Financial Steps to Take When Considering Divorce

Divorce can be complicated and difficult for all involved. Among other things, when considering divorce, spouses may have many concerns about family and financial stability.

2012-07-13

July 13, 2012 (Press-News.org) Divorce can be complicated and difficult for all involved. Among other things, when considering divorce, spouses may have many concerns about family and financial stability. Early action can help address these concerns. Consider taking the following steps to allay fears about your financial future as a newly single individual.

Ascertain Assets and Debts

When couples divorce, they divide not only their assets, but also their debts. Spouses considering divorce must ascertain their debts, such as mortgages, car loans and credit card debt. It is also important to identify joint assets and personal assets. Assets should be divided fairly in a divorce, and understanding what's at stake can help ensure an equitable division. Finally, one should determine what it takes to run the household by keeping track of personal and family expenses.

Locate and Preserve Papers and Passwords

In addition, spouses considering a divorce should make copies of all important papers such as birth certificates, passports and insurance policies. After making copies, place them in a secure place. When couples share passwords for email, social media or bank accounts, change the passwords and create individual accounts. Privacy is very important during and after the divorce.

Understand Your Earning Capacity and Your Spouse's

Understanding earning capacity can also help people set themselves up for financial success after divorce. In many cases, divorce is more difficult when one spouse does not currently work outside of the home and may have to find a job. Therefore, the individuals' earning capacity and current employability are factors in determining any child support or spousal support. Spouses can look at old pay stubs, tax returns, bank statements or other documents to analyze this information.

Establish Credit

If spouses have only joint bank accounts or credit cards, it is important to establish credit in one's own name. Try not to make any major purchases until the divorce is finalized, as divorce can greatly change spouses' lifestyles, and a judge may see large expenditures just before divorce as made in bad faith.

Consult an Attorney

The necessary legal steps in a divorce can be complicated, and an attorney can help those considering divorce identify their legal options, advocate for their interests and protect their financial wellbeing.

Article provided by Conner & Lindamood, P.C.
Visit us at http://www.lawcl.com

ELSE PRESS RELEASES FROM THIS DATE:

Wynn Resorts Embattled in Lawsuit With Former Shareholder

2012-07-13

Wynn Resorts, Ltd. and its once-largest stockholder are involved in an ongoing lawsuit over shares which Wynn forcibly redeemed earlier this year. Stephen Wynn and Japanese gambling magnate Kazura Okada, once close friends and colleagues, are each attempting to gain control of Okada's former 20 percent share. The dispute arose when Okada became involved in a casino deal in the Philippines. Wynn felt this would compete with his Macau casinos and refused to participate in the development. Wynn owns the Bellagio and Mirage Casino and Resort Hotels, while Okada made his ...

Connecticut Supreme Court Clarifies Law on "Adverse" Members of an LLC

2012-07-13

Connecticut Supreme Court Clarifies Law on "Adverse" Members of an LLC Operating agreements for limited liability companies can be complicated legal documents that involve multiple ownership groups and correspondingly complicated interactions between them. This can complicate matters in many ways, especially when deciding whether to file a lawsuit on behalf of the LLC. For example, an LLC can have multiple owners, and an owner may have an interest in multiple LLCs. Another example is if one owner has a relative involved with another corporation doing business ...

Texting While Driving: A Dangerous Combination

2012-07-13

Almost everyone has done it, been in a car with someone doing it, or seen other drivers doing it. Texting behind the wheel is nothing new, but recent studies are showing exactly how dangerous it can be. Injuries, vehicle damage and even death can result from car accidents caused by texting or using an electronic device while driving. Men, Teenagers More Likely to Text and Drive Recent data points to two groups that may be more likely to use cellphones while driving. A recent Connecticut study analyzed ticket data and found that men receive more tickets than women ...

SUV Crash Involving Speeding and Alcohol Results in Two Deaths on I-44

2012-07-13

Just before 3:00 a.m. late last year, two passengers in an SUV lost their lives after the driver lost control and the SUV rolled over on the highway. The driver managed to crawl out of the vehicle before a tractor-trailer truck smashed into it, but was himself struck by a car as he was leaving the area. The driver and another passenger survived with critical injuries, but the two teens struck by the tractor-trailer lost their lives. Authorities determined that the SUV was traveling at 82 mph at the time of the crash, at minimum, and that the drivers of the car and truck ...

Missouri Legislator Proposes Making All Forms of Distracted Driving Illegal

2012-07-13

The dangers of distracted driving have prompted the majority of states to enact legislation that bans texting while driving -- one of the most dangerous forms of distracted driving, as it takes a driver's hands off the wheel, eyes off the road and mind off of driving. According to the National Highway Traffic Safety Administration, a driver who texts while behind the wheel is 23 times more likely to get into a car crash than an attentive driver. In Missouri, however, one legislator wants to reduce all forms of distracted driving by increasing the number of acts that would ...

American Residential Services Launches Senior Care Program

2012-07-13

When a customer contacts ARS for maintenance, repair or replacement services, the customer is greeted with a live representative who asks a series of questions to qualify the customer for any eligible discounts. Effective immediately, if a senior discount is applicable, the representative will notify the ARS technician of such prior to the on-site appointment. Once an ARS technician is at the customer's residence, a service estimate with options is provided to the customer and the technician will then direct the customer to call into a recorded system that will guide the ...

Vintage Coventry Employee Named Champion by National Senior Living Organization

2012-07-13

Vintage Coventry of Vintage Senior Living, a family of vibrant retirement communities, today announced that employee Michael Gedam has been named an ALFA Champion by the Assisted Living Federation of America, a national organization serving the senior living field. Gedam was recognized for outstanding service to residents and an unwavering commitment to supporting quality of life for seniors and their families. "Recognition as an ALFA Champion is a special honor and we are grateful that Michael has been part of the Vintage Coventry family for more than seven years," ...

Baltimore Summer Antiques Show's 32nd Anniversary Year to Feature All-Star Lecture Series Line-Up

2012-07-13

Art, jewelry and antique aficionados will not only get to see some of the world's most extraordinary collections from more than 575 international dealers, but they'll also have the opportunity to attend lectures presented by a stellar lineup of knowledgeable and respected speakers as part of the 2012 lecture series at the 32nd Annual Baltimore Summer Antiques Show, August 23-26, at the Baltimore Convention Center. Free and open to the public, the lectures will be headlined by industry experts such as Robert Mintz, Chief Curator and the Mr. and Mrs. Thomas Quincy Scott ...

K5 Learning Wins 2012 Creative Child Magazine Top Award

2012-07-13

K5 Learning, an online reading and math program for kindergarten to grade 5, has been awarded the 2012 Creative Child Magazine Award for Media of the Year in the Online Educational Media/Website category. The Creative Child Magazine awards stand out from other industry awards in that all products submitted are reviewed by moms and educators at a two-day event attended by more than 100 guest reviewers. In order to be considered for review, these products have to stand out as nurturing a child's creativity. "We value awards that take the review process as seriously ...

SecurityCoverage Releases Mobile Suite for Android

2012-07-13

SecurityCoverage, Inc. today announced the release of SecureIT, Password Genie, and FileHopper applications for Android. The Mobile Suite provides antivirus protection, anti-theft features, digital identify and password management, and cloud-based file sharing that users need to protect and maximize their Android smart phones and tablet experiences. These apps will help protect people in an exploding mobile environment. In 2011, global mobile handset shipments reached 1.6 billion and tablet shipments surged 260 percent to 66.9 million1. Malware developers have taken ...