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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?
First, recognize that since you are emotionally tied to many of the assets to be discussed, that you may need the help of an expert such as a Certified Divorce Financial Analyst™. A CDFA™ is a professional who can work as a neutral financial expert. This advisor is invaluable when it comes to navigating through the personal issues associated with the asset division process and looking beyond the current settlement. A CDFA™ can show you a projected outcome of your financial settlement, 5, 10, or 20 years down the road.
Second, be realistic. Attempt to represent your pre- and post divorce finances accurately and in a legitimate way. Manipulating the facts will only serve to create an atmosphere of distrust and antagonism. This is not only counter productive financially, but the effect on children exposed to feuding parents can be traumatic.
Third, gather your personal, professional, as well as monetary assets to help you face your financial future. Take good care of your self physically and surround yourself with positive people. You may need to get a job, or further your career by continuing your education, obtaining an additional certification or simply letting your boss know that you are ready to tackle a position with more responsibility. Those job moves will most likely result in an increase in income. Also, looking at your assets as a complete financial picture will help you to see where you are secure and where you need to make positive changes.
A CDFA™ can guide divorcing couples through this process of equitably separating their assets. Remember, the goal of a Certified Divorce Financial Analyst™ is to create two financially viable households to meet the needs of all the members of the divorcing family, today and tomorrow.
Texas child support laws use the Percentage of Income Formula to calculate how much support the non-custodial parent must pay. This formula applies a percentage to the income of the non-conservatorship parent based on the number of children that need support. The Texas divorce court may order either or both parents to pay child support until the child is 18 years old or until graduation from high school, whichever occurs later; until the child is emancipated by marriage or a court order, until the child dies, or for an indefinite period if the child is disabled. A child support order in Texas should be revisited periodically through the court for potential modification. The most common reason child support is modified is due to a change in conservatorship, income, or a child of the support order reaching emancipation.
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