ago
The 51-year-old will have Hollywood star Matt Damon as partner, and Jimmy Kimmel as host.
5 days ago
The guest claimed to have read the book multiple times as a kid and the signs showed.
5 days ago