Divorces can be long, drawn out processes, especially if you and your ex split on unfriendly terms. Unfortunately, it can be difficult to separate your finances after a divorce, even if you both worked and had individual bank accounts. For people who shared a bank account and where only one person in the relationship worked, it can seem near impossible. Good family lawyers can help you gain financial freedom from your ex post divorce, so speak to one if you are having trouble.
Separating your finances:
The first thing to do when it comes to gaining financial freedom is separating your finances. Many couples share things like bank accounts and investments, which can make complete separation very hard. In this case, you need to either come to an agreement about how the funds will be split, or take the matter to a court (with the help of a good family lawyer). Close any joint accounts and open separate individual accounts so that your ex can’t see what you are spending your money on – after all, it’s none of their business after you are separated.
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One of the most difficult and contentious phases of a divorce proceeding is the property settlement. Most divorce cases that go to trial inevitably focus on disputes surrounding community property. Several key tips, as well as the advice of a competent family lawyer will help you survive this particular battle.
Since most jurisdictions apply community properly principals the court will seek to equitably divide all marital assets and award fifty percent of the value to each spouse. This might involve liquidating property that would seriously inconvenience one of the parties. Equity in a house, for example, cannot be split without selling the home, refinancing, or otherwise giving commensurate value to the receiving spouse. All of these options may be troubling or seriously concerning to you, which brings up tip number 1.
Make sure you know where all property is and how it is owned. Records such as deeds, titles, promissory notes, etc. are helpful. The purpose is to arm you with information so you can make intelligent decisions. If you know the value of the marital assets you can decided before negotiating which pieces of property you most want and how they may be split in the divorce. If you have a large number of assets coordinating with your family lawyer is essential. Divorce is a law suit which comes with certain obligations and rules and breaking any of them can put you in hot water with the court.
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Divorce often proves to be an emotional and stressful experience. Requesting timely assistance from competent family lawyers can help you resolve issues and negotiate a fair share in a rational manner. Negotiations prove to be far more effective when performed in a collaborative rather than confrontational manner. You may not be used to handling money matters by force of habit. For example, your spouse may have been more dominant and experienced regarding financial issues.
In such cases, it’s very important to be kind to yourself and ask for an adequate share so that you can live comfortably. The process of financial and property settlement is equally applicable to marriage relationships as well as de facto relationships. Australian laws are equally applicable to opposite sex or same sex relationships.
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No one ever likes to admit that some day they will, well, check out of this life. No matter what phase of life you find yourself in thinking about estate planning can be overwhelming and distasteful. Even thinking about a Will or a lawyer can be scary. In Estate Planning It’s difficult to know where to start, to understand what’s important and what’s not, and sometimes even beginning the discussion with family members can cause hard feelings.
There are, however, things that you can do to simplify and streamline estate planning decisions that are low cost, simple, and which will avoid problems and heartache in the future.
Here are a few simple tips:
- Start Simple. Some people will tell you that an instrument called a ‘revocable trust’ is essential for everyone. Several decades ago that may have been true, but in the last few years the estate tax exemption has dramatically increased and fewer people have estates large enough to require this kind of tax planning. Instead, start with a simple Will. Every person should have one because otherwise the laws of the state in which you live will decide how your property is divided.
Read More “Estate Planning Should Be Today”