November 30, 2015
Comments Off on What Remains of a Broken Dream
Divorce can be a heart-breaking experience and one of the worst aspects is dividing the assets and debts from the marriage. First divide all assets needed for living such as real estate and automobiles thereby the parties will have the least cost to replace those high ticket items. Next divide the cash assets as well as the cash equivalent assets in as equitable a manner possible.
As for the unsecured liabilities there are two ways to go about it. The first is to divide all credit card, loans and so forth equally between the wife and husband which is fine if both parties are equal so far as economic stability. If either party earns substantially more than the other the debt then becomes an unfair burden to that party. It may be necessary to amend some of that burden with alimony payments.
The other way is to divide the burden of debt between the parties according to their earnings. For example say the husband earns $70000 a year and the wife ears $40000. Their total debt comes to $25000, so a division could be made as $16,250 that the husband is responsible for and the wife has the $8750.
Visit Law Offices of Janice M. Palmer, P.C. now and get legal advice from an experienced attorney.
November 6, 2015
Comments Off on Is Parental Conflict in Your Divorce Damaging Your Children?
Children are directly impacted during and after their parent’s divorce. Parental conflict has a more prominent impact on a child’s chance at developing happiness and success later in life. As a parent, it is your job to be proactive and work with your ex-spouse and lawyer to keep conflicts to a minimum and create a parenting plan that works for your children.
A study that was preformed over a period of 30 years found that children who experienced parental conflict during the divorce of their parents suffered the following consequences during and after the divorce.
Consequences as a Minor
1. Lower academic achievement
2. A higher rate of behavior problems
3. Problematic relationships with parents
4. Social difficulties
5. Negative self-concepts
Consequences as an Adult
1. Low job status
2. Lower standard of living
3. More likely to not have children
4. Behavior problems
5. Psychological problems
6. Acquire less education
7. Higher chance of not getting married, or less marital satisfaction
8. Higher risk of divorce
By avoiding parental conflict around your children, you can prevent these consequences from becoming a reality. Regardless of what happened during yours and your ex-spouse’s relationship, your children and their well being must come first.
Visit Law Offices of Piazza, Simmons and Grant LLC now and get legal advice from an experienced attorney.
October 23, 2015
Comments Off on Benefits of Certified Divorce Financial Analysts
To illustrate the varied work that Divorce Certified Divorce Financial Analysts perform in the divorce process, the following are examples of the diverse services offered:
- Initial Review
- Document marital standard of living through historical spending patterns
- Compile, organize and value assets and liabilities
- Review tax returns and financial statements
- Examine psychological attitudes toward money
- Review and prioritize goals
- Estimate immediate needs
- Track money flows through brokerage statements
- Review employee benefits plans
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- Help clients understand, evaluate and negotiate settlement proposals
- Tax impact settlement proposals
- Minimize taxes through the efficient allocation of personal and real estate tax deductions
- Develop realistic post divorce budgets
- Set up 10/15 year post-divorce cash flow projections
- Calculate appropriate amounts of life insurance to guarantee support payments
- Calculate value of marital versus separate property of IRA, 401K & pension accounts
- Review retirement and educational funding plans
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- Testify before the courts in many states on issues of personal lifestyle, cash flow needs and workability of settlements.
- Design a PowerPoint presentation explaining complex financial issues for use by client’s attorney before the court
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- Research and draft or assist in the drafting of QDRO documents
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- Post Divorce
- Set up budgeting and money management systems
- Through a myriad of professional relationships, Implement financial plans
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Since a client’s resources are limited, a key strategy in Divorce Financial Planning is helping to prioritize their goals. Certified Divorce Financial Analysts take the time to get to know clients and to understand each client’s financial needs, goals, knowledge of personal finance and, equally important, psychological attitudes toward money. Part of a Certified Divorce Financial Analysts job is to explain how different financial vehicles work, set up systems to provide budgeting feedback and help the client become aware of negative spending patterns.
The financial decisions that clients make in a divorce are often the most important financial decisions they will make in their lifetime. During negotiations, Certified Divorce Financial Analysts help clients evaluate settlement proposals and suggest alternatives helping clients to make informed decisions. By understanding the financial issues at stake in maintaining their lifestyles, individuals become empowered to make important decisions to complete their divorce.
Another quality of financial planning is its orientation toward the future. Planning for the future is an essential part of every divorce. Settlements that look fair initially may become inequitable or unworkable over time. A standard part of the planning process is the projection of future results. For instance, Certified Divorce Financial Analysts project retirement income into the future in order to calculate the annual contribution necessary for a desired post-retirement lifestyle. Divorce planners are cognizant of how a person’s financial situation can change over time and produce ten-year cash flow projections of settlement proposals in order to check long term workability.
It makes sense to have an expert in divorce planning as part of the divorce team. Including a Certified Divorce Financial Analyst in the divorce process, who happens to be a trained accountant, will set a higher standard of matrimonial practice and more efficient utilization of an attorney’s time. Attorneys can save much of the time they spend on financial detail; clients obtain a more in depth understanding of their financial options. The benefits gained by utilizing a Certified Divorce Financial Analyst more than outweigh the expenses and permit attorneys to work more efficiently.