What Millennials Need To Know About Divorce
Unlike those who have been married for many years, millennials who divorce have not likely had a long marriage. For this reason, there can be some complications with a divorce that does not always impact those with longer marriages. The following are some things you should know.
One issue with millennials and divorce is the rate of debt they have as opposed to couples who have been married longer. Millennials often have student loan debt, automobile loans, and mortgages. Couples with longer marriages have had time to work together to get the debt repaid. When younger couples divorce, they have not had enough time to pay off their home and other debts. This leaves them with more debt to contend with once the divorce is final, which leaves many people in a serious financial bind.
Social Media Problems
Many millennials are active on social media. This is not at all uncommon and generally a part of everyday life for this particular generation. What some may neglect to consider is the longevity of information posted online. Even when posts are deleted, chances are it lives on in perpetuity somewhere. If you are divorcing your spouse and you post information that could harm your case in any way, your spouse can use that information against you. Millennials, and anyone who gets divorces, are highly advised by attorneys to take a break from social media until the process is over to avoid any problems.
Real Estate Issues
When young couples purchase a house, they sometimes make the mistake of buying an expensive, larger home, possibly with plans to grow their families. Larger houses mean bigger mortgage payments, more expensive utilities, higher maintenance costs, increased insurance costs, and so on. Equity loss is also a concern, particularly if the home was purchased just prior to the divorce. Depending on the housing market, some couples can lose money on their home. Because of this, dividing assets during the divorce is difficult and complicated.
Child Custody Concerns
When millennials have children and divorce, chances are the children are fairly young at the time. This means the parents have to make hard decisions on how to divide the time spent with their children. Many of these decisions are based on the age of the children. When the children grow, you will likely have to return to court to make changes to your custody arrangements. This means more money spent on legal fees and time spent in court.
For more information about divorce, reach out to a divorce lawyer in your area.