Why a divorce can ruin your finances

Studies show that most of the time first marriage would often fail, which leads to a divorce. For some people, it’s the only way out, for some, it is a threat. Should you get a divorce? Here we have listed several reasons why a divorce can ruin your finances. The choice is yours and your spouse to make in the end, but we hoped that by reading this article, it could change your mind about divorcing your marriage.

cashIt costs a lot to get divorced

A divorce will set you free, but the cost is not. There’s a lot of fees to pay when you’re getting a divorce starting from attorney fees (which can vary depending on where you’re from), mediation costs, neutral evaluation fees, and court costs (which varies as well). To make matter worse, if there’s property or real estate involved in the divorce, there are also refinancing costs and record deed fees. There’s also some taxes that you have to pay.

Tip: another way to keep the cost low is to act fast on your separation, attorney fees can go higher the longer you stay dawdling in your divorce case.

Assets

One of the worst financial things to happen when you’re getting a divorce is the assets. There’s a lot of cases where a married couple saved together to buy a house together, under the name of the husband or the wife. When a divorce is happening, debate or an argument on who keeps the asset will be most likely to occur. The legal ways of dealing this are by dividing the assets, which means you’re losing half of the assets that you have. azoury financial have advice on how to prevent this from ruining your finances.

Tip: another tip on dividing your asset is to sell your house so that both you and your ex can have the money distributed equitably, without one arguing to have more.

cryingKids

Once you’re divorced, you’re going to deal with child support, whether you’re getting the custody or not. These fees consist of school activities, health care, tutors and even after school activities. The most expensive part of this is when your kids are going to college, which is still counted as a fee that you have to pay. Don’t forget that you still need to eat, and pay your bills, this is one of the reasons why a divorce can ruin your finances.

 

Africa Academy of Management

Message from the AFAM President

The Africa Academy of Management (AFAM) held its inaugural conference on August 11, 2011 in San Antonio in conjunction with the annual Academy of Management meetings. AFAM is the culmination of three years of planning, discussion, and growth of the members of the Africa Management Research Group (AFMRG) which began meeting in 2008 at the Academy of Management meetings in Anaheim. AFAM is a welcome and logical follow up to the AFMRG which had been formed to promote management research and education about Africa. Unlike AFMRG which was narrow in focus, AFAM is broader because it aims to reach out to academics, students and practitioners in all regions of Africa and the diaspora.

Management knowledge can make a significant contribution to productivity and prosperity of a nation. Yet, there is a dearth of knowledge about management in Africa and several studies have identified the inadequate state of management research and scholarship about Africa relative to other regions of the world. Our mission is to help close this gap by promoting research and education about management and organizations in Africa.

We plan to focus on building and strengthening research capacity and education about management in Africa. This includes the mentoring of doctoral students, guiding and developing junior faculty, building collaborative networks among scholars, and advocating interest and focus on Africa. We plan to work closely with other academic associations and our sponsors in executing our mission.

AFAM is open to all individuals who have a scholarly or educational interest in advancing management knowledge in Africa. The principal criterion for membership is interest in the advancement of management knowledge in Africa. As a result, all academics, practitioners, and consultants are welcome to join. We invite you to become a member and to inform other scholars, practitioners, and consultants about AFAM and its goals. Membership fees are modest and have been scaled to fit different categories of membership. These fees will be used primarily to support costs associated with AFAM meetings, sponsorship of students and young scholars, and research capacity building events.

We hope you will consider joining AFAM. More importantly, we hope you will become an active member and contribute to advancing knowledge about management in Africa.