Financial Steps to Take When Getting a Divorce

Written by: Maryalene LaPonsie; Article posted on: money.us.news.com

Divorce is usually a highly emotional life event, and for that reason, financial experts say it’s important to have trusted advisors by your side. Gretchen Cliburn, senior managing advisor at BKD Wealth Advisors in Springfield, Missouri, says everyone going through a divorce should work with the following people.
  • Divorce attorney
  • Certified divorce financial analyst
  • Mental health counselor
As soon as you know you’re getting a divorce, collect all the financial documents you can. These include the following:
  • Bank statements
  • Credit card statements
  • Tax returns
  • Retirement account balances
  • Appraisals for valuable items, if available
Pull a copy of your credit report. Spouses should look for loans or accounts they don’t recognize and work with an attorney to ensure they aren’t responsible for any debt incurred without their knowledge.

How a Simple Divorce Checklist Can Keep You From Making These 10 Common Mistakes

Written by: Karen Covy; Article provided by: huffingtonpost.com

Here are 3 common mistakes that you can avoid by having a simple divorce checklist:
  1. Having to Be Responsible for Debts You Forgot About (or Didn’t Know Existed) — There is nothing worse than finding out months (or years) after your divorce is over that you have a credit card bill in your name that was never dealt with in your divorce. 
  2. Having Your Spouse Read Your Personal Mail — While your spouse has a right to open mail directed jointly to the two of you, as you separate you are going to start getting mail (for example, letters from your attorney) that you won’t want your spouse to read. 
  3. Having Your Spouse Cyber-Spy On You — In the flurry of changing everything in your life when you divorce, it is easy to forget that your spouse probably knows (or can figure out) the passwords to all of your email, social media and other online accounts.

7 Little-Known Financial Benefits of Divorce

Written by: Maryalene LaPonsie; Article posted on: money.us.news.com

  1. Easier budgeting and greater control over money. The end of a marriage can mean the end of fights over money. There is no more struggle over which categories get priority in the budget; no more evenings spent cajoling or pleading with a spouse to rein in spending. 
  2. Early access to a retirement fund, penalty-free. A divorce is one of the few times a person can pull money out of a retirement account early and not pay an early withdrawal penalty. When an agreement known as a qualified domestic relations order is reached as part of a divorce, it allows for an early withdrawal from the account. 
  3. Potentially better investment returns. Divorce could mean better investment returns.

How can you protect your child during divorce?

If you’re getting divorced, you’re probably worried about your child or children. So you’ll be heartened to know that the research shows that kids can cope with a divorce and come out ok. 

Unfortunately, though, they sometimes don’t. In fact, many children whose parents make the decision to divorce are emotionally wounded in a way that lingers throughout their lives.

Click the link below for tips on how you can protect your child during divorce.

Approaching Social Media Before, During and After Divorce

Provided by: insights.itsovereasy.com

Social media has become irrevocably tied to modern lifestyle, and most people currently considering or dealing with divorce have at least one active social network account. While there’s nothing wrong with remaining active on Facebook, Twitter, Instagram or other platforms during and following your divorce, if you’re hoping for an easy divorce process, take time to consider a few things related to your online profiles.

Click the link below for tips on approaching social media Before, During and After Divorce.

Click here to see more

 

Learn Tax Tips for Divorces

If you’re going through a divorce, taxes may be the last thing on your mind. So, here are some tips for you on which filing status to choose after the divorce, who can claim the exemptions for the kids, and how payments to an ex-spouse are treated for tax purposes.

Couples who are splitting up but not yet divorced before the end of the year have the option of filing a joint return. The alternative is to file as married filing separately. It’s the year when your divorce decree becomes final that you lose the joint return option. In other words, your marital status as of December 31 of each year controls your filing status for that entire year.

Click the link below for more information on Exemptions for Dependents, Medical Expenses, Payments to an Ex-Spouse, Asset Transfers, etc.

Click here to see more

Florida’s Stalking Laws

Article provided by: statelaws.findlaw.com

        What is stalking? Stalking is characterized as a pattern of malicious and willful behavior that occurs over a period of time — and more than once. While we often associate stalking with someone lurking in the bushes outside someone’s house, stalking can also refer to various other forms of harassment, such as: repeatedly calling someone’s home or place of business, vandalizing personal property, or even leaving someone unwanted written notes or gifts.
           
         Florida’s stalking law defines the crime as repeated harassment that creates a credible threat of harm. The crime is often charged against estranged partners and spouses. In Florida, victims of stalking also have a civil remedy available to them in the form of restraining orders (also called “orders of protection”). A restraining order is an official document issued by the court that essentially “orders” (requires) the stalker to refrain from contacting or otherwise pursuing the victim.

How is Alimony Determined in Florida?

Article provided by: divorcenet.com, “Alimony in Florida: Introduction to alimony and the basics in Florida.”

The purpose of alimony is to provide financial assistance to the economically weaker spouse. In order to be entitled to alimony, there has to be a legal marriage, as Florida does not recognize common law marriage; there has to be a need for assistance on the part of the requesting spouse; and the other spouse has to have an ability to pay the alimony. This is typically referred to as “need and ability to pay.”

Unlike child support, there is no mathematical formula to calculate alimony. The amount and type of alimony is determined by your individual situation, is fact sensitive, and often depends on the judge hearing your case – one judge’s order may drastically differ from another judge’s order.

Click here to see more

Walk Down the Aisle Worry Free

Article provided by: divorcesource.com

A prenuptial agreement, antenuptial agreement, or premarital agreement, (commonly abbreviated to prenup) is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement of partners intending to marry. The content of a prenuptial agreement varies, but commonly includes provisions for division of property and spousal support in the event of divorce.

  • Without a prenuptial agreement upon separation by death or divorce, the court separates all of the marital property evenly. A prenup can be used in order to avoid a court deciding marital property attained during the marriage.
  • The prenuptial agreement protects one spouse from the other’s debts. Without a prenup, creditors can go after the marital property even though only one spouse is the debtor. To avoid this, spouses limit debt liability in a prenuptial agreement.
  • The prenuptial agreement protects children from previous relationships, and keeps family property in the family. A family heirloom, family business, even a future inheritance, or other piece of property can be kept within a birth family in a well-crafted prenup.

Click here to see more

Child Custody and Relocation Laws in Florida

Article written by: Aaron Thomas
After parents divorce, one parent may want to move to another location. But what are the rules for moving when a child is involved? What Constitutes a Relocation?

 

Florida law defines a relocation as a parent moving 50 miles or more from the current residence, for at least 60 days. A relocation is not a temporary change for the purposes of vacation, education, or providing the child with medical care. In Florida, parents may come to an agreement regarding a relocation by signing a written agreement that spells out the terms of the move and new custody arrangements.

Click here to see more