Knowing Obligations, Protecting Oneself
Knowing Obligations, Protecting Oneself
Knowing Obligations, Protecting Oneself
The true that divorce has a drastic effect on the family, thus it costs too much, financially. Learn your proper rights and obligations, and ways to protect yourself; It can make you save a lot, and perhaps suffer less emotional pain.
ObligationsIf you have children, their well-being should be your primary concern. Unfortunately, this is not always the case. Spouses paying child support sometimes think of this as exaggerated, stating that the custodial ex-spouse is taking advantage of the child support money.If child support is part of your divorce agreement, you are legally and morally obligated to pay it. Likewise, withholding of visitation rights shouldn't be used as a weapon to try to force a non-paying parent to cough up the child support payments. Don't use money as a weapon against your ex-spouse, or your children will end up as casualties.
Division of PropertyDivorce can have more of a financial impact on your future than any expenses you have made (like buying a house or car). Do not let you give up on this issue, especially if you still handle child custody. They will also get affected. Do not also rely on your attorney when it comes to protecting you financially. It is best to spend the money for consulting a financial planner to assess the real value of your assets, taking tax consequences into consideration, and to seek financial planning advice prior to a divorce settlement.If you and your spouse cannot put together an agreement about the terms of your divorce, then you will consult an attorney as on option. But you may want to consider mediation or arbitration. They offer less rates, so it would be preferable than using an attorney and court appeals to settle your differences.
These are your marital assets that are determined to be divided in the divorce process: Home Automobile Boats Pension Plans Cash value life insurance policies Stocks, bonds, mutual funds Stock options Tax refunds Loans to others Artwork or antiques Personal Collectibles and Gadgets
Before going to an arbitrator, mediator, or attorney, you should put into list your marital assets and get appraisals where necessary.
Protect YourselfMen tend to know more about financial matters, so it's important for women to educate themselves about finances. In any marriage, both parties should understand and stay informed of their debts, investments, and family income.
Once it's clear that a divorce is in the making, do not anymore make or if there's any, cancel joint bank accounts. Focus on opening individual accounts. Cancel all credit cards in her name if she uses your account. Get new ones personally. Notify your creditors that you have changed in marital status.
When your divorce and legal division of assets are finalized, you can now change names on house deeds, stocks and bonds, and car titles. Change beneficiaries on investments, retirement plans, life insurance policies, and savings accounts. Update your will. Check your credit report to make sure your spouse hasn't incurred debts in your name since your divorce or separation.
Divorce can be devastating financially to one or both parties, but educating yourself and taking a few precautions can reduce the impact on you and your children.
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