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4 Financial Things to Consider Before You File For Divorce

4 Financial Things to Consider Before You File For Divorce

If you’re considering divorce you need to consider the financial implications of getting a divorce. Are you in a position, financially, to pay child support, or provide for your children after years of being a stay-at-home mom?

The post 4 Financial Things to Consider Before You File For Divorce appeared first on Divorce Magazine.

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Financial Infidelity is On The Rise: Why Couples Keep Financial Secrets

Financial Infidelity is On The Rise: Why Couples Keep Financial Secrets

Do you keep financial secrets from your spouse? If you do, you’re not the only one. Many Americans keep money secrets from their spouses. Learn more here.

The post Financial Infidelity is On The Rise: Why Couples Keep Financial Secrets appeared first on Divorce Magazine.

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Redesigning Your Financial Life After Divorce

Redesigning Your Financial Life After Divorce

Practical steps for handling your financial matters during the divorce transition.

The post Redesigning Your Financial Life After Divorce appeared first on Divorce Magazine.

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information your divorce attorney will need

Personal, Property, and Financial Information Your Divorce Attorney Will Need

information your divorce attorney will need

 

A lot goes into choosing a divorce attorney. I always suggest three attorneys be interviewed before deciding which to hire. During the interview process, you can learn about the attorney’s experience, their fees and get a feel for whether or not you feel the two of you could have a good working relationship.

Once you’ve made your decision, the new attorney will need information from you in order to get the ball rolling and the divorce process started. Some information is basic, will require no work from you. Other information will require time and energy and it is always best to be prepared. So, before you even start the interview process, why not get ahead of the game by gathering as much information as possible so that when it comes time to answer questions your new divorce attorney has, you will be prepared.

Below is a list of common questions/information your divorce attorney will need.

You will find this list helpful when compiling documents and materials your attorney will expect from you.

Personal Information:

  • Your full name, date of birth and social security number.
  • Contact information such as an address, landline/cell phone number, and email address.
  • Proof of state of residency.
  • Your employer’s name, address, and phone number.
  • Your length of employment and your monthly or annual salary. You should be prepared to show your attorney at least three years in income tax returns.
  • Your spouse’s full name, date of birth and social security number.
  • Contact information for your spouse such as an address, landline/cell phone number, and an email address.
  • Your spouse’s employer information, address, and phone number.
  • Your spouse’s length of employment and salary.
  • If the attorney will be serving your spouse with divorce paperwork they will need to know where you want this to take place. At your spouse’s work or place of residence?
  • The date and place you were married.
  • The name of your spouse’s attorney if he/she has one.
  • The name of a marital therapist you and your spouse visited with times and dates.
  • A list of the marital problems that led to divorce if any involve alcohol or drug abuse, religious differences, infidelity or sexual incompatibility.
  • The full names, dates of birth and social security numbers of any children born during the marriage.
  • Which parent the children now reside with and whether or not a custody dispute will be part of the divorce process.
  • The full names, dates of birth and social security numbers of any children from a previous marriage.
  • If you pay child support, how much you pay. If you receive child support, how much you receive.
  • Whether or not your spouse has children from a previous marriage. If so, how much child support is paid or received.
  • Who provides health insurance for the children born of this marriage?

Property Information:

  • Addresses of property owned jointly or separately.
  • Addresses of any mortgage companies you have accounts with.
  • The estimated fair market value of homes owned.
  • The balance on any mortgages.
  • The amount of monthly payments to a mortgage company.
  • A list of all automobiles, boats, motorcycles, trailers or airplanes owned jointly or separately.
  • The year, make and model of each and who has possession.
  • The name and address of any lender who may hold the title to autos, boats, motorcycles, trailers or airplanes.

Financial Information:

  • A list of all joint and separate bank accounts, savings accounts, C.D.’s, Credit Union accounts, Savings Bonds and Stocks and Mutual Funds.
  • How many debit cards you have for each account and the names on those cards.
  • A list of any credit card accounts you hold jointly or separately. The names on the accounts and the balance due.
  • Information about retirement accounts, 401K’s and other investment type accounts.
  • Disclosure of any life insurance policies, whose life is insured and for how much.
  • A list of names of those who owe you money. How much they owe and the expected payment date.
  • A list of any lawsuits you may be involved in.
  • A list of any livestock, such as cattle or horses that you may own.

The post Personal, Property, and Financial Information Your Divorce Attorney Will Need appeared first on Divorced Moms.

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Why Hire a Certified Divorce Financial Analyst®?

Why Hire a Certified Divorce Financial Analyst®?

Even if you think you’ve kept finances separate, there are laws and divorce negotiations that may have financial implications. That’s where hiring a Certified Financial Analyst® (CDFA®) can ease the burden.

The post Why Hire a Certified Divorce Financial Analyst®? appeared first on Divorce Magazine.

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financial issues ruining your relationship

Are Financial Issues Ruining Your Relationship?

financial issues ruining your relationship

 

Financial issues tend to be the number one reason behind relationship problems and divorce. Many couples want to sweep the subject under the rug rather than meeting this important subject head-on. There are fewer conflicts when it comes to budgeting, spending, and saving when couples work on understanding each other’s relationship to money.

Unfortunately, many couples think that leaving their financial baggage at the door is the answer to avoiding conflict. The reality is that couples need to be open and honest with one another regarding their financial expectations and spending habits. Putting off dealing with money issues will only create deeper wounds that lead to trust issues and ultimately breakups.

The good news is that if you discuss these issues early on, money problems don’t have to develop into a major relationship hurdle. In fact, the more you and your partner communicate about ‘difficult’ subjects like money, the closer you will become. Learning how to work together to resolve money problems and save for a promising future will only strengthen your partnership for the long haul.

Make sure to approach the subject of finances with an open mind.  Realize that both of you have different views about how money should be handled.

Try this 5 step process to effectively address financial issues ruining your relationship:

Step 1: Lay it all out in the open

It’s important to show your partner just how much money you are responsible for managing. Look at debts, loans, credit lines, investments, and accounts.  A successful relationship is one where both partners can be open with each other, so don’t be afraid to bring out your credit card and loan statements. If something happened to you, your partner would need to understand everything that you’ve been managing. Hiding things now will only lead to bigger issues down the road.

Step 2: Determine who manages money best

Often times, there is one person in every relationship that is better at dealing with money.  That person is often the one who regularly tracks their spending, has the best credit rating, and doesn’t hesitate to open bills and make sure things get paid on time. This person should be designated the relationship “money manager”.

Step 3: Define spending boundaries

Decide together on an amount of money that each of you can spend without consulting the other. Let’s say the amount is $500. If a purchase is over $500, then you agree to make a joint decision about that item. You may also feel more comfortable having one joint account that you both contribute to for household bills and two individual accounts for personal spending.

Decide what makes the most sense to you based on the number of accounts you want to manage and how you tend to spend money. For example, if one of you spends down whatever is in the account each month, and the other always leaves extra, your spending and saving styles may benefit from having individual personal accounts.

Step 4: Create a backup fund

Decide how much you’ll set aside from each of your paychecks to be used as an emergency savings account. Discuss what kind of emergencies you might expect to draw from the account for. Determine if you would like to consult each other first before using any emergency funds.

Step 5: Discuss future financial situations

Consider the birth of a child, job changes, parents who need care, and retirement expectations. For example, it’s important to discuss whether one partner will stay home after the birth of a child. Or what will happen should someone lose their job?  Would you consider taking in a sick parent and providing a caretaking role? What ages do you expect to retire? Always communicate about possibilities so you are ready for whatever setback or life change may come your way.

The post Are Financial Issues Ruining Your Relationship? appeared first on Divorced Moms.

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