Handling finances when married is hard enough. Adding separation into the mix can make financial management even more difficult. Before you and your spouse begin splitting finances during separation, keep the following advice in mind.
Divorce Financial Planning and Investment
Don’t leave money on the table during divorce! By understanding property division on divorce, and knowing what property can and cannot be included in the marital estate, you will have a better chance of getting your fair share.
After filing for divorce, expect several financial issues to come up during the divorce process and even afterward. These steps will help lead you towards a more secure financial future.
You’re not responsible for your partner’s debts just because you live together. However, you are responsible for debts that you have agreed to pay. If you and your partner have a debt in both of your names, like a joint credit card, then the issuing company can hold both of you responsible for paying for […]
A joint bank account is something that can be accessed by another party. If either partner made a decision to take all the money from the bank account, technically they could. A partnership agreement can lay out terms for how to divide the account. Should it be a 50/50 split? Should it be according to […]
The first step is to get a lawyer to ensure that you are being treated fairly in a prenuptial agreement. If a party does not have significant assets and they are marrying the person that does have significant assets, it’s valuable for that party to have a prenuptial agreement so that he or she knows […]
The first thing we need to look at is what is a stock option? A stock option is the right to buy stock in a company who employs the spouse at a discounted or fixed price within a certain period of time. Stock options can be valuable and they’re subject to equitable distribution as a […]
This is an important aspect of every person’s retirement planning, especially someone who is divorced and did not work. The person who is divorced, so long as they were married ten years to the person that paid into social security, and that person qualifies for social security, then the spouse will receive a portion of […]
It works much the same way as the real estate side, although it’s a different group of people that we use to appraise those types of assets. It has to be somebody who has the experience of not only doing the work and being able to prepare a comprehensive report, but to testify, justify their […]
It depends on the plan. When I have a defined benefit plan, I write to the plan. Sometimes I can find the plan documents online which is common nowadays. If I can’t find it online, I will write to the plan because it’s good to have the plan document which is going to tell you […]