Protecting Your Finances in Divorce

Some errors commonly made by divorcing couples can leave them financially hamstrung. Learn more about how to avoid these mistakes.

2011-08-27

August 27, 2011 (Press-News.org) Going through a divorce can be a stressful, challenging experience for both spouses. But, there is no reason that even a particularly difficult divorce has to leave your financial life in ruins. By keeping in mind a few key considerations, you can give yourself better chances of keeping your finances intact and thus being able to return more quickly to a normal, productive lifestyle.

Untangle Finances

When some spouses divorce, they attempt to maintain joint credit cards and loans, or continue to comingle their assets. Sometimes this may be done to manage their children's expenses or a home mortgage from a homestead that has yet to be sold. Regardless of the reason, this is almost always a bad idea.

If you share credit with your former spouse, you will be liable for all the debts he or she incurs under your joint accounts. Additionally, if your former spouse defaults on payments, it can have disastrous consequences for your credit score. Filing for bankruptcy, committing fraud, or becoming disabled can also impact the finances of a credit-sharing ex-partner.

Even when divorces are wrapped up amicably, things can quickly change. Make sure you take steps to establish your own accounts and sever all financial connections that could affect your future liability.

Plan for Change

When agreeing upon a property settlement, proper foresight is essential. If both you and your former spouse cannot live with the terms of your divorce settlement, it is likely you will wind up in court down the line when financial circumstances change.

Include terms for foreseeable contingencies. What if one of you starts making far more (or less) money? How long will alimony or child support payments last? What if unanticipated expenses arise involving the kids? Who gets treasured family items? Addressing these issues during your divorce negotiations will help keep you out of court later.

You should also be prepared for how consequences of the property division will affect your life. For instance, you may not want to deal with the expense (and headache) of trying to maintain the family home on your own.

Finally, when splitting up marital property, take into account tax considerations: two assets that appear to have the same face value could actually be worth vastly different sums due to disparate tax treatment.

Retain a Strong Advocate

When you are getting divorced, it is important to hire an experienced divorce lawyer. Your attorney will advocate for you to secure the most favorable arrangements possible and help ensure your financial wellbeing.

Article provided by Neal Ashmore & Killebrew
Visit us at www.northtexasdivorcelawyers.com

ELSE PRESS RELEASES FROM THIS DATE:

Herbal abortion helps African women

2011-08-27

Researchers at the Faculty of Pharmaceutical Sciences, University of Copenhagen, have examined a number of plants which are used for illegal abortions in Tanzania. The lab tests show that several of the plants can make the uterus tissue contract and that the plants therefore can be used to stop lethal bleedings after birth. This new knowledge is now to be conveyed in rural Tanzania where access to medicine often is difficult. Every year around 350,000 women die globally due to post partum bleedings - blood loss during child birth. On the African continent, one in 16 ...

Degrading proteins to divide cells

2011-08-27

From bacteria to humans, all forms of life are based on the capacity of one cell to divide into two or more identical daughter cells. In doing so, cells have to produce a copy of their genetic material (DNA) and separate it into two identical sets, one for each daughter cell. Immediately after duplication and before its segregation, DNA is packed in chromosomes that consist of two identical strands joined at a point along their length, called centromeres. Centromeres ensure accurate separation of the chromosomes between daughter cells by directing the assembly of the molecular ...

Benefits of Prenuptial Agreements in Virginia

2011-08-27

Even though it is not very romantic to consider death or divorce on the eve of beginning a new life together, there are various situations where couples about to wed should consider prenuptial agreements. A prenuptial agreement is a contract that couples sign prior to marriage which details the rights and obligations of each party in the event of death or divorce. A well-drafted prenuptial agreement can make things easier during difficult times that may arise in the future. Requirements of a Valid Prenuptial Agreement A prenuptial agreement is a legally binding contract, ...

40-year-old Mariner 5 solar wind problem finds answer -- turbulence doesn't go with the flow

2011-08-27

Research led by astrophysicists at the University of Warwick has resolved a 40 year old problem with observations of turbulence in the solar wind first made by the probe Mariner Five. The research resolves an issue with what is by far the largest and most interesting natural turbulence lab accessible to researchers today. Our current understanding tells us that turbulence in the solar wind should not be affected by the speed and direction of travel of that solar wind. However when the first space probes attempted to measure that turbulence they found their observations ...

Relocation for Ex-Spouses With Children In California

2011-08-27

It is increasingly common for parents to relocate in today's mobile society. Some do so because of military deployment orders. Others move to pursue professional opportunities. Some people relocate to care for ailing family members. Under California law, a parent who has been awarded primary custody of a child may change his or her residence, even if the parent has previously agreed not to do so. However, a move is subject to approval by the court. Essentially, a court will not allow a move if it is not in the best interests of the child. This is especially important ...

Facebook Profiles Could Jeopardize Disability Benefits

2011-08-27

Through social networking websites like Facebook and MySpace, more and more of our personal lives are ending up flashed across the Internet. While many thoroughly enjoy social networking and its many benefits, being careless with your profile can have grave financial consequences: disability insurers and even the Social Security Administration are increasingly turning to sites like Facebook to dig up evidence that can be used to deny a disability claim. Photos, Posts Can Be Problematic The issue at question in most Social Security Disability cases is whether or not ...

Lack of free play among children is causing harm, say experts in American Journal of Play

2011-08-27

CHESTNUT HILL, MA (8-26-11) -- Hovering helicopter parents who restrict their kids' unstructured play may actually harm, rather than help, children according to the latest issue of the American Journal of Play, a scholarly journal which has gathered a distinguished group of experts to probe the near-extinction of free play and its effects on children and society. "Remarkably, over the last 50 years, opportunities for children to play freely have declined continuously and dramatically in the United States and other developed nations; and that decline continues, with serious ...

Sensor chip for monitoring tumors

2011-08-27

A surgery is usually one of the first therapy options in cancer treatment. However, some tumors, such as brain tumors, can be difficult to operate on if there is a risk of damaging surrounding nerve tissue. Other cancerous tumors, such as prostate carcinoma, grow at a very slow rate and primarily affect older patients. Operating in these cases often lowers patients' quality of life without significantly extending their life expectancy. A team of medical engineers headed by Prof. Bernhard Wolf at the TUM Heinz Nixdorf Chair of Medical Electronics have now developed a ...

The Debt Ceiling Deal: How Will it Impact You?

2011-08-27

Each year, the U.S. Congress sets a budget to determine how the country will spend its money. However, the U.S. does not raise enough revenue to cover every dollar that is being spent. Therefore, the budget includes revenues that need to be borrowed from other sources. This part of the process does not necessarily include discussion about where the borrowed money will come from, or if Congress will okay borrowing these additional funds. Back in April, U.S. Treasury Secretary Timothy Geithner stated that the U.S. would be in default on August 2nd of this year if the debt ...

New study finds no nutritional difference between free-range and cage-produced eggs

2011-08-27

CHAMPAIGN, IL (August 26, 2011) – Eggs produced by free-range hens are often perceived by the public to be nutritionally superior to eggs obtained from layers kept in traditional battery cages. However, a recent scientific study has called this popular perception into question by finding essentially no differences in the nutritional quality of eggs produced by hens from both management systems, said the Poultry Science Association (PSA).The findings also showed that cholesterol levels in all eggs were lower than U.S. Department of Agriculture guidelines, prompting the USDA ...

Crystal L. Mackall, MD, FAACR, recognized with the 2025 AACR-Cancer Research Institute Lloyd J. Old Award in Cancer Immunology

A novel strategy for detecting trace-level nanoplastics in aquatic environments: Multi-feature machine learning-enhanced SERS quantification leveraging the coffee ring effect

Protecting Your Finances in Divorce

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: