When people get divorced, one issue that often looms over them as they head toward the property division stage of the process is what to do with the family home. One spouse may be firmly dedicated to keeping the home. It may be difficult to sway that person into reality and to consider whether keeping the home is really in that spouse’s best interest. House Rich versus Cash Poor During the … [Read more...] about Pros and Cons of Keeping the House in Divorce
When couples divorce, particularly in an older or “Gray Divorce”, one or both spouses may be collecting their Social Security benefit or expect to begin collecting it shortly after the divorce is final. Social Security income is considered an income stream when it comes to tallying up assets in a divorce. How that income is divided is basically the same as any income is divided. However, … [Read more...] about Can An Ex-Spouse Claim Your Social Security?
One of the biggest concerns people have who are going through a divorce is whether they will be okay financially when the divorce is over. They wonder what their life is going to be like in 10 years. How to Have Financial Peace of Mind After the Divorce If you received a lump-sum payment in your divorce, one way to have financial peace of mind is to invest it wisely. As part of the … [Read more...] about Keys to Post-Divorce Financial Peace of Mind
Going through a divorce is generally a stressful period. While emotions are running high, daily financial obligations must be met. At least one spouse is often concerned about their financial future. Some stress can be alleviated with the help of an accounting specialist who can help the couple achieve a more amicable divorce with both parties feeling the asset division was fair and … [Read more...] about Benefits of A Financial Specialist in Your Divorce
Divorce is one of the most stressful life events. Emotions run high while important decisions must be made. The couple are trying to figure out how to support two households on the income they previously used to support one. Retirement plans and savings accounts must be divided. A neutral professional financial consultant can assist with this process. Family law attorneys often call on a … [Read more...] about Why Work with a Divorce Financial Neutral?
In a traditional, litigated divorce, the focus is on, “How can I keep my money?" Each spouse is focused on getting as much from the divorce as they can. They have an “every man or woman for themselves” approach which often leads to a very contentious and expensive divorce. A Collaborative Divorce is different. The couple works with a team and the team works together with both spouses during the … [Read more...] about Navigating Finances Post Divorce
Going through a divorce is a highly stressful life event. Unfortunately, some spouses play financial games with the intent of “winning” in the divorce as they are pitted against the other spouse in the traditional adversarial divorce process. Here are some of the most common games that people play: 1. Undervaluing the Business Often, in the year leading up to the divorce, the income … [Read more...] about The Financial Games People Play In Divorce
Despite getting some bad press, a pre-marital agreement should be viewed the same way as a life insurance policy. No one wants to ever have to use it, but people are glad they have the agreement if the need to use it arises. Why Should You Have a Prenuptial Agreement? A prenup can be viewed as a doorway to opening important financial discussions. In the collaborative process, financial … [Read more...] about Pre-Nuptial Agreements and Important Financial Decisions
When making financial decisions during the divorce process, there are documents that are needed to help in the division of assets and building making future realistic budgets. In many marriages, one spouse has handled the finances and the other is in the dark about their family’s finances. The start point is gathering important financial documents for the financial neutral in a Collaborative … [Read more...] about Divorce: Where to Start in Gathering Information
One of the first things that a divorcing couple needs to do is gather your financial information. In the divorce process you will both need to have a complete picture of your financial situation before you can begin to work on a settlement agreement. In a Collaborative Divorce, this step is easier than in traditional litigation because you have the assistance of a neutral financial … [Read more...] about 4 Keys for Working with Your Divorce Financial Professional