Don’t Miss these Final Financial Details in Divorce

April 22, 2010 Blog No Comments

 

By Lisa C. Decker, CDFA™
 
 
Moving into the next chapter of your life means wrapping up old business so that you can stay focused on the future. Here are a few helpful tips to make sure that you don’t leave open any doors that really should be closed for good.
 
Some parting items that you and / or your attorney may need to deal with when your divorce decree is handed down.
 
Assets: 
·         Remember to separate all accounts and change titles where applicable.
·         For investment accounts it is most important to change your beneficiary designations as these will override what is written in a will. If this step is missed your ex could end up with assets you did not intend for them to have.
·         Don’t forget to have your attorney file QDRO’s if you have qualified funds to split as a part of your divorce settlement agreement.
 
Debts:
·         Remember to separate all accounts and change titles where allowed.
·         If you are still liable for joint debts that could not be separated before the divorce was final, then make it a top priority to get your name removed from as many joint debt accounts as possible now and when able in the future (such as when the primary residence can be refinanced).
·         Make sure to review your credit reports from all three agencies in 3-6 months after the divorce is finalized and correct any errors you may find.
 
Liabilities:
·         Make sure that your divorce decree handles what will be done with any joint taxes that may be owed or refunded. This includes federal, state, local, property and potentially others.
 
Protection:
·         Be sure to visit an estate planning attorney and have your wills changed.
·         Change beneficiaries on all life insurance policies. As with investments, these beneficiary designations override a will.
·         Change and remove spouse from other insurance policies – Health, Homeowners, Auto, Umbrella, etc.
 
 
Support:
·         If you are receiving spousal and child support and need to go back to court to ask for modifications in the future, please beware of the IRS child contingency rules that could put you in a potential tax trap if you are the one paying support. Make sure to check with your CDFA or CPA if you do ask for a modification around either of these items so you don’t inadvertently end up with a hefty tax bill.
 
These are items that are frequently forgotten amid the turmoil of divorce. It is vitally important that you follow-up on these things as soon as possible to avoid unintended consequences that can come back to haunt you years later.

 

Divorce and Custody Dispute Study

April 15, 2010 Blog No Comments

 Courtesy of DivorceSaloon.com

Divorce Saloon:  GEORGIA: University professor Dr. Julie Ancis seeks participants for a divorce and custody dispute study

 We received a request by Dr. Julie Ancis’ research assistant, Kiranmayi Neelarambam to post this notice about a study they are conducting on the issues of divorce and custody. Dr. Ancis is searching for people to participate in the study. Here is the notice we received. If you would like to participate, please contact Kiranmayi at kiranmayi.n@gmail.com. Here is the flyer:

Dr. Julie Ancis, a professor of Counseling Psychology at Georgia State

University, is studying women’s experiences with divorce and custody

disputes. The purpose of this research is to gain an understanding of

women’s experiences within the legal system. Individual interviews are

being conducted with participants, and will cover topics such as

interactions with attorneys, judges, and guardian ad litems; coping; and

parenting issues. Interviews are confidential and tend to last between 1

½ to 2 1/2 hours. With the knowledge gained through this study, we would

like to educate those in the court systems and health professionals

about the unique challenges that women may face in divorce and custody

disputes. We may pursue a study about men’s experiences at a future

date. Thank you for your consideration!

Dr. Julie Ancis can be contacted at cpsjra@langate.gsu.edu

 

Feature Q & A:

April 8, 2010 Blog No Comments

 

Hi Lisa,
 
I’m pretty new to this whole divorce mess and since I’ve never really known anyone who has gotten divorced, I’m not quite sure where to begin. Can you point me in the right direction so we can try to do this the best way possible?
 
Thanks,
 
R.K., California
 

 
 
Hi R.K.,
 
Thanks so much for your question. You are smart to want to try and set the stage for your divorce the right way from the beginning. It’s been said that they way you begin your divorce, is usually the way that you end it as well. Meaning that if you want to have the best result possible overall then you should start your divorce in the manner in which you want it to proceed.
 
So, do you envision a knock-down, duke-it-out fight with high powered (umm…high priced) attorneys? Or would you rather take a more civilized, peaceful and potentially money-saving approach? Deciding on this from the beginning can have a great impact on what choices you make moving forward. 
 
Also, get educated on your options. Are you open to considering mediation or other alternative dispute resolution methods? Divorce does not have to become war of the roses.
 
And assembling a great team is also critical to your outcome. Your attorney, your divorce financial advisor, a therapist, mediator and potentially a child specialist should be considered depending on your particular circumstances.
 
In anticipation of releasing my new program I have coming soon, I am offering a list of must have attorney questions to help get you started – “37 Money-Saving Questions to ask BEFORE you Hire an Attorney. Get your F*r*e*e gift now – www.SaveMoneyInDivorce.com.
 
Whatever path you choose, I wish you and your spouse, a peaceful divorce.