Often, couples who decide to divorce after many years of marriage discover their “separate property” and “community property” has become “commingled.” In other words, they don’t know how to determine where “separate property” and “community property” begins and ends with regard to their finances. This issue can be very important in a divorce because “separate property” will be completely free of … [Read more...]
A closer look at Early Intervention Mediation
Traditional divorce, as most people know it, is inherently adversarial in nature. In a typical "war-of-the-roses" scenario, spouses each hire an attorney and then they battle it out until some sort of agreement is reached. This type of divorce can go on for many months or even years. Consultants of all kinds may be called in by both sides for “expert” opinions, reviews, depositions and … [Read more...]
Don’t fight over pots and pans
As a Certified Divorce Financial Analyst, I consider my primary focus to be one of helping divorcing individuals and couples sort out and divide the marital estate in an equitable manner. This typically requires gathering all financial documents and statements with regard to all assets and debts. This includes the couple’s savings accounts, retirement accounts, credit card statements, brokerage … [Read more...]
Hiring the right financial expert to help with your divorce
Most couples seeking divorce are aware that they will likely require help from a divorce attorney. Fewer couples realize that as they enter the nuts-and-bolts of the divorce process, they will have many questions about the financial side of divorce. Questions such as: Who will pay for their children’s education and medical treatment?How do we calculate the value our assets?How should we divide … [Read more...]
Dividing pensions in a divorce may require special financial assistance
If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate or civil service pension, know that all pensions are not created equal. This fact is extremely important to understand as you proceed toward an equitable division of your marital estate. In dividing pension benefits in a divorce, your attorney will be required to create a QDRO … [Read more...]
Inside a non-litigation divorce process
In the past, divorce processes have been primarily adversarial in nature. In a typical divorce scenario, spouses each hire an attorney, and then a variety of expert consultants who advise them on finances and custody plans. This type of divorce can go on for many months or even years, driving up fees and increasing a couple's stress levels, anxiety and animosity. Children can get caught in the … [Read more...]
Don’t forget these marital assets in your divorce
Often, many of the women I work with on their divorce finances know very little, sometimes nothing, about their marital assets (or liabilities for that matter). This is gradually changing, but surprisingly, still exists. Maybe the husband has simply kept the information largely to himself, or the wife doesn't feel she understands finances like she should, so leaves it up to her spouse, or she … [Read more...]
Divorce and employer bonuses
An often overlooked asset that should be legally divided in a divorce settlement is the company or employer bonus. Many attorneys forget to address the community nature of such bonuses. Even if they are paid in the year following divorce, company bonuses are partially community property. Bonuses are paid for the preceding year’s services or performance. The settlement agreement or divorce … [Read more...]
The special needs child and divorce
While all children need the continued support and care of parents, children with special needs require unique consideration during and after a divorce. The financial support allotted to a child post-divorce is usually determined according to the family code of each state. Such support for a special needs child can be adjusted based on the unique needs of the child in question. Adjustments … [Read more...]
Ten facts about divorce that may surprise you
Myths about divorce abound. For one thing, divorce laws vary from state to state. So, quite often, people are confused due to what they have heard about celebrity divorces, or a friend or family member's divorce in another state. To help bridge this knowledge gap, I have compiled a list of ten facts about divorce that may surprise you. You may be responsible for debts incurred by your spouse … [Read more...]