How To Lower Legal Fees During A Divorce

Ways To Lower Legal Fees During A Divorce

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Divorce can be ugly, but even the most amicable ones are expensive when you consider the loss of your family’s financial status-quo, potential child support payments, the unavoidable court costs, and the extensive legal fees often involved. When looked at together, too often these lead to financial ruin and negatively impact everyone involved, even the children. While you may not …

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How Credit History Can Predict Divorce

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A Kansas State University researcher (Sonya Britt, assistant professor of family studies and human services and program director of personal financial planning) discovered that couples who argue about money in the beginning stages of a relationship are the likely to get divorced. The study was originally published in Family Relations Journal in 2012 and looked at long-term data from over …

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Avoiding Insurance Revenge

Avoiding Insurance Revenge

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The stress of divorce can often lead people to do irrational and unpredictable things, especially when emotions are running high. Spouses may try to punish their former spouses by restricting time spent with children or by fighting for control of certain assets. Sometimes, though, spouses, will go to extreme lengths to get revenge, including violating terms of shared insurance. While …

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Divorce and Bankruptcy

Divorce and Bankruptcy

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Bankruptcy and divorce are often linked. Financial problems are cited frequently as reasons for marital issues that eventually lead to divorce. However, recent studies have revealed that it is only the primary factor in a low number of divorces. In some cases, divorce itself can lead to a bankruptcy filing as marital money issues turn into insurmountable debt for one …

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Divorce And Poverty

How Poverty Exacerbates Divorce and Vice Versa

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As more American families are climbing out of the Great Recession and trying to get back on track with regard to their financial situations, divorce rates in the United States resumed their gradual decline since their peaks in the 1980s. The widely mentioned 50 percent divorce rate has already been debunked by sociologists and demographers, but there is a chance …

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Divorce And Car Insurance

Divorce And Car Insurance

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There are many details to attend to in a divorce from child custody arrangements to dividing the marital assets. With the upheaval and chaos that a divorce can cause, it may be easy to overlook seemingly small details such as motor-vehicle insurance. A couple who is getting divorced should separate their car insurance policies. A couple should not separate their …

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divorce-and-life-insurance-beneficiaries

Divorce And Life Insurance Beneficiaries

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Divorce can be an intense and complex process from both an emotional and financial standpoint. Individuals who are going through a divorce often have to deal with dividing assets, establishing themselves financially, and managing the social impacts that the action might have on children. In all of this complexity, it may be easy to forget about life insurance. Married couples …

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Taxes And Divorce

Tax Implications In A Divorce

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When considering divorce, most couples focus on the emotional and financial impact of the divorce. Custody and support issues and the division of marital property tend to dominate most people’s concerns. Unfortunately, many couples fail to consider the short- and long-term tax implications of a divorce until after the proceedings are finalized. The failure to account for the tax implications …

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QRDO (Qualified Domestic Relations Order) and Divorce

QDRO (Qualified Domestic Relations Order) and Divorce

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A Qualified Domestic Relations Order is designed specifically to deal with the distribution of pension funds in divorce. It is often used to establish a former spouse’s or dependent’s legal right to receive a specific percentage of benefit payments or the account balance of a qualified plan. In addition to pension and retirement funds, QDROs can be used in connection …

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Avoiding the Top Ten Mistakes Couples Make During Divorce

Avoiding the Top Ten Mistakes Couples Make During Divorce

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Divorce can be emotionally and financially devastating. The emotions and stress that accompany a divorce frequently cause individuals to make rash and ill-advised financial decisions that have a far-reaching impact on their financial future. Fortunately, it is relatively easy to avoid many of the common financial mistakes that couples make when they are going through a divorce. 1. Failure to …

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