Going through a difficult divorce during the COVID-19 pandemic can be bad enough, but your difficulties will multiply if you lose your job or face expensive medical care. You may need to file for bankruptcy as well as get a divorce. Even if you don’t catch the virus or lose your job, divorce adversely affects most family finances and is the leading cause of bankruptcy in America. If you and your spouse are considering a divorce and filing for bankruptcy at the … [Read more...]
What is the impact of the Recovery Plan on People in the Process of Getting a Divorce?
When you look at the CARES Act, there are two main areas for individuals to focus on: economic impact payments and retirement accounts. The economic impact payments are the checks that everybody is talking about. The check is really a prepayment of a 2020 tax credit. With these credits, every adult is starting out with $1200. I get $1200 and my wife gets $1200. If you are looking at an individual, you get the $1,200 if your income is below $75,000. Once you go above $75,000, you start … [Read more...]
COVID-19 SELF-ISOLATION AND COLLABORATIVE DIVORCE
Something unusual is happening in China following self-isolation of couples due to COVID-19, the divorce rates are climbing according to registry officials. They believe it’s because couples are spending too much time together in quarantine. Self-isolated couples are getting into arguments over petty things and rushing off to file for divorce because they are anxious and angry. Scientists aren’t certain that working together in close quarters is emotionally healthy for couples … [Read more...]
How Much Does Divorce Cost?
It’s a great question. And a question for which everyone wants to know the answer, but no one seems to be able to. The truth is that it can be answered, just not with a hard, up front number. The answer depends in part on which process you choose and how much you and your spouse are willing to work together. Let’s do a little compare and contrast. First: The Traditional Litigation Route This is the route people know from tv shows. You file a petition and your lawyer prepares what is called … [Read more...]
Divorce and the Family Home
Divorce is a time of emotional and financial stress for the entire family. The first and most important decisions revolve around the children and custody if applicable. The next most important discussion is how to divide equity in the family home and whether it will be sold or retained. First, if neither party wants nor is able to keep the family home, it should be listed for sale. A realtor can represent both parties and should be someone experienced in divorce and real estate. The most … [Read more...]
DIVIDING THE BURIAL PLOT AND OTHER FORGOTTEN ASSETS IN DIVORCE
Getting a divorce is emotionally stressful, especially for older individuals who are nearing retirement (called gray divorces). Because of the emotional overload associated with a divorce, it’s easy to forget about assets you own that need to be divided. Everyone remembers big assets such as the house, retirement accounts, brokerage accounts, and vehicles. However, forgotten items may be valuable or emotionally … [Read more...]
The Divorce Is Over – What Do I Need To Do Now?
No matter what type of divorce process you go through, Divorce is never easy! While a Collaborative Divorce will aid in maintaining family ties and co-parenting skills, the fact that you got Divorced means you’re just went through a major life change. Any Estate Planner worth their salt will tell you that any major life event, such as Divorce, will trigger substantial changes to your Estate Plan. Let’s look at the 6 Things you MUST do once your Divorce is Final: 1. Update your power of … [Read more...]
Top 3 Overlooked Financial Issues During Divorce
Divorce is commonly seen as one of the most stressful experiences one will ever go through. Along with all of that stress, you are also making financial decisions that will most likely affect the rest of your life and perhaps the lives of your children as well. For that reason, it’s always a good idea to get the advice of a Certified Divorce Financial Analyst™ or some other financial professional during your divorce process. Having another set of eyes on your situation is … [Read more...]
Avoiding “Death by Divorce”: How a Collaborative Divorce Preserves Relationships
Raise your hand if you know someone who has been divorced. Maybe it’s your friends. Maybe it’s your parents. Maybe it’s you. Keep your hand raised if you know someone who has been through a Collaborative Divorce….. That’s not nearly as many hands in the air as there should be. Why? Because anyone considering divorce needs to know that a Collaborative Divorce can protect all of the people and relationships we care about. Divorce does not have to burn your world to the ground. Play out this … [Read more...]
Understanding Your Divorce Options
Many people find themselves in the middle of a divorce without understanding all of their options. Divorce is a transactional event, but the emotional part of the divorce often makes it much more difficult. Below are descriptions of various ways to handle your divorce: Kitchen Table/Flat Fee When the two partners are able to keep the divorce process completely transactional, and both partners are able to come to their own resolution, this option is one to consider … [Read more...]
