Most people would agree that getting a divorce may cause uncertainty and pain. But couples who separate the emotional from the business aspects of divorce will have financial security and far less anxiety. Since you are searching for help, you have already taken an important big step toward achieving that goal. Developing the ability to review assets analytically remains key to your successful … [Read more...]
Divorce insurance for the happily married
Whether you acknowledge that any marriage can end in divorce, the possibility exists. I can't tell you how many clients tell me they never saw divorce coming. Then, we find out together, they are not very well prepared for the divorce process with regard to their finances. Think about it this way. No one wants to face the possibility that your home could burn down, or that you could get into a … [Read more...]
How a Certified Divorce Financial Analyst can help you
It’s often difficult for individuals and couples to fully understand how a Certified Divorce Financial Analyst (CDFA) can assist them in their divorce process. So, I am developing a series of case studies that illustrate how I’ve helped my clients achieve their goals and reach a divorce settlement they are satisfied with. This divorce case included a prenup, lots of separate property … [Read more...]
“Can I be reimbursed for money my spouse wasted during our marriage?”
In a divorce, identifying, calculating and dividing property and assets can get very complex. Clients often ask me if they can be reimbursed in the divorce settlement for specific unusual, community spending during the marriage, or “waste,” by their soon-to-be-spouse. In Texas, a law was passed in 2011 to help innocent spouses “reconstitute the community estate” if the … [Read more...]
Frequently Asked Questions About Divorce Financial Planning
Q: Am I responsible for my spouse’s debts even when I had nothing to do with the charges? A: Debts from before marriage are a person’s separate debt and you wouldn’t be liable; however, if the debt was incurred during the marriage in order to provide necessities like clothing, food, etc. then you too are liable. Read more on divorce and debt, here. Q: Is my IRA community property even though it … [Read more...]
Facing divorce during COVID-19 (CoronaVirus)? Don’t despair; prepare
If you were considering divorce in 2020, you may be like many other women now: up to your neck in dealing with COVID-19 (CoronaVirus) in your personal life, and in your work life. You also may be sheltering-in-place with a partner you’d rather not see day-in and day-out. Know that you are not alone! Here are some steps you can take during the stay-at-home mandates that will lay the … [Read more...]
Spousal and Child Support During Divorce
Dealing with the Spouse It is especially important to be business-like with your spouse, since emotions can interfere with negotiations. Don’t let old battles rekindle. Refuse to continue a meeting that degenerates into a battle. While you want to be clear about what is important to you, try not to make your demands excessive. Never use your children as a pawn to hurt the spouse or draw … [Read more...]
Address health insurance in divorce settlement
Health insurance is the most important kind of insurance coverage a person carries. There are more bankruptcies because of medical bills than from any other cause. This is an extremely important financial issue for couples facing divorce. Securing health insurance coverage for both spouses, and any children, is clearly something that should be included in a divorce … [Read more...]
Dividing 401(k) savings, corporate benefits and pension funds in a divorce
If you and your spouse are considering, or are in the process of divorce, and one or both of you has corporate or civil service benefits, or a 401(k) savings and/or pension plan, part of the division of these marital assets will involve the drafting of a QDRO, or Qualified Domestic Relations Order. It is important that you understand how this works. QDROs are documents mandated by federal law … [Read more...]
Divorce and a closely held or small business
Divorce is challenging enough in itself, yet getting to a final settlement can be further complicated if one or both spouses have an ownership interest in a closely held, private or small business. In these cases, the business may be a significant source of income for the family, as well as a potential asset subject to division. The first step is to determine whether the business interest … [Read more...]
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