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Article Category: Financial
Top choices for this category:
- A Divorce Financial Worksheet
- Distribution of Marital Property
- Overview of the Psychology of Money
Divorce & Money: How to Make the Best Financial Decisions During Divorce
Fairshare Divorce for Women
Property Division Handbook (2008 Edition)
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Full Article List: Financial
"Divorce and the Home" - There are many questions about a marital residence that you may ask at the time of divorce. Here are the typical questions that arise and how they may be best addressed. To stay or not to stay, this is the question?..
"Dividing Assets in Divorce, Percentage or Dollar Amount?" - During Dissolution of Marriage (Divorce) and the dividing of assets, there is an administrative detail known as "Valuation Date". The Valuation Date refers to the value of the assets on a certain day. This value is often used for the decisions regarding which assets are divided and how to divide them...
"Developing a Budget for the Divorce Process" - When most people hear the word, "Budget", they hear, "Diet." And nobody likes to be on a diet. However, developing a budget is a good planning tool for understanding your income needs. Some people divide their income needs into basic needs and lifestyle needs...
"Divorce Myths, Mistakes and Myopia" - In the course of my divorce financial and mediation practice, I have often had clients repeat some specific piece of information they received from a well-meaning relative or friend. In general, such information should be taken with a very large grain of salt, indeed...
"What is a Monetary Award?" - A monetary award is an order from the court giving to one party a financial award in an absolute divorce case. There is a three step process the court goes through to determine whether or nor a monetary award is appropriate...
"Asset Division in Divorce: What About Tomorrow?" - Right now, this year, more than ever before; working men and women are facing the long-term financial effects of failed marriages. What can you do today if you are separating assets, because of a divorce...
"Family Law and the New Bankruptcy Code" - There are several major changes that the new bankruptcy code hereinafter referred to as the BACPA has made on the practice of family law. All domestic support obligations are now classified first priority claims under section 507(a)(1) of the Bankruptcy Code...
"A Global Perspective on a Domestic Relations Problem" - Not just nation states are affected, family stability is eroding and children's security is jeopardized when unsophisticated spouses lose their marital rights as a result of sophisticated "divorce proofing"...
"Division and Allocation of Assets and Liabilities in Divorce" - If you are the custodial parent and you want to move to another city with the children, Ohio law requires that you provide advance written notice to the other parent of your intention to relocate. New considerations and issues arise when each parent resides in a different city, not the least of which is the need to create a new parenting time and visitation schedule for each parent with the children...
"Long-Term Effect of a Financial Settlement in Divorce" - The financial ramifications of divorce can be quite devastating! However, with proper planning and expert help from a Divorce Financial Planner, a divorcing couple can create a financially equitable divorce settlement and make sure they have the knowledge and tools to rebuild their financial security after the divorce is final...
"The Threat of Divorce is Looming - How to Prepare and Plan" - On our wedding day, when we said, "til death do us part", we meant it. . . or so we thought. When you feel all attempts at reconciliation have failed, and it is clear that you are faced with irreconcilable differences in your marriage partnership, it is time to get organized and become knowledgeable about the financial aspects of your divorce...
"Dividing IRA Assets Upon Divorce" - For many families, a significant portion of their wealth may be located within the couple's individual retirement accounts (IRAs). Should the family unit break down, it is therefore important to have an equitable and easy method to divide and transfer assets. Division of retirement assets can be a sticky problem and left to the court system...
"What Can I Do to Keep Costs Down?" - Don't make your attorney justify every single decision. We're happy to do it, but it takes time, and time costs you money. The point is not for you to acquire a law school education. The point is to represent your interests with excellence and efficiency...
"Credit Scoring: The Unseen Financial Danger in Divorce" - During the holidays, it is important for divorcing couples to restrain from excessively using credit cards if payments are ultimately destined to acrimonious negotiation, delays, or "held hostage" over custody arrangements. The increasing use of credit scoring by banks, insurance companies and merchants is proving a dangerous trend for many women, especially those in the midst of a divorce...
"Fifteen Critical Financial Mistakes in Divorce" - If you suspect that your spouse is planning a divorce, make copies of all important financial records such as account statements (savings, stockbroker, real estate partnership) and data that relates to your marital life style (checking accounts, charge card statements, tax returns). If you believe that your spouse may liquidate or retitle marital assets, notify the holder in writing and get a restraining order from the court...
"Which Financial Professional is the Right One to Use" - Traditionally, financial planners work with individuals at the conclusion of the legal process. However, financial planners with additional training in the financial, tax and emotional issues of divorce (Divorce Financial Planners) can be extremely valuable during the divorce process...
"Some Financial Hints for Divorce" - This is not an article intended to give legal advice but rather point out a few financial issues which are often overlooked or misunderstood by participants. None are complicated, except for the QDRO and some may be completed prior to the actual divorce...
"How to Protect a Business in Event of Divorce" - The value of your business may be included in a divorce settlement. Under Pennsylvania law, marital property is defined as all property acquired from the date of the marriage until the date of separation, including property that is titled in only one person's name and including any increase in value in property acquired before the marriage...
"Dividing Pensions in Divorce: Errors Made Can Be Costly" - One of the biggest marital property assets divided in a divorce is the pension. Pension plans (also known as Retirement Plans) fall under two categories: Qualified and non-qualified. Those qualified pension retirement plans covered by the Employee Retirement Income Security Act (ERISA), such as defined benefit plan pensions defined contribution plans--401(k), 403(b) tax sheltered annuities, thrift savings plans, some profit sharing and money purchase plans...
"Divorce and Social Security Benefits" - This article is a brief overview of the Social Security system and the benefits available to a divorced spouse. For ease of writing, references will be made to the dependent spouse as being the wife. The law applies equally to the husband...
"Ten Ways to Save on Legal Costs in Divorce" - Divorce is wrought with cost. The emotional cost of a failed relationship. The cost to children living in a two home family. The cost of maintaining two households. Then, of course, there is the cost of a lawyer. At hundreds of dollars per hour, legal fees in a divorce can easily be in the tens of thousands of dollars. The fact of the matter is that competent legal representation is expensive...
"The First Step and the Last Step are the Most Important In Securing Your Financial Future" - Divorce is wrought with extreme emotional and financial turbulence. Histories that bound families, friends and home life are disrupted. Standards of living are often changed, not just for spouses but for the children as well...
"The Value of a Divorce Financial Planner" - Prior to Divorce Proceedings Before the spouse is served the request for divorce, the initiator of the action should follow specific steps in order to gather asset documentation and expense figures...
"Mortgage Issues - Refinancing in Divorce" - After a lengthy legal process Sandra and Michael just concluded their divorce. As part of their divorce decree, the Courts order awarded Michael the house and required Michael to pay the outstanding joint mortgage balance...
"Real Estate/Homestead Divisions" - In a divorce, one of the most difficult issues is often what happens to the house the family lives in or other real estate. There are a number of options that must be considered when determining how real estate is to be divided in a divorce...
"Dividing Deferred Compensation Plans" - Deferred compensation refers to pension plans, 401K plans, IRAs and other retirement assets. Such plans are divisible as part of a property settlement in divorce regardless of which party is named on the plan. How they are divided depends on the value and nature of the asset...
"Credit-Debt Division and Divorce" - Divorce can have devastating financial consequence. During a marriage, you learn to budget based on a "family" income and on "family" debts. Some of the monthly expenses remain constant like mortgages and car loan payments. After a divorce, that budget changes. Income must now be stretched to cover expenses related to two residences instead of one...
"Divorce: Will You Be OK Financially" - Many emotional issues need to be worked through when a couple begins the divorce process. That becomes so draining that, when they are finally ready to evaluate the financial repercussions of their settlement offers, they tend to rush through this process because they want it "over with"...
"Divorce: Methodology for Knowing if You Will Be OK Financially" - So many times people get caught up in simply determining what percentage of assets that they should receive in the divorce process. They become so focused on that number that they lose sight of the overall financial picture and their true financial needs...
"Concluding the Divorce Process: Establishing a plan for the rest of your life" - You have worked hard to deal with the grief issues associated with divorce. You and your ex spouse have agreed upon a financial settlement. And, the divorce is complete. What do you do next? It is now the first day of the rest of your life!...
"Employee Stock Options and Divorce" - As the stock market continues to rise, divorce attorneys are involved in more and more cases involving stock options. The grant of stock options to key employees is now common in high technology companies and is becoming popular in many other industries as part of an overall equity compensation strategy...
"Dividing Retirement Assets Upon Divorce" - Retirement plans often constitute a material asset to be divided in a divorce. Several approaches that can be used to divide retirement assets (without being currently taxable) are as follows...
"Settling the Financial Issues in Divorce" - Crafting an appropriate settlement of the financial issues in a divorce can be a complicated task. Based on my experiences as a mediator and expert witness in divorce cases, couples are often overwhelmed by where to start the process and how to sort through a complicated maze of financial information and competing financial needs...
"Forensic Accounting in a Divorce" - While most people are not inherently dishonest, divorce sometimes brings out the worst instincts in some spouses. The average financial crime is motivated purely by the perpetrator's desire for financial gain. The motivations to be dishonest in a divorce environment are often more complicated...
"Preserving Separate Property Between Separation and Trial Dates" - The time period between the filing for divorce and the permanent orders hearing is often six months to several years. If a
party to a divorce has a material amount of separate property at the date the divorce is filed, it is especially important to preserve this separate property until the permanent orders hearing...
"Asset Tracing to Establish the Existence of Separate Property in a Marital Dissolution" - Under Colorado's Uniform Dissolution of Marriage Act, separate assets are not subject to equitable distribution. Therefore, a
spouse who can establish that assets are separate, to the court's satisfaction, gets to keep them...
"What Does Equitable Distribution Mean?" - In the United States, a few states, influenced by their French or Spanish heritage, have the continental system of community property (50-50), which essentially means that property or assets acquired by either husband or wife during the marriage, except for gifts from third parties, belong equally to the husband or wife...
"Ten Ways Your Husband Can Hide Money Through His Employment" - Perhaps your husband is not hiding money but a review of this information will help you find the answer. The ten areas listed below have been used many times. The more devious the individual, the more likely that he is hiding money. If your husband has lied to you about money issues, then there is a good chance that he is hiding money through his employment...
"Women in the Divorce Process" - Whenever possible, we strongly recommend that both spouses attempt to work together and , through a divorce financial professional, negotiate their own settlement of marital assets, debts, alimony and child support...
"Why CPA's Ask for Certain Documents in Divorce Cases" - Most forensic accountants begin their assignments by preparing a list of documents needed. Attorneys sometimes respond to these requests by calling them overburdensome and excessive. This article will explain some of the reasons why those documents are being requested...
"How CPA's Analyze Financial Statements in Dissolution (Divorce) Cases" - What do forensic accountants look for when they review financial statements of a business provided to them by counsel? What are the signs that there are irregularities taking place? What are the typical types of financial statements?
"Gray Areas in Gross Income Available Calculations" - There are certain issues that affect the calculation of what is available for spousal and child support that are theoretically unclear. This article will present a few of them, showing the logic behind various positions.
"Private/Public Stock in the Marital Estate" - With the preeminence of options in the corporate world, and the emergence of "reporting" but non-listed corporations [often those issuing "junk bonds" to the investing public,] private company analysis, research and valuation can now rely more than before on the tools developed by analysts of public securities. A recent Business Valuation assignment of mine made this particularly clear...
"Overview of the Psychology of Money" - For almost all the couples I provide divorce mediation services to, ongoing quarrels and differences over money are frequently cited as one of the primary reasons for their marriage problems...
"Property Distribution FAQs" - If you and your spouse are able to agree about the division of your
property, then your arrangement will be documented with a separation agreement. If you are unable to agree, it will be necessary for you to go to court. The court will not decide your property distribution case for a period of time as the litigation process moves forward...
"Check Your Credit" - One inexpensive task I recommend that all divorcing couples do early in the divorce process is to check their credit reports to ensure that there are no surprise debts or credit lines. In my own divorce, I uncovered credit cards that were in my name that I was not aware of...
"50 Vital Documents" - Most of the information you need regarding real estate will be obtained from these records including type of real estate owned, location, debt associated with this real estate, any co-owners and taxes outstanding...
"Distribution of Marital Property" - Marriage is an economic contract and economic partnership. Everything you and your spouse buy or acquire during the marriage is legally owned by the two of you and is marital property. It makes no difference in whose name you buy or acquire an asset. It does not matter whose money was used to purchase the asset...
"FAQs About Property Division in Divorce" - Each spouse shall be considered to have contributed equally to the production and acquisition of "marital property." The laws of the State of Ohio require that the division of "marital property" must be equal, unless such a division would be inequitable. In such a
situation, the court must divide the property equitably instead of equally...
"Equitable Distribution- Dividing the Assets" - Marital property is divided in New Jersey under what is known as equitable distribution. Equity is a term for fairness and the Court can make any fair allocation and distribution. The factors which the Court must consider are: (a)The duration of the marriage;
(b)The age and physical and emotional health of the parties; (c)The income or property brought to the marriage by each party...
"Equitable Distribution Law" - Effective July 19, 1980, New York joined the ranks of many other states and became an equitable distribution state. The new law, known as the "Equitable Distribution Law", is actually an amendment to S236 of the Domestic Relations Law and, among other things, changes the concept of property and distribution of property upon dissolution of a marriage. Much of the new law was patterned after the Equitable Distribution Law enacted many years earlier in New Jersey...Related Articles and Categories:
Divorce, Dollars & Debt - Emotionally speaking, divorce can be a painful process. Whereas you once thought you had a love to last a lifetime, you now realize this is no longer the case. But if the matters of the heart seem complicated, they are nothing in comparison with the fiscal aspects involved with the legal dissolution of a marriage.
Additional Personal Property Appraisal Resources and Links:
CURRENT DOWNLOAD MANUAL - What Happens to the Marital Home
CURRENT DOWNLOAD MANUAL - Identification and Division of Dissipated Marital AssetsCURRENT DOWNLOAD MANUAL - Identifying Unusual Types of Divisible PropertyCURRENT DOWNLOAD MANUAL - Division of Intellectual Property Interest Upon DivorceCURRENT DOWNLOAD MANUAL - Tracing Separate Property Through A Commingled Bank AccountCURRENT DOWNLOAD MANUAL - Domestic Violence & Distributing Property Upon DivorceCURRENT DOWNLOAD MANUAL - Equitable Distribution of Stock OptionsCURRENT DOWNLOAD MANUAL - Equitable Distribution of Lottery WinningsCURRENT DOWNLOAD MANUAL - The Effect of Bankruptcy During DivorceThe Property Division Handbook - Ships in 24 hours or in Download Format!This book will explain in detail the property distribution aspect of divorce and separation. It will focus on the rights each spouse has under certain laws, situations, and circumstances, and how the division of the property will be decided by the court.
Divorce Source/ Hardcover or Download
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Divorce & Money - Ships in 24 hoursThis book is a practical guide to evaluating assets during divorce. It explains how to determine the real value of marital property including houses, businesses, retirement plans and investments and how to negotiate a settlement that is fair to both sides.
Violet Woodhouse, CFP & Victoria F. Collins, CFP/ Paperback
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Tax Aspects of Divorce - Ships in 24 hoursThe book has proven to be invaluable to people experiencing divorce or separation. It is a thorough reference for every Internal Revenue Code Section that is likely to be encountered in the divorce process.
Larry, J. Kasper, CPA/ Paperback
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Fairshare Divorce for Women - Ships in 24 hoursThe first book that gives women the support and guidance they need to safeguard their marital assets. Too often women find themselves at a disadvantage when their marriage ends and they have to fight for what is rightfully theirs.
Kathleen Miller, CFP, MBA/ Paperback
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Divorce Strategy: Tactics for a Civil Financial Divorce - Ships in 24 hoursIt gives you the tools and information you need to plan and manage your financial divorce. It explains what most lawyers either won't take the time to tell you or don't want you to know. The methods and tactics described in this book will help you take control so you can reduce, and in some cases eliminate, the financial consequences of your divorce.
Laura Johnson/ Paperback
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The Dollars and Sense of Divorce - Ships in 24 hoursFrom financial pitfalls to emotional bombshells, from inside tips to points in dealing with the legal system, this book is the ultimate guide to what happens in divorce and how to navigate the system successfully.
Judith Briles, Ph.D & Carol Ann Wilson, CFP, CDP/ Paperback
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Debt Free: The National Bankruptcy Kit - Ships in 24 hoursWritten in plain English by an experienced business attorney, the information in this book will allow you to fill in and file all of the necessary forms. You are taken through the entire bankruptcy process in a simple step-by-step manner.
Danial Sitarz/ Paperback
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