Posts Tagged ‘Divorce Settlement’

Jon Arnold asked:

The total number of reasons for a divorce between two people who said “I do” awhile back are too numerous to count. The courts and the state would prefer that they try to work things out, which is one of the reasons that marriage counseling services are made available at minimal cost or even for free in many places. A marriage is also a legal entity, so the courts would prefer that the couple stay married, although it is well known that often this is not possible or desirable.

In the case of a fault divorce, one or both of the partners have done something that is the grounds for requesting the divorce. In other words, it is the “fault” of the other. For whatever reason, things cannot be worked out between the two parties and they have determined that divorce is their best option. This is contrasted with a no-fault divorce, where both couples agree that the marriage is just not working for whatever reason, and both parties agree that a divorce is the right thing to do. In best case, this is also sometimes known as an uncontested divorce.

Since divorce law varies widely from state to state, not all states recognize or allow a fault divorce. Some states also require the couple to participate in multiple sessions of marriage counseling services before they will move forward with the divorce.

There are many things which can contribute to a fault divorce. One of the more common things is the cruelty of one of the partners to the other. This happens when one partners inflicts pain on the other. This is not limited to physical pain or abuse, which is an entirely separate matter since that gets into legal jurisdiction with the police. But it can be unnecessary emotional pain to the other. Constant yelling, name calling, and verbal abuse are all forms of this type of fault.

Another very common reason for a fault divorce is adultery, where one partner has an affair with another person. This situation can get sticky, because if the person being cheated on is aware of it for a time and does nothing about it, then the fault divorce case could contend that the partner actually condoned the affair, so if you are in this particular situation, be aware of the legal arguments that could be brought against your fault divorce claim.

Desertion or abandonment is another reason for fault divorce. This is where one partner just moves out and goes to live elsewhere, perhaps with another person and perhaps on their own. They just do not want to be with their original partner any more. This is certainly grounds for a fault divorce. This is similar to a situation where one partner is put into prison for a number of years.

The reason for proving fault in a divorce is that one partner may end up getting a greater share when assets are divided, but again this varies by state, and proof of the alleged fault will need to be obtained and presented.

Justin asked:

  For people going through a divorce, divorce attorneys may help to assist the former couple in discovering an amiable middle ground to their divorce settlement or agreement. With so much at stake, it’s usually not smart for either party to go through the process by themself without any help from an experienced attorney. Not only will an attorney help to point their client in the right direction, they often assist in making the process go as smoothly as possible.

When going through a divorce, most couples hope to avoid a war with their ex-spouse. These can already be challenging and emotionally draining times, so lowering the emotional stress will help make things go much more efficiently and effectively. Divorce attorneys are well-versed in divorce law and are experienced in the divorce process, making them capable of providing their clients with advice that will help them reach an agreement with their former spouse.

There are often several factors that must be discussed by a couple when going through a divorce. Child support, custody and other issues must be ironed out before the couple can successfully reach any sort of agreement. Either party would be wise to seek counsel with a divorce attorney to make sure that everything is in order and the divorce proceeds smoothly with as little surprise as possible.

Not many couples thoroughly understand child support laws, custody laws, visitation rights, alimony laws and the process of dividing the couple’s assets and possessions enough to stand alone in divorce proceedings. When seeking a divorce, each spouse should agree to meet on civil, agreeable circumstances and work towards a reasonable solution in a positive manner. Not only will this make the process go by quicker and with less animosity, but by avoiding the animosity and getting the divorce over with as quickly as you can, it helps the former spouses remain courteous towards one another. This is especially important when children are involved.

There are several types of divorce. A no-fault divorce, an uncontested divorce, a simplified divorce and a limited divorce are examples. Those going through a divorce should consult divorce attorneys for more information about these divorce types. The attorneys will help the couple decide which type will work best for them in reaching an agreement in the quickest and fairest way possible. Having an attorney by your side often makes a significant difference when going through any type of divorce

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Sasha LeMarcon asked:

When you are contemplating divorce, separation is usually a necessary step to take before proceeding with a settlement. Depending on where you live, divorce laws will determine what you must do before you can file for a divorce from your spouse. Separation allows you the chance to search for a good family law attorney, decide upon any property division, and learn about child custody laws in your state.

Most states expect a couple to be officially separated in order to be granted a divorce. The law in a lot of states specifies that you must be separated from your spouse for a certain amount of time before starting the divorce process. Staying in separate bedrooms in your marital residence is not what the courts intend when they say separation; typically it involves living in completely different residences.

Usually, the decision to separate is mutual and voluntary, but sometimes desertion is a factor. When a spouse leaves with no intent to return, it is called desertion. On the other hand, constructive desertion is when you are forced to leave the relationship, as in cases of domestic violence. You will not be held accountable for desertion in this case because the court will recognize your attempt to protect your children and yourself.

When couples have reached the point of a divorce, separation for an extended period of time has come and gone. All the resources available to couples in a troubled marriage should have been used, including seeking the advice of a marriage counselor or a religious advisor.

Before a divorce proceeding takes place, property division is a necessity. Usually when a couple goes through a separation period, the property has either been discussed or divided between the two spouses. In the cases where children are involved, separation requires soon-to-be divorced parents to discuss with their children where they should live and what the custody and visitation rights could be after the divorce settlement. When all the decisions that can be made during a separation are concluded, then it is time to consult your lawyer.

A period of separation can be used to resolve any financial matters before going ahead with a divorce. You need to do this because, if your ex-spouse defaults on any financial obligations in the future, you need to protect yourself against their creditors. When producing your finances to the attorney, make a list of all assets and liabilities that are currently held. All joint accounts should be transferred into your name only; this includes credit cards also.

You should consult your broker before reissuing your stock in your name. If the previous broker looked after both your and your spouse’s accounts, you may need to search for a new one. To exclude your spouse from a will or a trust that you might have, you will have to change it. The divorce settlement process will run more smoothly if you have all of your documents and changes in writing.

When a couple seeks a divorce, separation requires them to begin the process of dividing up their lives as husband and wife. It can be difficult to figure out who will take particular pieces of property or who will reside in the marital residence. What can be more harrowing is involving children in the process of custody and visitation. No matter how one looks at the matter, separation can be as daunting a task as the entire divorce process.

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Janice Burroughs asked:

All marital assets are not equal! Even if the goal is to try to “split down the middle”, asset valuation prior to making a final division is critical. If for example the family home and a pension/retirement plan are both worth $400,000 today, the home is a non-liquid asset requiring cash-flow to support it, while a retirement account grows tax deferred with no cash input required. Retirement assets can be reallocated with changing economic factors, and thus can more easily rebound from market fluctuations.

Before waiving rights to a retirement plan that is a marital asset, be certain you will be able meet your own retirement needs. When assets are tied up in the equity in the family home, the only way to access that equity is with an equity line (interest is charged to access your money/equity) or by selling your home. The tax liability should be understood beforehand, and you will still need housing!

Taxable accounts differ from a tax-sheltered account for the same reasons, as earnings will be taxable each year. The age of the couple at the time of the division (ie, the number of years to rebuild retirement assets) must be weighed. An experienced financial planner and a CPA can determine the true value of marital assets, and suggest the best possible long term strategy for you. Thinking beyond today’s value is extremely important in reaching a fair settlement.

Earnings Potential: One spouse often earns a lesser percentage of the household income, or has minimized a career in order to raise children. They may need help to pay for additional career training or education, as well as to meet the children’s needs during the time that additional training or education is being obtained. A house cleaning service or childcare may be needed for this to be realistic and successful. Short term assistance may result in greater long-term financial independence. Providing the financial means for the spouse who now needs to boost their earnings, or return to the workforce, for career counseling, or personal and career coaching, may help move the family along the path of healthy divorce recovery. Think of it as similar to career outplacement services in the corporate world. Facilitating a smooth and successful transition ultimately financially stabilizes and benefits both the children as well as both former spouses.

QDRO: A spouse who receives part of his or her spouse’s qualified retirement accounts will need a court order called a “Qualified Domestic Relations Order.”(QDRO). Your attorney needs to be aware of ALL retirement accounts and the QDRO rules are for each plan. To expedite the QDRO, your attorney should obtain pre-approval from each plan before the settlement is final. The court must sign the order before an account can be divided. Be sure the order is sent to the retirement plan sponsor and is approved early in the divorce process. If not completed before the divorce is final, you will have to return to court later, incurring more legal expenses and risking the loss of assets in the account. Include survivor benefits in the QDRO. If you will be receiving retirement benefits from your former spouse’s pension, be sure the QDRO includes survivor’s benefits, if the plan allows them. Otherwise, those benefits could stop if your spouse dies before you do.

Also, understand your Social Security benefits. If your spouse earns more money than you do and you were married ten years or more, you will be eligible for Social Security benefits based on your spouse’s work history. That may mean higher benefits than if you have to rely on your own work history, and does not impact the benefits of the ex-spouse at their retirement time.

Tax Implications: Access to expert tax advice plays a critical role in determining the structure of a property settlement. Say it’s proposed that one spouse keeps a $150,000 individual retirement account and the other keeps a $150,000 taxable investment account. Sounds fair, but it’s not. A traditional IRA grows tax-free, and is then taxed when their money is withdrawn, while the non-retirement account is taxed on annual earnings along the way. So the two accounts are not truly equal in value, and sound assumptions of the projected net values are needed. Also, be sure the parties taking tax benefits are clearly spelled out, as well as how taxes will be filed and paid, for any partial year of marriage.

Life Insurance: If you rely on an ex-spouse for child support, retirement benefits, spousal support, or other financial benefits such as a commitment to pay for the children’s college education, purchase a life insurance policy on your spouse to ensure the money will be there. You should own the policy, and purchase it before the settlement is final so you know whether your spouse is insurable.

Sometimes people fail to consider the financial impact of the death of a non-working or part-time employed parent who is caring for children. The cost to replace all the contributions of that individual in order that the surviving parent may continue with job security and income production needs to be calculated and also covered in a life insurance plan. Some estimates are as high as $160,000 a year to outsource the services that custodial parents provide. The option to continue existing coverage and transferring those responsibilities along with updated beneficiary forms should be explored. This includes any current coverage of minor children.

Protecting Your Credit: Both spouses are liable for debt incurred on jointly held loans and credit cards during a marriage. Even when the divorce decree states that one spouse should pay certain bills and the second spouse pay others, both spouses are legally responsible, and creditors will pursue both parties in debt collection. It is important to request duplicate statements from creditors, close jointly held accounts, and immediately begin establishing credit in your own name. Working collaboratively on establishing separate credit is advised as during the time you are doing so, both parties’ credit scores are impacted by all of the joint credit and debt from the marriage. This can delay approvals and impact credit limits approved, as well as the ability of the individuals to refinance mortgages and car loans. Order and review reports from the primary credit monitoring agencies. This is recommended prior to finalizing the asset allocation agreement because there may be errors that need to be identified and addressed by the divorcing couple jointly. Re-check credit reports before signing final documents to be sure there are no “hidden”, new, or forgotten debts that may surface after the divorce is final.

With the emotional strain and financial complexities of divorce, a comprehensive, integrated, and coordinated approach is the best way to assure a fair and equitable distribution of assets. Everyone benefits when both parties have the support, guidance and means to move forward with their lives, and children are the biggest winners when parents work together for their benefit.

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Justin asked:

If you are going through the process of ending your marriage, you are probably thinking that it is one of the hardest, if not the hardest thing that you have ever gone through. You are likely feeling stress and anxiety not only over separating the life that you and your spouse built together but in worrying about how you will fair in the outcome of the settlement.

One thing that your divorce settlement might include is spousal support. Although this type of support is not extremely common, it does occur, and it is a good idea to familiarize yourself with what it is before getting too far into the settlement process. Although a family lawyer would be the best person to speak with to become familiarized with what this type of support is, it is basically payments that one spouse would be required to make to the other spouse after the divorce is settled.

A common reason for one spouse being required to pay spousal support to the other spouse after the divorce is finalized is because the spouse receiving the payments is unable to completely support themselves through employment. The court will usually determine whether or not this type of support will be included in your settlement, which spouse would be paying the support and how much they would be required to pay.

One way to make sure that you are properly represented if spousal support might be a part of your divorce settlement is to hire an experienced family lawyer to represent you in court. There are many benefits to hiring an experience lawyer, one of the most important being that you will often be more likely to come out ahead at the end of the settlement. No matter if you will be the one receiving the support, or the one making the support payments, there will likely be a major benefit to you hiring a lawyer to help you through the process.

There are often several requirements to determine if spousal support will be part of your divorce settlement. It is a good idea to become familiarized with those requirements before getting too far into your settlement to make sure that you are completely prepared for what to expect. Again, one of the best ways to inform yourself on the requirements of this type of support is to consult with a legal professional because they will have experience with this issue and will have the answers to your questions.

Divorce is extremely tough, and if you are like most people, you probably do not know what to expect during the process of your settlement. Although you may be thinking about trying to go through the process of settling the divorce on your own, there are many reasons why it can help to hire an experienced legal professional to help you through the process. One of the most important reasons why hiring a legal professional to help you out in your settlement is that the more quickly and smoothly your divorce is settled, the sooner you can get back to rebuilding your life.

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Chanel Miller asked:

Breaking up is hard to do – especially if you’re a major celebrity that has to pay big bucks in a divorce settlement. If you think your Maryland divorce lawyer costs a pretty penny or you’re incensed at the thought of coughing up half of your assets, check out the most expensive celebrity divorces.

#5 – Kevin Costner and Cindy Silva

The couple met at California State University and got married in 1978. It was during their 16 year marriage that Costner became one of Hollywood’s most successful and highest-paid actors with a string of blockbusters iconic films. Silva was awarded a substantial portion of Costner’s net worth in the settlement – a whooping $80 million.

#4 – Harrison Ford and Melissa Mathison

The marriage of the pair lasted 21 years, from 1983 to 2004. During their marriage, Ford was making as much as $20 million a film. Mathison was rewarded an estimated $85 million divorce settlement in addition to a piece of Ford’s future earnings from films he made during the marriage.

#3 – Steven Spielberg and Amy Irving

The two former lovebirds met in 1977 when Irving auditioned for Spielberg’s film Close Encounters of the Third Kind. They married in 1985 and divorced after just four years of marriage. Spielberg had already achieved fame and substantial fortune with E.T. and the first Indiana Jones film and had to payout $100 after Irving successfully contested their prenup (supposedly scrawled on a napkin).

#2 – Neil Diamond and Marcia Murphey

The legendary crooner and television production assistant were married for 25 years (an eternity by Hollywood standards) before Murphey filed for divorce, citing irreconcilable differences. The two were married in 1969 before Diamond released his first gold record – ‘Touching You, Touching Me.’ The divorce took place in 1994 and Murphey was awarded a staggering $150 million settlement.

#1 – Michael Jordan and Juanita Jordan

The famous former basketball star and his wife were married for 17 years before they split in December of 2006. After a year of drawn-out negotiations, Jordan agreed to pay Juanita an unprecedented divorce settlement of $168 million – the most of any celebrity divorce. Juanita also received the Jordans’ 7-acre Chicago estate and custody of their three children.

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damey asked:

Divorce is one such traumatising phase of a couple’s life, which leaves indelible memories At times, these divorce cases get so nasty that they need legal intervention for the fulfilment of the demands of both the members. With the enormous increase in these post marriage incompatibility issues, the need of the Divorce Lawyers New York has also mushroomed, with the same wavelength.

The Divorce Lawyer New York falls in the domain of the family lawyers. Whether it’s maintaining a family or breaking one, it’s very essential to have proper understanding and intellect to aid in the process, so that it does not turn to be more painful. Thus, some of the qualities of the divorce lawyers should be understanding and ample patience to deal with the situations. Along with professionalism, its maturity which matters more in such cases.

Apart from the entire issue of divorce, the Divorce Lawyer New York has to deal with several other legal concerns like the custody of the child, the division of the assets, in terms of both business and family. The divorce lawyer has the power to turn the case in your very favour and making you get the advantage from the divorce settlement.

Currently in New York, there has been a bloom in the number of divorce lawyers who have years of experience in dealing with the various cases along with the different judges. Particularly, those which have more than 20-25 years of experience in this field turn to be very meticulous, flawless and full of expertise. Due to this reasons, they are very used to negotiating the various terms and conditions of the respective divorce cases, the arrangements of the child custody and the property division issues. In case, it becomes a need to demand for the litigation, these lawyers can also act as attorneys.

In case, you are searching for a Divorce Lawyer New York, it is important to judge the lawyers on the basis of the references which their clients have given regarding their work efficiency. If you don’t have prior knowledge regarding the divorce lawyer, you can also judge from the manner he questions you in the initial meeting. For example, the manner in which he enquires regarding the various complexities, which are involved in the case, the visiting rights and the custody of children. At the same time, it is also important to be honest with the lawyer, right from the very beginning. Prefer only that lawyer with whom you are at the same frequency and can communicate in a better and more profound manner.

Before selecting the lawyer, you should also research on the rates on which these divorce lawyers work and who provides reasonable and economic rates. At the same time, search for someone who values your case and can keep the case details confidential.

Thus, making the right choice of the divorce lawyer is one of the tough nuts to crack. But at the same time, the decision would solve several issues of your life and save it from further traumatisation.

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Steve Murray asked:

Most men are of the belief that when they ask for a divorce it is going to end up in a battle with their partner. The problem is that as soon as the arguments begin the man will often be betrayed as the bad one even though he may be the innocent party. In this article we offer some divorce strategies for men that could help them avoid these problems.

1. It is important that throughout the proceedings that the man remains calm. Remember this is going to be a very stressful time and it will prove very easy to lose your temper. However, remaining relaxed and calm can help to avoid such situations and prove useful during the negotiation stages of the divorce.

By showing to your wife and their lawyers that you can be reasonable at this time will often result in you receiving a much better divorce settlement once everything has been finalized.

2. When it comes to asking your wife for a divorce it is important that before you do you have a lawyer to act for you. By arranging this before you do ask for that divorce they will be able to advise you what is the best way to approach the subject. Plus they will also be able to help determine what sort of outcome you can expect at the end when everything has been finalized.

Look for a lawyer who has plenty of experience of dealing such legal matters especially those who have their cases go to court. This will help to ensure that you get the best legal advice possible and so you will find it much easier to deal with any untoward situations that may arise during the proceedings.

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Vivian Rodriguez asked:

If you and your spouse have decided to get divorced through an uncontested Florida divorce proceeding, a marital settlement agreement will be part of your divorce papers if you have assets, debt or children. And it is an extremely important document.

The marital settlement agreement, like any other agreement, is a contract. In it you will include those things that each of you agreed to do in connection with your children, if you have any, as well as the property and debt accumulated during the marriage.

As a contract, the agreement will be enforced just like any other contract. This means that if you and your spouse agree to something in writing, you had better make sure that what is in writing is all you agree to. In other words, do not make any “side” agreements or “understanding” about anything included in the agreement thinking that your spouse will abide by what is not written in the document. What is in writing will control over everything else.

The key to a good marital settlement agreement is to negotiate well and to make sure you can live with what you agree to do. To accomplish both of these goals you also must know—before you sign the agreement—the legal ramifications each provision may have for you once the divorce is final. There are certain things that, once you agree to them, will be nearly impossible to change after the divorce; and if you succeed in making any changes, it may well come after spending a considerable amount of time in post-judgment litigation.

Post-judgment litigation can be as costly as a contested divorce, or even more so.

For example, what happens if, as a result of dividing marital debt, the agreement provides that your spouse will pay for that joint credit card debt but he or she doesn’t? In this example, if your now former spouse refuses to pay, you would have to take him back to court to try and enforce that provision of the agreement.

© Vivian Rodriguez

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Ben Dave asked:

Divorce is also known as annulment or dissolution of marriage. After the finalization of the divorce proceeding, the next step is to gather all the documents pertaining to the matter for filing at the respective county office. Where divorces are concerned, a court hearing by a judge is usually involved. In that way, Free Divorce Records is unique when compared to the other vital records namely Marriage, Birth and Death. It is recommended that searches for Ohio Divorce Records begin at the State level. The Vital Statistics Office under the Ohio Department of Health is responsible for their filing and to provide them as a public service, along with other state-level data and information. To conduct a search for their abstracts, a written request must be mailed and accompanied with the required supporting information and fees. The Ohio Department of Health can only provide the abstracts of divorces which occurred in Ohio from January 1, 1954 to the present. These are actually brief forms that are extracted from the original. They are limited in information and suffice only for indexing purpose but they show the particular County Clerk of Court from which copies of the original divorce records are available. The old ways of gathering information on public records may serve their purpose but they are certainly time-consuming compared to how it’s increasingly done these days. Log onto any major search engine for that and you’ll be spoilt for choice. There are numerous Online Ohio Divorce Records registries and private nationwide directories that are readily found to choose from. A great deal of information is found in it. Personal particulars of the husband, wife and children, if any, will be produced. Reason for the divorce, settlement, alimony, assets division and other documents like the decree and certificate are typically included in the file. Ohio Divorce Records have been useful in many ways; from background checking a potential spouse to gathering information to support court cases. There are various modes of retrieving information these days and online Free Divorce Records are indisputably the most convenient and efficient method if this option is available at the specific agency from which they are requested. It’s virtually effortless if the particular information resource for the undertaking is one of the top-tier commercial record providers. Online Divorces In Ohio records would likely be offered, along with those of other states.

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