Sadly, divorce among millennials is gradually increasing. For this age range, many couples choose to go through an uncontested divorce due to its economic benefits. An uncontested divorce is easier and faster, as long as there are no children from the relationship, and neither party of the divorce have a lot of debt or assets. However, there can be some problems with divorces and millennials, including the following:
There Is More Debt Than You Realized
Although younger couples typically do not have as much debt as older generations, debt-to-income ratios are generally worse for millennials. The debt, whether it is student loans, credit cards, automobile loans, or home mortgages, is statistically higher in relation to the amount of income at the time. When young adults get a divorce, and there is more debt than realized, it can be problematic when it comes to dividing assets and debts.
Issues With Real Estate Assets
Today, more millennial-aged couples buy homes. In some cases, younger couples buy more house than they need. This means there is a higher mortgage, higher utilities, costs for maintenance, and the like. The potential for loss of equity is always a concern as well, depending on the economy at the time. All of these issues make the process of dividing the home difficult. When you divorce, you have to determine how the real estate will be separated. It could result in unfairness for one party, depending on how much money was invested.
Custody and Child Support Issues
Custody and child support are important issues for any divorce. When millennials divorce, the children involved are generally very young. You will have to make child support and custody decisions based on the kids' ages at the time. As the kids get older, you will have to return to court anytime you need to make changes to either child support or custody. This will cost money each time you have to modify, which can get expensive.
Issues With Social Media
Millennials typically are very involved with social media platforms. This leaves behind a record of their words, feelings, and thoughts during the divorce. Anything said on social media is permanent and can be used against one or both parties to the divorce, even if you think you deleted the statements. If you are getting a divorce, try to stay off social media as much as possible until the divorce is final. Also, try to keep any negative comments about your divorce or your spouse off social media. You never know what could come back and hurt you later.
To learn more, contact a company like Gomez May LLP today.