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Posts Tagged divorce finances

Financial Planning For and During a Divorce

What are the legal fees of divorce?A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or … Read More »



What You Should Know Before You File for Divorce In Massachusetts

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Divorce, word cloud concept on white background.

Divorce can be a confusing and complicated process. Negotiating your way through the court system can be difficult, particularly if you don’t have the assistance of an attorney to guide you through the system. Here are some facts and other things you should know about filing for divorce in Massachusetts.

 

A vast majority of divorces settle before trial. There are 2 ways to file for divorce in Massachusetts. The first is a joint petition, in which both spouses jointly file for the divorce. The other … Read More »



Financial Planning For and During a Divorce

financial planning divorce

A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or receiving.

Based upon … Read More »



Handling Your Divorce Like an Air-Traffic Controller

compromiseThe stresses placed on divorcing couples, who are making decisions about custody, spousal support, equitable distribution and parenting plans are not unlike those of air-traffic controllers, who are trying to safely land multiple jumbo jets coming in on multiple runways. Perhaps these aren’t life or death decisions, but that depends entirely on your perspective!

I can’t take credit for this brilliant and so-directly-on-point analogy, but am borrowing it for the sake of this conversation. I hope it’s useful to anyone going through the divorce process today, or for those stuck in the seemingly never-ending post-divorce arguments that annoy, irritate and frustrate us.

We embark on the divorce journey for many reasons. For some, it’s a joint decision made, when it’s clear that the marriage isn’t working. For others, it was one spouse taking the initiative to raise the flag and take those first steps. Some go voluntarily into the process, and some go kicking and screaming, maintaining their status as “victim” in their broken fairytale. Regardless of how the travel plans were made, you are nevertheless taking this trip, and are forced to make many inter-related decisions that will ultimately affect your … Read More »



Divorce Can Mean a Trip Down the Economic Ladder for Women

crying womanDivorce can be a one-way ticket down the road to financial instability for many women, especially for those who are middle class or low-income.

It can mean a loss of work hours, more time (and expense) devoted to childcare and a cold slap in the face when it comes to finding a job or finishing an education.

While working-class women tend to be hit harder, not having a job, money or credit of their own is a challenge that can affect women of all socioeconomic brackets, said Bruce McClary, spokesman at the National Foundation for Credit Counseling. “In a lot of situations you have that career interrupted… It can be very messy in that situation because they have to start right from scratch.”

This was the situation Michelle Bornemann found herself in when she and her husband began divorce proceedings more than four years ago. The Long Island, New York resident, who has two children, had worked for a title insurance company before they were born but has been largely out of the work force since.

“I have nothing to show for a … Read More »



Managing High Asset Divorces in Massachusetts

high net worth

All divorces can be stressful and important to spouses facing a divorce. However, handling divorces with a high asset value has some additional inherent complexities that not all spouses, or even all attorneys, are aware of.

When addressing high asset divorces, there are complicated issues that have to be addressed within alimony, property division, taxes, life insurance, and even child support. In handling such divorces, it often requires the attorney to review a large volume of documentation, particularly financial documents. Because these documents can be highly technical, a knowledgeable divorce attorney typically takes a “team” approach to such divorces, and includes financial professionals in the management of such a divorce. These financial professionals can include a business appraiser, tax professional or accountant, financial planner, forensic economist, and/or certified divorce financial analyst (also known as a CDFA). It is important that your attorney already have a team in place that they have been working with for years.

These professionals can help your attorney work through some very complicated financial issues relating to the divorce, and oftentimes these professionals are also knowledgeable of the law associated with the financial aspects of … Read More »



Protect finances in later-in-life divorce

divorce financesWhen you’re over 50 and facing divorce from a long-term marriage, coming to a settlement agreement that will safeguard a comfortable financial future is complicated.

“Till death do us part” isn’t the case for many Baby Boomers today. “Gray divorces” are occurring more than ever before – the rate for adults ages 50 and older doubled between 1990 and 2010, according to research from the National Center for Family and Marriage Research at Bowling Green University in Bowling Green, Ohio.

“There are no ‘do-overs’ after you agree to a settlement,” says Vickie Adams, a certified financial planner and certified divorce finance analyst in San Pedro, Calif. “After 50, you’ll have fewer years to recoup from financial errors, so it’s essential to get this right.”

Here are a few tips for protecting your finances during a later-in-life divorce.

Keep a cool head

Ralph Heffelman, founder and chief executive of Dallas-based International Capital Management Corp., suggests viewing divorce as a business deal. “That approach may seem cold to some, but it’s an unfortunate reality during a divorce,” he says. “The more a couple is willing to divide assets objectively, and not emotionally, the … Read More »



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