Showing posts with label Divorce. Show all posts
Showing posts with label Divorce. Show all posts

Tuesday, November 15, 2022

4 Ways to Find The Right Lawyer for You When Pursuing Custody

When your child is in the midst of a legal dispute, you may feel anxious and at a loss over who to turn to. There are many attorneys out there, but how do you know which ones are safe and effective?

Finding the right lawyer can help you to feel more confident and safer during the emotional process. Here are 4 ways to find the right lawyer for you:

1. Learn About Child Custody

Before contacting a lawyer, you should be informed about your state's child custody laws. Laws vary from jurisdiction to jurisdiction, and while they may be similar across the United States, you need to confirm that they agree with the laws in place in your particular state. You can do this by talking to an attorney who specializes in the area of child custody law.

A good child custody lawyer can help you determine what will work best for you and your child based on the situation. Usually, there are three ways to obtain custody of a child: sole custody, shared parental responsibility, and joint legal custody. Other factors to consider include the child's age, the step-parent's involvement, and mental health.

2. Ask Friends and Family for Referrals

Many people have received a bad name because they recommended lawyers to family members, friends, or acquaintances. Some parents may want to hire a lawyer who is a friend or family member. 

While this is entirely understandable, you must evaluate the qualifications and character of the potential lawyer before this route.

3. Ask Specific Questions

When you talk to an attorney, you must ask them specific questions. Many people don't do this when they are in a time of crisis, but you need to understand the following information before making a decision:

  • The lawyer's experience with your specific type of case.
  • The time frame they are working in. For example, if they have another case that ends before yours, this could affect their performance on your case.
  • Their fees and payment terms.
  • How they handle your case. There should be little to no confusion over who is in charge of the situation, and they should be able to give you clear explanations of the process.

4. Check Online Reviews

If you are looking for a lawyer online, check their online reviews. Reviews can range from negative to extremely positive, but you must take time to read the ones that concern your specific case. This will allow you to gauge the attorney's performance and what they have said about their services or any complaints from past clients.

While many people can find the right lawyer for them after a few tries, it can be a nerve-wracking and upsetting experience. You should feel confident in the process by finding a lawyer who knows the proper ways to work through the process and they are well-qualified to handle your particular situation.

Saturday, October 22, 2022

How to Stay Financially Buoyant During a Divorce

Divorce can lead to financial hardship and even bankruptcy if you aren't prepared. If you are going through a divorce or expect a divorce soon, you need to take these steps to protect yourself financially.

Here's how to stay financially buoyant during a divorce, so you don't have to start over with nothing.

Hire a Divorce Attorney

An experienced divorce attorney, like those at John D Wieser Esq, PC, can help make sure you get to keep the assets you've worked so hard for. You may not get to keep every last dime, but your lawyer can help negotiate a fair, better deal in court.

Learn to Be Frugal

You may be tempted to treat yourself and kickstart your life as a single person, but now is not the time to go crazy buying expensive clothes, beauty treatments, vacations, and dinners out. Save your money if you need to purchase a new home or vehicle after the divorce.

Get Financial Advice

An accountant or financial advisor can help you tremendously during this time, especially if your spouse has been the only one handling the household finances. You need to learn the basics of money management so you can succeed on your own.


After your divorce, you may not be able to afford the mortgage payment on your large home. You may need to buy a smaller house to accommodate your new income level. 

Selling stuff, you don't need and reducing expenditures is also a great way to save money and simplify your life during this hectic time.

Lean on Friends and Family

If you've been kicked out of your house, you may want to ask a friend or family member for a place to stay instead of booking an expensive hotel. 

This is only temporary until you find a new home or apartment, but it can save you thousands. It can be hard to swallow your pride and move back in with mom and dad, but your wallet will thank you.

Determine Your New Budget

One of the most important things you should do when you get divorced is determining your new budget. Since your household income will be reduced, your expenses will also have to decrease. 

Cut out unnecessary expenditures and create a new monthly budget that includes the costs associated with your divorce.

Going through a divorce can be a long, arduous process. You may not come out completely unscathed, but by following these tips, you can keep your finances in order and end your marriage without going broke.

Tuesday, May 17, 2022

What Happens to the Family Home During a Divorce?

After a couple gets a divorce, one of the main questions is: who gets the family home? Answers to this question vary from state to state and from case to case.

Divorce in the United States usually results in one party receiving the family home or both parties selling it. It is possible for one party to refinance their mortgage or rent it out for income if they cannot afford to buy out their partner's share. 

Here is some more information about what to consider during this portion of the divorce process.

Deciding What to Do With a Family Home

Buying a home is a big decision that should not be taken lightly. Considering the average cost of a home in the US is $220,000, this purchase has long-term implications. For this reason, the decision of what to do with the house is one of the most difficult for couples.

It is especially difficult when one spouse owns the house, and the other has lived there for many years. Uncertainty about what will happen to a marital home after separation can cause anxiety, which is why it's best to devise a plan before things get out of hand.

In addition, children usually remember their home as the first place they grew up in. In many cases, it's when a parent recalls a time when they were growing up and tells a memory they treasure from that time. 

Because of this, it is also common for the parent with majority custody of the kids to be able to stay in the home for a certain period of time.

The Benefits of Legal Counsel

It can be difficult to know where to turn for help when going through a divorce. Divorce lawyers are a helpful resource because they can provide guidance and assistance throughout the divorce process. 

Your lawyer can explain your rights, as well as those of your spouse, and provide you with practical advice on how to divide assets and debts fairly.

Family homes are often at the center of divorce proceedings, especially when children are involved. Your family home can be protected by an experienced attorney who can help you navigate this complex process. 

Whether you need help navigating the ins and outs of property division or simply need support during this challenging time, a divorce lawyer can be an invaluable resource. 

If you're struggling with your divorce or don't know what to do next, reach out to an experienced attorney in your area and find the guidance that you require.


Property should be divided when a couple divorces so that each person can move on with their lives. A lot of factors must be considered, including whether the property was purchased during the marriage and what type of property it is. 

In many cases, it may be wise to have an attorney assist you. In some cases, one parent will argue that they should receive the property because they were the primary caregivers for their children during the marriage. 

In most cases, this is not a decisive factor when dividing property since other variables must be considered. For a more comprehensive perspective, speak with a legal professional.

Monday, October 21, 2019

How to Organize Finances While Going through a Divorce

Navigating a divorce can be quite an emotional journey. It can lead to all sorts of financial ups and downs as well. If you want to get your finances on track in the midst of dealing with a divorce, then you don’t have to feel overwhelmed and confused. 

Getting your finances in tip-top condition is something that’s actually a possibility for you. It doesn’t have to be that hard, either.

Talk to a Divorce Attorney about Finances

A consultation with a capable lawyer may help you figure out how to deal with all facets of the divorce process and finances. Look for a divorce attorney with a superb track record with everything from splitting up assets to managing alimony matters. 

Click Here "Financial Planning Ultimate Guide: Helping Single Parents with Divorce"

A legal professional may be able to get you tips that can turn your monetary life around for good.

Ask Finance-Savvy People for Tips

Ask yourself if you know any people who have been through divorces relatively recently. Ask yourself if you know any finance-savvy ones who have specifically. If you do, then you should reach out to them for any suggestions. 

Find out what they did to get through a divorce without wreaking havoc on their bank accounts forever. If you get any good insight, try to emulate it. You may even find out what you shouldn’t do.

Recruit a Financial Advisor

Hiring a financial advisor can be beneficial for getting your finances on track. Try to recruit a professional who has a solid track record with people who are trying to navigate divorces.

A seasoned and talented financial advisor may help you figure out how to deal with your existing finances. He or she may help you figure out how to safeguard your finances for the future as well. Professional insight can often be priceless.

Write out Your Monthly Budget

Writing things out can often be terrific for people who want mental clarity. If you want to organize your money, it can help you considerably to write out your budget. Write out exactly how much money you have to work with every month. 

Write out all of your expenses in detail. These may include everything from grocery purchases to transportation costs. Be thorough.

Organizing your finances doesn’t sound fun. It’s something that you have to do after splitting up with a spouse, however. Disconnecting your lives can help pave the way for a brighter and more promising future.

Wednesday, April 3, 2019

3 Financial Situations Worth Finding Outside Help For

With financial issues related to high debt balances and a generally tight budget being common, many people struggle to manage their funds on a daily basis. However, situations inevitably can crop up from time to time that add onto everyday financial stress. 

Muddling through these issues on your own is one option, but you may enjoy a superior outcome if you seek expert support and guidance when critical situations develop. These are some of the more significant situations that may dictate the need for extra help.


If your debt problem has grown so severe that you are seriously considering filing for bankruptcy, reaching out to a bankruptcy attorney as well as a financial consultant are excellent steps to take. By consulting with a bankruptcy attorney, you may learn about your legal rights, discover how to protect yourself from creditors and determine the actual pros and cons associated with bankruptcy. 

A personal financial advisor may help you to determine if other options are available. For example, a debt consolidation loan may work well for some people and may eliminate the need for bankruptcy.


A divorce is a legal matter that impacts numerous aspects of your life. One of the more significant areas that it affects is your personal financial situation. Through a divorce ruling, the ownership of your home, liquid assets, valuable personal property, retirement plan and other assets is determined. 

You may also be awarded child support or alimony, or you may be required to make these payments to your ex. Because divorce weighs heavily on your financial future, seeking legal support throughout this process is essential.

A Civil Lawsuit

Regardless of whether you are the plaintiff or the defendant in a civil lawsuit, your finances can be impacted by the ruling. Consider that you may be suing a neighbor over property damage, and the compensation from a lawsuit may be essential to pay for repair costs that you have incurred. 

On the other hand, you may be the defendant, and you may need lawsuit funding to manage expenses that you are required to pay. Hiring a seasoned personal injury lawyer who specializes in a related niche may help you to achieve a superior outcome. 

It is also important to know about potential legal costs that vary by location. It’s likely that lawsuit funding in Texas will be different compared to New York, for example.

For many people, financial situations are personal matters. You understandably may prefer to manage your finances independently when possible. However, in these critical situations, reaching out for professional assistance may be in your best interest.

Thursday, December 21, 2017

5 Financial Facts to Know Concerning Divorce

It may seem crass or calculating to focus on the financial aspects when you are getting a divorce. However, it is necessary because money matters become complicated when two people are married. 

As a first in the process of untangling the financial issues, you should immediately begin to monitor expenses and gather financial documents like account statements, deeds, titles and tax returns. 

Your divorce lawyer and the judge in the divorce proceedings will need this information.

Your Financial Situation Will Change

Going into the divorce process, you are not likely to anticipate all of the financial changes that will occur. You may have to plan on paying the full cost of rent, health insurance, utilities and a host of other expenses that you now share or leave to your spouse. 

The best course is to avoid making big changes in your financial life that are not immediately necessary. Keep a tight rein on expenses, and try to accumulate a cash reserve.

Tax Implications

When property is divided up in a divorce, there are generally no tax implications. Alimony is another matter. The spouse who pays alimony can deduct it on his or her taxes. For the recipient, alimony is taxable income. 

If you are awarded alimony payments, you must report them each quarter by filing an estimated tax return with the IRS. A divorce attorney from a firm like Kelm & Reuter, P.A. might be able to help you with this as well.

Retirement Account Issues

In some cases, the only thing you need to do with IRAs, 401(k)s and other retirement accounts is change the beneficiary. 

However, a judge can order funds to be shifted to balance retirement savings between the spouses. In this situation, you should retain a qualified domestic relations officer to implement the court’s instructions.

The Financial Facts of Children and Divorce

Ultimately, the court decides issues of child custody and child support. However, you will strengthen your position on these issues if you provide complete records of current expenses related to caring for children. 

When assets like 529 college savings plans are an issue, you, your spouse and the court must decide who will administer fund accounts. It will also be necessary to determine which parent is entitled to claim children as dependents for tax purposes.

Estate Issues

Change in estate arrangements are necessary when a couple splits up. You should make a new will, and you may need to change the trustees and beneficiaries of life insurance policies and trusts. 

In addition, you should create a new living will and designate someone other than your spouse to hold your power of attorney.

Friday, August 18, 2017

5 Ways to Manage Your Finances During A Divorce

Photo by Freddie Collins on Unsplash
Divorce is not only a devastating experience for families, but it can be a costly one as well. The average cost of divorce in the U.S. ranges from $15,000 to $20,000, and the majority goes to divorce lawyers’ fees. 

Apart from legal fees, there are also alimony payments, the division of assets, and possible taxes, and costs can go even higher. For your peace of mind and to get your life back on track, it’s important to find ways to manage your finances and pay the bills during a divorce.

Common financial issues of divorce

There are several financial issues that need to be resolved during a divorce. First is the division of property, and both you and your ex will have to come to an agreement over who gets which items. Another is the division of debt. 

Often, this issue is one of the most difficult things to resolve as couples can find it hard to determine who is responsible for certain debts incurred during the marriage. You’ll also need to agree on tax issues such as who gets to claim Head of Household status or who gets tax exemption for dependents once you’re divorced. 

Divorce itself can be emotionally stressful, but it’s imperative to take concrete steps to resolve these financial issues during this trying time. Here are 5 ways to manage your finances during a divorce.

Consult with a reputable divorce attorney

Consulting with an experienced divorce attorney can provide you with the financial guidance that you need during this challenging time. 

Even if you are in good terms with your soon-to-be ex, you will need a lawyer to help you avoid making typical financial mistakes during a divorce. Moreover, your lawyer can help you in case a financial dispute arises.

Create a new budget

You will need to figure out how much income you should make for you to live on your own. To do this, list down your expenses, utility bills, credit card bills, investments, tax records, family life insurance policies, and the like. 

Determine which items you and your ex can pay off during your divorce and pay your debts. You should also make sure that your ex pays the bills that he or she promises to pay.

Open your own personal credit card

During the divorce, Katherine Grier, PC advises that you close any joint accounts to avoid financial disputes and problems from coming up. This way, you and your ex can work on paying only the debts that you incurred during your marriage. After you close your joint accounts, you should open your own personal credit card or other lines of credit.

Monitor your credit score

During your divorce, it’s likely that your credit scores will drop as you close accounts and make other changes in your finances. Check if any mistakes were made by a creditor which contributed to your lower credit score or if there’s any debt on certain accounts that were incurred without your knowledge.

Be prepared to make a lifestyle change

Now that your income will be drastically different, it’s important to be prepared for a lifestyle change during your divorce. Keep in mind that divorce will bring in new expenses and you will no longer be sharing household overhead costs with another person. It’s also important to talk to your children about the lifestyle changes that may take place during this time.

Divorce is tough enough without having to worry about your finances, but it’s one of the major hurdles that you have to get through to get your life back on track. Remember to consult your lawyer, keep track of debts and expenses, and be ready to make a few lifestyle adjustments to manage your finances well during your divorce.

Tuesday, June 20, 2017

Money and Property after a Divorce: What Happens

Dividing the property of the family during the divorce is an incredibly difficult task. There are always certain aspects and assets like houses, retirement and pension plans, stock options, accounts and much more. 

Even in the friendliest of situations, deciding who gets what can be quite a challenge.

There are different types of property, as viewed by the law, and although various countries, states, and even regions differ in different legal aspects and legal details, there are some general guidelines to follow when it comes to such a hard issue.

Valuing the property

The first step in this unpleasant process is deciding on the property value for the settlement. If a couple in question can’t agree upon the value, the court calls for a joint report from various experts and estate surveyors in order to get the accurate assessment. 

The value of the property may be updated if the sudden rise or fall in the market occurs, but usually, such events are planned ahead in the original report. Setting a definite value on the property is necessary for the finalization of the legal process.

Getting a financial agreement

In the case where the couple manages to work out money and property issues, the entire process can avoid court hearings. There are lots of experts that can help with this issue like East Coast Family Lawyers that can provide legal services to the couple, making legally binding financial agreements and speeding up the entire process. 

This differs from one legal system to another, but usually, if ex-partners agree in front of a solicitor to split all the belongings 50-50, and reach a financial agreement – this can help get on their feet during the divorce as soon as possible and also avoid a lot of unpleasant court time.

What property gets divided

Basically, there are two types of property: marital property and separate property. The marital property includes all the property either spouse bought during the marriage, and the property both partners bought in this time period. 

Separate property is the property that one of the spouses owned before the marriage and it can’t be divided.

Marital property gets divided regardless of whose name it’s entitled to, and even things like personal gifts from one spouse to another represent marital property that will be divided in the process of divorce. 

Pension and retirement plans, tax and debts and basically anything made during the marriage goes under the marital property, so these factors may be divided amongst spouses.

Separate property includes any property that was owned by any of the spouses prior to the marriage, an inheritance received before or after the marriage, gifts received from third parties and payments received for pain and suffering. 

However, if you choose to mix the properties, for example, add your partner’s name as a co-owner of a property you owned before the marriage, it will most likely be observed as a marital property during the divorce.

What if agreement can’t be reached

The biggest nightmare for most of the people going through this difficult process is – what if the agreement can’t be reached? 

Again, depending on the legal system of the country, state or region you’re at, laws differ significantly, but generally, courts have the power to provide all the necessary help and mediation between the spouses.

In certain cases, when there was proof of domestic violence or if there was an involvement of social services the mediation won’t be needed as the courts usually help the victim. 

Certain cases like deciding on the custody of the children, however, will call for detailed hearings and multiple social services meetings.

Moving on

Usually, most of the parties involved in divorce just want to sell the property and simply move on, but in today’s market, this may prove to be quite a challenging task. 

Even with the divorce fully finalized, there are real estate agencies that need both of the owners, or their legal representatives, to be present at the same time. 

The value you get for the property also drops, so probably the best advice for recently divorced people is – don’t have very high expectations, and consider renting for some time.


Any type of divorce is hard, and it’s even harder when you think of all the details that need to be completed before the end of the process. 

Getting a professional help, and finding a right solicitor that will address all of your questions in such situations is crucial. Keep your chin up, and don’t be afraid to ask for help, in order to understand your rights fully.

Leila Dorari is a marketing consultant and a freelance writer from Sydney. She has been working with different companies for 5 years now. When taking a break from making new marketing slogans, she is either window shopping or exploring new ways to make her life more meaningful.

Wednesday, April 19, 2017

4 Major Life-Changing Ways a Divorce Impacts Your Family Finances

Getting a divorce changes the shape of your family forever. As much as it changes your daily life, it also changes your finances. 

If you're considering or preparing for divorce, make sure you understand the key ways it can impact your finances so that you'll be prepared to move forward with your new life.

1. You're no longer splitting expenses

Maintaining your standard of living after divorce can quickly become a real challenge, especially if you weren't the primary breadwinner in your family. 

It's estimated that you will need at least a 30% increase in your earnings in order to maintain the same standard of living you experienced prior to divorce. In some cases, this may mean little things: eating out less often or making impulse buys less frequently, for example. 

In other cases, it may mean a smaller home, a lower grocery budget, or the need to choose a less expensive car. 

2. Alimony and child support will become a key part of your financial future

Whether you're the one who needs to pay support or you expect support from your former spouse, you need a strong divorce attorney who will advocate for you and ensure that you get what you need out of the divorce, from fair alimony or child support to a reasonable distribution of your assets. 

Working with a firm like Thomas Associates Law Firm LLC is one of the best ways to protect yourself financially throughout the divorce process.

3. Capital gains taxes are an important consideration

When you're in the middle of a divorce, one of the easiest ways to divide your assets is to simply sell them for cash. 

Cars, houses, stocks and bonds, and investment portfolios are frequently easier to divide when they exist as straightforward cash numbers rather than as less tangible assets. Unfortunately, this can lead to heavy capital gains taxes at the end of the year. 

Make sure you understand what you're going to be expected to pay at the end of the year, rather than immediately using those funds for a different purchase. 

4. Your marital assets will be divided

This means that anything you own jointly is fair game: cars, boats, property, and even, potentially, your retirement account. 

It really comes down to whatever the judge decides at the end of the day. You can only hope that the decision is fair and that at best some things go in your favor. Unfortunately it doesn’t always turn out that way. 

This can have a substantial impact on your plans for the future! Everything, from the artwork hanging on your walls to the cars in the garage, needs to be fairly appraised before you and your spouse part ways. 

This will help ensure that you receive a fair percentage of your assets, paving the way for a better financial future.

Following divorce, it may take time to get back on your feet financially. There are a lot expenses before and after your divorce that you will have to pay for and that often take a significant amount of time for anyone to recover from. 

While it's a big change, with time, you can return to your previous lifestyle and learn how to manage your new, single state. You may even eventually remarry and hopefully be in a much better state financially and emotionally than where you were before. 

Either way, be prepared for some major life changes. Going in prepared for the financial changes that divorce will bring, however, will make it easier for you to take care of your financial needs throughout the process.

Friday, February 10, 2017

Family Finances: How Divorce Can Change Your Financial Outlook

Most people think about the financial burdens when they think about getting divorced. Money always comes between two people when personal incomes, property and tangible assets must be divided. 

Learn how divorce can transform your views about finances for the better or worse.


The first step in the process of divorce is separation. Usually, one former spouse stays in the main house, and the other one finds another place to live. 

Many couples have separate jobs, but they are better off financially when they combine their two incomes.

For people working normal jobs, paying the bills becomes more difficult. Now, there are two mortgages, two electric bills, two grocery bills and no discounts for married couples. Each person's income remains the same, but the expenses double.

Some people say that going through a separation is an awakening. They become more aware of their situation before and after the divorce. 

Many people feel the urge to become more independent and enjoy their newfound financial freedom.

Child Support

In a divorce, some arguments arise over which parent should get custody. In a separated household, one parent usually has to pay child support from afar. 

One parent can ask for support and request a certain amount for the monthly payments. The court has the authority to determine the amount of compensation that one parent must pay the other.

Some people have to find another job or rearrange their lives just to make payments. They may think that they've received an unfair judgement and have the right to bring the case to court again.

You may not realize how important money is until you go through a situation like this. As a result, you are more likely to guard your finances. Most importantly, anyone who goes through a divorce will be more cautious about who he or she marries.

Dealing with child support is a hassle that could turn into an 18-year-long battle. Find an experienced lawyer who has dealt with many divorce cases and will give you advice on which route to take and which to avoid. It is important to evaluate your options with legal providers like Divorce Matters.

Other Matters

Often times in a divorce, there are other matters to take care of other than just simply paying child support. 

You are now a single parent. This means that you have half of the financial responsibility of your child. And technically, you also have full financial responsibility of your child when they are with you. 

You have to make sure there is food on the table and that they have clothes on their back. They may not be with you full time, but you are still their parent and therefore you are still responsible. 

It isn’t the same as having your spouse there to take care of them too. Your finances are split. Each of you share the responsibility of raising that child.

Another expense may be alimony. This is basically financial support to your ex-spouse if they are not bringing in sufficient income to live on their own while raising your child as well. 

Child support is more or less money you pay to the other parent for the child. Alimony is more or less so they can cover some additional living expenses. Alimony is something to be prepared for in the judge’s ruling in your divorce case.

Whenever people hear about divorces, they hear about a spouse who gets drained by the other and takes their disputes to the court. 

Money, in the form of spousal support and division of property, is one of the biggest challenges that affect most divorces. Before the divorce, contact a legal expert to go over your options and avoid going through lengthy battles over money.

Thursday, March 31, 2016

How you Protect your Financial Assets During a Divorce

A divorce can be an emotionally draining time and often in more ways than just one. If you are not careful, it could be financially draining as well. It is easy to let your personal finances fall through the cracks during the events of your divorce as it is very emotionally distracting. 

There is also the possibility that you are having to split your assets to your ex-spouse or lose them altogether. 

However, there are steps that you can take to protect your assets from being taken or divided with your spouse as part of the divorce settlement. What can you do to protect yourself?

Establish Your Own Bank, Credit and Investment Accounts

If money from your own paycheck goes into your own bank account, it is easier to claim that it is a separate asset. Putting a credit card in your own name means that your spouse cannot use it to rack up debt that you may need to liquidate assets to repay. 

Having your own investment accounts enables you to claim that at least some of your portfolio is a separate asset that shouldn't be taken from you. 

Ask for a Prenuptial Agreement or Postnuptial Agreement

As long as it is done properly, a prenuptial agreement can state what happens to property before you even contemplate a divorce. 

If you own a business or have other valuables, you know ahead of time how they will be handled in the event of a divorce. A postnuptial agreement is much like a prenuptial agreement, but it is put into place after the marriage is official.

Learn the Art of Negotiation

Depending on where you live, marital property may be divided in an equitable fashion or divided 50/50. If it is divided in an equitable fashion, you may be able to get your former spouse to agree to forego a claim to a license or patent in exchange for a lump sum payment today. 

Your spouse may also agree to give up a claim in exchange for also being held harmless if you lose a judgment in the future related to misuse of that license or patent.

There is also a lot more when it comes to negotiating the aspects of your divorce that can impact your personal finances and assets. For example, are you a parent? Were you the money maker in your marriage. 

These aspects of your divorce will affect your financial situation. If children come into play, there is a possibility you may have to pay for child support. There is also the possibility that you may have to split money with your ex-spouse in order to help your child go through school or other activities they may be involved in. 

There is also a possibility that you may have to pay alimony to your ex-spouse. This can cost you a lot of money over time and it many cases it usually lasts until they re-marry. 

Therefore you want to be careful in how you negotiate these terms in order to protect your assets. This is where your lawyer will come in handy.

Hire an Attorney

Hiring someone such as Thomas A Corletta may increase your odds of protecting your assets. 

Legal counsel may be able to use state law to your advantage when it comes to dividing property in a divorce. If informal negotiations don't work, a formal trial may enable you to keep what is yours.

After a divorce, you will need your money more than ever to pay rent, pay off past debt or to provide for your child. 

Therefore, make sure that you take every step possible to protect your assets before, during and after a divorce. 

Wednesday, February 11, 2015

Divorces Don't Have To Be Expensive: Six Tips To Save Money

One of the main reasons why many people stay in unhappy marriages is because of how cost-prohibitive divorce can be. Remaining in a marriage that makes you miserable can be emotionally crippling. If you want a divorce, don't be afraid of the costs involved. You can reduce your expenses if you follow these tips to save money throughout your divorce proceedings.

Take Your Time Finding An Attorney

Many people end up spending too much money on legal costs because they hire the first attorney they find online or in the phone book. When it comes to choosing a divorce attorney, be sure to take your time and compare costs. You don't want to spend too little money and find yourself with a sub-par attorney, but you also don't want to spend too much on a simply average lawyer. While some couples may avoid getting an attorney to try to save on costs, this a bad a idea. An attorney can help you speed up the process and get a fair outcome for you and any children involved. 

Try To Settle In Mediation

The longer your divorce proceedings, the more you'll spend. If your divorce actually goes to trial, court costs can really start to pile up. If you can settle in mediation and keep the proceedings out of a courtroom, you can save a lot of money.

Close All Joint Accounts As Soon As Possible

If you and your soon-to-be ex share credit or debit accounts, close them immediately. As long as both of your names are on these accounts, you can be held accountable for anything that he or she spends. Telling these creditors that you were in the process of getting a divorce won't get you off the hook. Not taking this critical step can quickly leave in you in unintended debt. Open up a different bank account to continue paying your bills without worrying about your partner spending all of the money. 

Create a Budget and Stick To It

Even if you're behaving smartly, cash will be tight during your divorce process. Create a budget based on your income and expenses and stick to it. Remember that a time will come again that you will be back on your feet and able to live comfortably. During your divorce, however, you can't be a spendthrift. Take a look at your budget and figure out how it will need to change until the divorce is finalized. Many people jump to what things will be like after the divorce, and don't take financial steps during the process to avoid financial problems. 

Don't Take Out Any New Loans or Lines of Credit

Many divorcing individuals will take out loans or open new lines of credit to take the place of the support they used to receive from their spouse's income. However, this is a one-way ticket to bankruptcy down the road. This is a time to monitor your finances carefully, not to assume new debts.

Don't Be Afraid To Sell Assets

Many people develop sentimental attachments to luxuries procured during their marriage. Items like boats and jewelry may have been a breeze to finance when you were in a two-income partnership, but they're extraneous and unnecessary when you're trying to save money during a divorce. There's no shame in selling off luxury items and creature comforts to get a little extra cash.

By following these tips, you can get through your divorce financially. It's important to understand all of the costs to not overspend or go into debt. With the right planning and effort, divorces don't have to be expensive. Informational credit to Kitchen Simeson Belliveau Llp.

Tuesday, September 30, 2014

Dealing with a Pension Divorce

LOL Just divorced. And no, that's not my car.
 (Photo credit: Wikipedia)
Divorce rates have risen considerably for the over-50 demographic. In the US, for example, the rate at least doubled between 1990 and 2009. In fact, the number of divorcees over the age of 50 now exceeds the number of widowed seniors in the US. Likewise, in the UK, divorce rates for those over 60 years of age are now seven times higher than they were in the 1950s.

While statistics show that the likelihood of a couple getting divorced decreases the longer they are married, we are still seeing a spike in the number of pension-aged couples looking to split. In fact, the New York Times recently reported that divorces in the over-50 category have outpaced those of younger demographics.

Any time a marriage ends, a variety of problems come into play. The following are just a few of the most common:

  • Economic strain
  • Poor health
  • Strain on the extended family
  • The need for government sponsored assistance

When younger couples get divorced, the stakes are generally lower. For example, married couples around the age of 30 are less likely to have children or substantial assets that need to be divided. Pensioners, on the other hand, have a lifetime of property and assets to contend with – not to mention an extended family that has only ever conceived of the couple as a unit.

However, one financial consideration that deserves more attention than it receives has to do with the pension itself. You see, getting a divorce can actually affect the amount of your pension. And it’s not as if the amount is simply cut in half and divided amongst the two. The actual algorithm employed is much more complicated, which makes it all the more important to seek the advice of family law solicitors before going through with the divorce. At the very minimum, both parties need to understand how this dramatic change is going to affect their finances.

Generally speaking, there are three common ways to deal with a pension in divorce:

1. Pension Off-Setting

In this situation, the pension is drawn entirely by one person (who is, more often than not, the husband). In its place, the financial equivalent to sum total of the pension is given to the other party in the form of cash, property and other assets.

This is often a more attractive option when one person has been the primary income earner for the family. In this case, the person may feel like their pension is a direct extension of their professional performance. It is a personal asset that results from years of hard work. With that in mind, splitting the pension after a divorce may make the person feel uncomfortable. 

2. Pension Splitting

This is precisely what it sounds like. The pension is simply divided evenly between the two people when the divorce is finalised. There are usually a couple of options in this scenario. Half of the pension can be withdrawn and deposited into a different scheme. Likewise, the entire sum could remain in the original scheme and simply be paid out in halves to both parties over time. This is usually only an option where government agencies have introduced specific legislation. 

3. Pension Earmarking

This is a less common approach to settling the pension. In this case, a portion of the pension is legally attached to spouse. When he or she retires, this portion will be paid as a pension benefit.

Valuing Your Pension before Divorce

If a divorce is on the horizon, it is essential that the couple arrange a pension valuation. This ensures that both parties understand exactly how much they are going to receive form a split pension in the future. This is complicated business, and you will almost certainly require legal assistance to effectively determine this.

Valuing a pension is going to cost a bit of money up front, but it is most certainly worth the expense – especially if the size of the pension is going to play a critical role in one or both person’s quality of life after the divorce.

Divorce is painful and rarely easy, and the difficulty in divvying up a pension only adds to the stress and anxiety. That’s why it’s so important to fully discuss your options with an attorney before going through with the split.

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