When getting divorced, determining what to do with the marital property can be difficult.  As you figure out the most favorable way to divide assets, be sure to look at your primaryhome and other marital property within the big picture – as part of the whole – and try to detach your emotions from the decision-making process.

When handling your divorce and marital property division, it may be in your best interest to split the equity in the home.  If so, it is important to understand the pros and cons of the various approaches to splitting equity when getting divorced.

Before fighting to keep the family home, make sure you have taken all the costs to keep and maintain the home into account.  Remember, you will need to be able to pay these costs both during the marital property division process and after getting divorced.

If you decide to sell the marital property and split the net proceeds, you will benefit from dividing the assets right away and by getting the greatest capital gains exclusions.  On the other hand, in a down economy, the home may be upside down with negative equity, which means you may have to take a loss or even bring money to the closing table.

Another option is to refinance and pay your spouse with proceeds from cashing out some of the equity in the marital property .  If you choose to do this, you can benefit from dividing the funds right now and can take advantage of low interest rates.  Unfortunately, it may be difficult to qualify for refinancing with only one income, while using both incomes further complicate matters.

You might also choose to use other assets, such as cash, investments, or retirement funds to “buy them out.”  This could be a viable option if you really want to stay in the home, but cannot qualify for refinancing.  But remember that the assets you cash in may actually hold more value than the marital property and you may not be able to liquidate the assets again if you need them.

A final option, if you cannot qualify to refinance and one spouse wants to stay in the marital property , is a promissory note, which allows time to pay.  There are some problems that come along with agreeing to a promissory note, however.  For example, if the owing spouse files for bankruptcy, the other may not collect what is owed.  Also, if there is a lien on the home of the owing spouse and they lose it in foreclosure, this marital property would no longer act as collateral for the balance owed on the note.  And finally, this option keeps one spouse acting as a debtor over the other – not usually a good situation after getting divorced.

To help you make an informed decision for your particular case, consult someone with experience in financial matters and divorce, such as a Certified Divorce Financial Analyst (CDFA).  It is important to get the best support available so you can negotiate a favorable outcome for your divorce.

Marital property division, including splitting equity, requires the specified knowledge of a trained professional

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Since I am in the business of divorce, you may not associate my services with love, but more and more people are contacting me saying that they don’t want to get divorced and wonder if it’s possible to save their marriage and on the flip side I have clients who are post divorce and stepping back out into the world of dating.

For quite some time I’ve been scouring the internet looking for a good resource for those of you who really want to try and save your marriage and I’ve finally found one that experts are raving about.

It’s called Marriage Fitness with Mort Fertel.

My guidelines in my search were that it had to be effective and have a variety of ways for folks to access helpful information at various, affordable price points.  I believe you will find it in this program with Mort’s free resources, tele-boot camps and one-on-one options.

His signature program is offered for “Lone Rangers” (when your spouse is not on board) and the “Duo” track, when both spouses want to give it a go.

You can read more on the pages of “Success Stories” and endorsements from leading industry experts.

If you want to try and save your marriage, I hope you will find this program helpful.  If you do decide to try it out, please write and let me know how it worked for your marriage.  I hope it brings you all the tools you need to create a stronger, longer, loving relationship!

Wishing you everlasting love …

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If you or your spouse hold a Defined Contribution Plan (such as a 401k or 403b) or a Defined Benefit Plan (commonly referred to as a pension), these are considered “Qualified” plans and are subject to the Qualified Domestic Relations Order (QDRO).  An Individual Retirement Account (IRA), on the other hand, is not subject to the same guidelines.

If you are getting divorced, it is important that you are clear on the steps you need to take in order for your retirement assets to be legally divided.

When Qualified plans are to be divided during divorce there must be a written document prepared called a  Qualified Domestic Relations Order  (QDRO), which is submitted to the Plan Administrator for approval.  This is a legal document that should be prepared and/or reviewed by an attorney during the divorce.  A Certified Divorce Financial Analysts (CDFA) may be able to prepare your QDRO, but an attorney should always do the final review.

The Qualified Domestic Relations Order document is required by the administrator of the plan to allow transfer of assets to an alternate payee (non-employee divorcing spouse) and their rights to all or a portion of the benefits that are payable to a company participant (employee) of the retirement plan.

Understand that the Qualified Domestic Relations Order is a tricky instrument that can create serious problems if not drawn up properly.

It is best to get pre-approval on the language before the divorce is finalized and ideally to have the paperwork submitted to the court with the final divorce papers if possible.

It can take quite some time to get approval on a QDRO, so these documents should be prepared early in the process of getting divorced.  If problems are encountered with the QDRO after the divorce is finalized it may require going back to court to modify the divorce agreement, which will mean paying further legal fees.

You should also know that some plans do not allow for division by Qualified Domestic Relations Order at all.

We see this frequently for public employee pension plans.  This is another important aspect that must be known before the divorce is final.

In the final analysis, retirement plan administrators do not have to abide by divorce decrees and will not pay out on a plan if their specifications are not met.  There are many horror stories told of situations where the Qualified Domestic Relations Order was not prepared properly, or in the right sequence, or sometimes not at all – and when the divorce is over and the recipient spouse went to collect, he or she cannot receive a dime!

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Click Below http://www.surveymonkey.com/s/G5PXLSW

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FREE valuable online home inventory system

that is a terrific planning tool for any life stage and can help make your difficult transition to two households a smoother process if you are going through divorce.

OwnDepot provides customers with a FREE home inventory management solution to track and record your home assets.

Getting divorced?  This can be a simpler way to divvy up those household items.  Whether you married or divorced, having a home inventory can save you countless hours cataloging your personal assets and provide you with great peace of mind in the event you need this information fast.  If disaster strikes you won’t have to worry about trying to proving what you own to the insurance company, your information will all be there waiting safely for you.

I’ve signed up and am well on my way to having our family home inventory completed.  It’s fast and easy and I’m feeling grateful knowing that we have this valuable tool in our back pocket in case there was ever an emergency.

Sign up today for a FREE membership and begin the process to get peace of mind.

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Top 5 Property Division Factors to Consider

When it comes to divorce and property division, one of the biggest mistakes people make is entering into negotiations without first accurately assessing current property assets.  Successful divorce planning begins with careful research.  If you are in the process of getting divorced, it is important that you protect yourself by understanding the particulars of your individual situation.

Not all property is created equal, so you will need to look into the details that apply to the property you and your spouse own.

As a starting point, consider the following five factors during your divorce property division:

1. Identify the type of real estate you own and the basis of each property.

Do you own a personal residence, land, investment or commercial properties or some combination of these? And what is the basis – the original price paid for the property, plus major improvements (NOT ordinary repairs and maintenance) plus selling costs (commissions, closing costs, etc.).

2. Determine the ownership history for each piece of property.

Is each piece of real estate marital or separate or some combination of both?   How is the title held now – jointly or in only one name?

3. Establish how long you have held the property.

This is an important question to know to determine if there are any capital gains tax issues.

4. Research what debts, such as loans and tax liens, the property might have.

Most everyone thinks of the mortgage and possibly a second mortgage, but there could be other debts against the property you may have forgotten or possibly some of which you were never aware.

5. Calculate the income you will need to pay for and maintain the real estate property during the divorce and afterward.

Be sure to take both major repairs and ongoing costs to properly maintain the property into consideration.

By engaging in careful divorce planning with the help of an expert in divorce and property division, such as a Certified Divorce Financial Analyst, you can avoid some of the common financial pitfalls of getting divorced.

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“Discover Divorce and Money Secrets to Help You Get the Rock Solid Best Results From Your Settlement!”

Facing divorce feels overwhelming, doesn’t it? Maybe you’re afraid of what’s going to happen, how the divorce will go, and unsure of the financial future you’ll face. You want to get it done right, but you aren’t sure who to trust or where to begin in the process.

Or maybe you’re putting it behind you now and want to end it right or wrap up loose ends so nothing gets missed, but you aren’t sure what that looks like either. How could you? Nothing in life ever prepared you for this.

I understand your worries and fears and I want to help calm them for you. I’m Lisa C. Decker, Your Strategic Divorce Advisor™, and I’ve helped hundreds of people like you to “Divorce Your Spouse, Not Your Money®.”

Starting on the journey of divorce can be scary, lonely, and for some, downright crazy. You may not be sure where to begin or what come next. You may wonder who can you trust, who you need on your team (did you even know you need a “team” and who should be on it?) and where to find the right professionals for your unique circumstances? And coming to the end of your divorce can open up a whole other side of questions and concerns.

Do you wonder how to divvy up accounts and debts, get what you are owed on the retirement accounts, what to do about credit cards, have social security or insurance related questions and more?

If you are ready to learn the answers that will help you move from overwhelm to ACTION then I invite you to join me as a guest at my next FREE teleseminar event:

“Divorce & Money Secrets: FIVE Must-Know Essentials to Creating a Rock Solid
Settlement for Your Divorce that will Save Your Money and Your Sanity!”

This Event takes place

Thursday, January 26th,
2012 at 7 pm (EST)

If you’ve know me at all, you know that I have had a long standing teleseminars series, but in the past year my work log has kept me to busy to keep up with it, so this is my first teleseminar in nearly a year! I don’t know when I’ll be offering this again LIVE, so plan on catching this one if you need this intensive information I’ll be delving into! Here’s what I will be sharing with you on this complimentary, one-hour call:

1. The FIVE essentials your Divorce MUST HAVE to Save Your Money and Your Sanity
2. The TWO key reasons divorcing folks many times fail to get their best outcome
3. When you should and SHOULDN’T listen to your attorney
4. Lessons from cases of “Divorce Gone Wild!” and my personal experiences as a Certified Divorce Financial Analyst that will help you avoid common mistakes made by others
5. And get a sneak peak at details on my brand new “Money and Sanity Saving” way to get the guidance you deserve!

    To see if this information is right for you, ask yourself these questions:

• Do you completely understand the money matters of your divorce?

• Does your attorney?

• Are you riding the emotional roller coaster of your divorce?

• Are you unsure where to begin and what comes next

• Are you making the worst money decisions of your life based on fear, emotion and lack of information?

• Are you near the end or post divorce and still left with questions and uncertainty about how to tie up loose ends?

If you answered yes to any of these questions then you absolutely must listen LIVE to this FREE call.

“Divorce & Money Secrets: FIVE Must-Know Essentials to Creating a Rock Solid Settlement for Your Divorce that will Save Your Money and Your Sanity!”

If you want to discover the secrets to getting the settlement results that you deserve, don’t miss this call on Thursday, January 26th, 2012.

I’ll be making an extra special offer for those who are listening LIVE on the call and are ready to take action for their financial future. Be sure to listen in live so you don’t miss out on this EXTRA Special Bonus Value Offer!

Wishing you peace and a future filled with prosperity,

P.S.I’ve consulted with hundreds of people in the midst of or past divorce. Many have shared their war stories of divorce gone wild with long, drawn-out, outrageously expensive and sanity-sucking experiences. You don’t have to go through the same. Get ready for sound strategies that will help you get a rock-solid divorce settlement!

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If you are  ending your marriage, chances are you don’t know where to turn for divorce help.  Before you look elsewhere, remember that the most important source of divorce help can be found right in the mirror.  Remaining empowered and not allowing yourself to become a victim in the process – no matter how difficult – starts with taking control.

The first thing you must do is take time to educate yourself about divorce.

Divorce help is out there, but you have to know how to assess each professional’s ability to get the job done.

Be sure to interview the experts you want to have on your divorce team.  When getting divorced, you want to have quality mediators, attorneys, therapists, and financial advisers involved in the process.

Whatever you do, do not base your choices solely on recommendations from your best friends, neighbors, or relatives.  While often well-intentioned, be weary of anyone who is not an expert in the battle you are facing. They can sometimes make things worse… much worse!

Do your own divorce help research independently, and do not fall into the trap of feeling obligated to work with anyone just because you have a personal connection.  This is too important.

As you face divorce, help with the financial matters can make a world of difference in your ability to successfully navigate the process without losing your shirt.  Seek to work with someone who has experience and training specifically in divorce matters, such as a Certified Divorce Financial Analyst (CDFA).

And, of course, find a divorce attorney who will be your best ally.  Remember that while a good divorce attorney is likely to be a busy divorce attorney, you should not settle for working with someone who doesn’t have time to give you proper attention.  Many attorneys are in overload with more to do than they have time for and are notoriously known for not responding timely to phone calls and emails. Be sure to have a conversation about expectations from the start.

Learn as much as you can about the process and remain vigilant about who you bring onto your team.  Finding qualified divorce help will serve your best interests when getting divorced.

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Successful divorce planning begins with being as clear as possible on your goals and determining what information you will need to move forward.

Once you’ve established your goals, be sure to develop, implement and use a system that will help stay organized throughout the divorce planning process.

Divorce planning will pay off in the long run if you follow these three simple steps:

1. Gather as many financial and legal documents as possible. A trained divorce financial professional, such as a Certified Divorce Financial Analyst (CDFA), can help you determine what money-related documents you will need for the divorce. Planning ahead can prevent slow processing and headaches down the road.  And always make extra copies for yourself! It can be very costly to have to go back to your attorney or financial adviser and ask for copies of your own documents.

2. Store everything in a safe place. You might choose to entrust important documents to a friend or family member, or better yet, rent a safe deposit box.  A jump drive can be used for scanned documents, but be sure to update information on a regular basis.  Use an accordion file, filing cabinet, or a notebook with tabs.  You want to create a “history” of your financial life, in order by month.

3.  Use a calendar to keep track of appointments. You will likely have numerous meetings and hearings to fit into your already busy everyday life.  Make monthly, weekly, and daily to do lists.  Develop new routines and, most importantly, don’t neglect take care of yourself.  Remember, you can’t help yourself (or your children) if you are not at the top of your game while going through the divorce planning process.

Divorce planning can quickly become an overwhelming process, but it doesn’t have to be that way.

Even when emotions run high, getting organized before getting divorced sets the groundwork for less frustration.  It also helps contribute to a more amicable situation overall and it ensures you’re prepared if things take a turn for the worst.  An organized approach allows you to protect yourself no matter which way the winds of your divorce blow.

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If you are divorce planning, you need a solid defense against drowning in a sea of paperwork.

Start by gathering every possible financial statement or document pertaining to you and your spouse’s financial life, whether held individually or jointly.  And before you contact an attorney or a Certified Divorce Financial Analyst (CDFA), arm yourself with an organized set of documents.

Divorce Planning:  The Top 5 Types of Documents To Have Before Contacting Your Attorney

Divorce Planning - Assets

Gather all information on your bank, investment, and retirement statements, as well as your life insurance policies and any cash surrender value.   Secure real estate property records, including your primary residence, second home, rental and commercial properties, time-shares and land.  For your vehicles, determine the make, model, year, mileage, features and overall condition to get an estimate of value.

Meticulously document other assets such as jewelry, artwork, and collectibles, and don’t forget potentially valuable intangibles, such as season tickets and frequent flier miles.  If you own a business, you may need a business valuation expert.

Divorce Planning – Liabilities

You will need to obtain copies of any notes payable or mortgage documents.  All debt documentation should include information on the creditors, balances owed initially and currently, interest rates, and credit limits.

Divorce Planning - Taxes

When obtaining divorce planning services, you should be prepared to submit three to five years of tax returns, W-2s, current pay stubs, including commission and bonus payments, real estate property tax information, and personal property tax information.

Divorce Planning - Insurance

Look for both personal and work policies.  If you are in the process divorce planning, never remove your spouse from your insurance policies until after your divorce is final or without the consent of your attorney.  Speak with your attorney and insurance agent for each policy regarding re-titling of your insurance accounts and possibly changes of beneficiaries for life insurance policies.

Other Divorce Planning Documents

Take the time to make a list of additional documents you might need to access during the divorce. Planning ahead, you will be able to retrieve wills, passports, birth certificates, credit reports, and other critical documents.

Gathering all of the documents and information you need when preparing to get a divorce can be a tedious process, but divorce planning is something that has to be done with care.  Hastily gathering information as you need it will lead to wasted time, mounting frustration and more money needlessly spent.  Remaining organized and systematized is one thing you can truly control to save you time, money, and your sanity in the process of divorce planning.

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