Divorce Archives - Optio Money

3 Benefits of Finding a Reliable Family Lawyer

Contributing Author — Fri, 21 Jun 2019 21:57:53 +0000

If you have never hired a family lawyer in the past, you may feel intimated by the prospect. The law that governs many facets of our lives is complex and confusing. Lawyers have a thorough education in the law generally, and family lawyers specialize in areas that may be relevant to you and your loved ones today. While there may be numerous family lawyers serving your area, finding a reliable, skilled lawyer with considerable experience can be truly beneficial in these ways.

Navigating Through a Divorce

If you are on the fence about filing for divorce or are preparing your life for the divorce process, it makes sense to reach out to a reliable family law professional for a consultation. You may have recently been surprised by the presentation of unexpected divorce papers. Regardless of your situation, a divorce has far-reaching effects on your life and on your children’s lives. Even if the divorce is amicable, it makes sense to seek professional representation and to ensure that your rights are protected.

Caring for Dependents

Family law firm services are most often associated with divorce, but they also extend to the care of dependents. You may be trying to fight for custody of a child in or after divorce. Perhaps you need to seek custody of an elderly parent. Dependent services may even extend to the legal adoption of children. When seeking legal custody or when you need to fight for continued custody, hiring an experienced lawyer may be an essential step.

Preparing for the Future

Family lawyers often provide services that can help you to prepare for potential and inevitable situations alike. For example, you may hire a family lawyer to prepare a pre-nuptial or post-nuptial agreement. You may also need legal services to prepare a will and to ensure that custody of your children is bestowed to the individual who you select. Your family lawyer may also work in your best interest to protect your rights based on these and other legal documents that you prepared in the past.

Because the law is complicated and touches so many aspects of your life, it makes sense to locate a trusted, reliable family lawyer who you can turn to now and in the future. Even if you are not dealing with a major legal issue today, you can reach out to your lawyer periodically as needed for questions about your rights and options. Now is the ideal time to interview family lawyers and to connect with a professional who you can count on to be there down the road.

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Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan

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What Impact Does Divorce Have on Your Finances?

Tim McMahon — Wed, 31 Jan 2018 20:04:54 +0000

In a dual income household, divorce essentially reduces your income in half. This can have a devastating impact on your financial future. According to Marripedia, “Economically, women suffer more from divorce than men. Though child support helps a woman avoid poverty after divorce, it does not help as much as most think. Over 35 percent of custodial mothers receiving child support were impoverished 16-18 months following the divorce.”

Here are some of the other ways that divorce can impact you financially.

Division of Assets

Nine states require an equal division of assets. This means that property that is owned is valued, and needs to be divided up between both parties. The majority of states require an equitable division of assets. The court will decide on how property is divided. This is based on financial means and other factors that may not be tangible. This includes any pain and suffering that may result from the end of the marriage. In order to protect yourself, you need to speak to a family law lawyer. They can help you to get a fair division of assets.

Alimony or Child Support Payments

Depending on your spouse’s financial position, you may be required to make alimony payments. This will reduce the amount of income that you have to work with each month. It can cause you to have to reevaluate your financial situation. If there are children involved in the relationship, you may be required to pay child support. This amount is generally determined by the court based on you and your spouse’s financial obligations. Another factor is the type of custody that is determined.

Retirement Accounts

Money that was invested during your marriage may also be required to be counted towards the division of assets. This can impair your ability to retire comfortably. In community property states, your spouse would get half of your retirement savings. You would either have to take out that amount from the account, or give them money through some other means. According to a Today.com article, “people who got and stayed married each had about double the wealth of single people who never married. Together, the couple’s wealth was four times that of a single person’s… married people see stronger financial advantages than just a doubling of wealth. According to the Census Bureau, in 2010 the median net worth for a married couple between the ages of 55 and 64 was $261,405. That compares to $71,428 for a man heading a household, and $39,043 for a woman heading a household. Of course, those major wealth effects are for marriages that worked out. Zagorsky’s research found that those who got divorced tended to see their wealth fall dramatically, leaving them worse off than those who were single and had never married.”

Repayments of Debt

Debt that was incurred during the marriage is the responsibility of both parties. In the division of assets phase, this will be taken into consideration. You may find yourself having to sell your home or car in order to settle these debts. Having a trustworthy family lawyer can help you through this process. There are lots of financial pitfalls that can occur with the dissolution of a marriage. You need to have someone that is on your side.

The biggest impact of divorce is on your family. There are financial impacts that also need to be considered. Know your rights, and don’t give them up willingly.

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4 Life-Changing Events that Could Tank Your Finances

Contributing Author — Tue, 28 Nov 2017 17:58:05 +0000

In an instant, life as you know it could never be the same. That’s how quickly a life-changing event could tank your finances. Without advance preparation, you could very well see your savings depleted instantly, your credit cards maxed out, and find yourself without money to live off.

Four events are particularly devastating in nature—physically, emotionally, and financially. By being aware that these things could happen to you at any given time is a reminder of how delicate the lifecycle is. You give and take constantly without prior notice of what comes next.

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Death of a Loved One

The death of a loved one is a complex matter that can significantly affect your finances in a negative way. If your spouse was the one who earned a majority of the income in your household, you could be at a loss as to what to do next. Similarly, if you left your employer to care for a sick or dying parent, you could find yourself in the poorhouse very quickly. Even if your spouse was a “stay at home mom” with small children and didn’t earn a cent outside the home you may have additional expenses for childcare while you are working.

Major Accidents Involving Motorized Vehicles

Handling catastrophic injury claims following an automobile accident is something personal injury lawyers know all too well. They see the devastating effects accidents have on households financially. With the injured person not being able to work, they may fail to pay bills, and their responsibilities become burdensome.

For a minor injury, you may not have to contact a lawyer, but more complex cases due to medical bills, lost wages, property damage, and lasting psychological impact, could likely benefit from an attorney’s professional consultation. Many people think they won’t have enough money for a lawyer, but most personal injury attorneys work on a contingency basis, which means you only pay them if they win or settle your case.

Divorce

If one spouse earns more than another or doesn’t work at all throughout a marriage, it can be financially crippling for the person under-earning. Being dependent on your husband or wife’s income and then suddenly not having it can lead to big financial woes. Many a battle in court have happened because of dependency issues and money.

Natural Disaster or Manmade Disaster

If a fire, flood, tornado or hurricane damages a person’s home or property, it can be hard to recover from the loss. That’s why it’s important for families to review their insurance policies regularly to make sure they’re getting the best coverage for the money they’re paying out. They don’t want to find out too late that something isn’t covered in their homeowner’s or renter’s insurance policies.

Though you can predict when one of these events will befall you, you can be prepared with plans and information for resolving your issues. Don’t let these tragedies catch you completely off guard.

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How Do Newly Divorced Individuals Determine Alimony and Child Support

Contributing Author — Thu, 04 May 2017 01:51:06 +0000

Unfortunately, divorce has become a reality that touches almost every family in one way or another. And when they happen, divorces can have a profound impact on a person’s finances.

In her article, Ten Reasons Not to Get a Divorce, author Sharilee Swaity says, “The longer a couple stays married, the more time they have had to build up assets. You often see couples who have been together for a long time with a great deal of financial stability. Staying together often allows couples to accumulate assets and a good reputation, as both of them work together for the good of their household. Divorce disrupts this building process and forces both members of the couple to start from scratch.

Divorce is expensive in so many ways. There are the actual legal costs of obtaining a divorce judgment. If there are children involved, custody must be decided. If there are assets, they must be divided. All of these things usually involve billable legal fees.”

In some cases, the spouse who is doing better financially may have to make alimony payments to the other spouse, and there are a variety of ways to determine the amount of those payments.

Prenuptial Agreements May Determine Alimony

If a couple has a prenuptial agreement, it will determine how much either side has to pay to the other and for how long. It may stipulate that payments are based on how long the couple is together or based on other relevant benchmarks.

Those who wish to enter into a prenuptial agreement should have it reviewed by an attorney to ensure its validity.

Both Sides May Voluntarily Agree to Waive Alimony

In some cases, both parties to a marriage agree to simply part ways with no obligation to pay the other any money. This may be done because neither person has an economic advantage over the other when the marriage ends. It may also be done because neither side wants to look like they were in the marriage for money. Conversely, both parties may have significant assets to draw from while on their own.

When Children are Involved the State May Mandate the Split

The lawyers at Kelm & Reuter, P.A., say that “In Minnesota, child support is determined using a formula in the state guidelines. Factors such as gross income and expenses such as day care and health care costs are entered into the formula. The guideline also accounts for how much time a child spends with a parent. The more time a parent spends with a child, the greater the adjustment to the child support levels.”

Both Sides May Agree to Split Debts and Responsibilities

When a couple divorces amicably, both parties to the marriage may agree to simply split joint debts or split the cost of raising their children. Therefore, there may be no need to come to a formal agreement assuming both parties act in good faith once the divorce is finalized.

A Judge May Create an Alimony Order

When neither side can come up with an alimony agreement on their own, a judge may have to create an order based on state law. The judge will look at the potential for both sides to find work, how childcare expenses will be split and other relevant factors prior to making a ruling. Once an order is entered, it cannot be changed or modified with the blessing of the court.

While no one wants to go through a divorce, there are situations when it could be in the best interests of all involved. Anyone who is interested in pursuing alimony as part of a divorce settlement may wish to talk with their attorney. Legal counsel may be able to help create an effective argument based on state law and the facts in the case.

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