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Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
Secrets about divorce 1
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Secrets about divorce 1

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http://blog.secretsaboutdivorce.com/ …

http://blog.secretsaboutdivorce.com/
http://www.allmandandlee.com/bankruptcy_blog/

Published in: Economy & Finance
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  • 1. Secrets About Divorce<br />By Reed Allmand<br />
  • 2. Spousal Support<br /> - Either party can request spousal support<br /> - Spousal support depends on financial circumstances of each party<br /> - Length of marriage plays a huge role in spousal support<br />Alimony<br /> <br /> - Alimony is periodic payments of future income of one spouse to another<br /> - Alimony is only awarded in limiting circumstances<br /> - Typically alimony is not granted for a period longer than 3 years<br />
  • 3. Child Custody<br /> - Based on financial and physical state of parent or guardian<br /> - Based on bond between parent/child<br /> - Based on who has been primary caregiver of the child<br /> - Based on work schedule of parent<br /> - Based on future potential income of parent<br />Visitation is based on needs of the child, parent schedule, and living conditions of the parents<br />Child Support<br /> <br /> - Based on # of Children and % of Net Resources<br /> - Based on age of the child<br /> - Based on child care expenses for the child<br /> - Debts assumed by either party<br /> - Wage deductions<br />
  • 4. Property Division is based on:<br /> <br /> - The nature of the property<br /> - Earning capacity of each spouse<br /> - Educational background of each parent<br /> - Which parent has primary child-rearing responsibility<br /> - Age and health of each spouse <br /> <br />Pro Se Divorces – Occur when individuals represent themselves in court<br /> <br />Alternate Dispute Resolutions – Bring parties together in a non-threatening environment to negotiate a resolution to their issues<br /> <br /> - Mediation – Meetings between both parties overseen by a neutral third party<br /> - Arbitration – Arbitrator is assigned to the case by the state to handle mediation<br /> - Collaborative Divorce – Both parties agree to resolve issues through collaboration, not in court<br />
  • 5. Types of Texas Divorce:<br /> - Uncontested Divorce – Parties agree on all issues<br /> - Case can be finalized at the end of the 60-day waiting period<br /> -Contested Divorce – Parties do not agree on all issues<br /> - Case is decided by a judge or jury<br /> - Missing Spouse Divorce – Party does not know the whereabouts of spouse<br /> - There is a 60-day waiting period for missing spouse divorces<br /> <br /> - Fault or No-Fault Divorces – Divorce based on personality conflicts and discord<br /> <br />
  • 6. Consequences of not paying child support:<br /> - Wage Assignment – Employers deduct wages from obligor’s paycheck<br /> - Enforcement Actions – Losing child privileges based on inability to pay child support <br /> - Attachment or Levy – Paying child support from obligor’s seized assets<br /> - Child Support Liens – Accruing interest on obligor’s personal assets <br /> - License Suspensions – Revoking state licenses<br /> - Federal Income Tax Intercepts – Collecting child support from income tax returns<br /> - Insurance Claims Intercepts – Intercept insurance claims to pay child support<br /> - Civil Contempt of Court – Obligor receives citation for not paying child support<br />
  • 7. Division of Debt in a Divorce<br /> - Debt can be paid off before filing for divorce<br /> - Parties can be mutually responsible for paying off debt<br /> - One party can pay more debt and receive more assets as compensation for debts<br /> <br />Certain Property is Exempt from Claims of Creditors:<br /> <br /> - Real property designated as a couple’s homestead<br /> - Retirement Plans<br /> - Cash or surrender value of insurance policies<br />
  • 8. Debt Solutions include: <br /> - Debt consolidation<br /> - Debt settlement<br /> - Forbearance<br /> - Bankruptcy<br /> <br />Negatives to Debt Settlement<br /> <br /> - Damages your credit<br /> - Potential for a lawsuit<br /> - Not all debts are eligible <br /> - Tax Issues<br />
  • 9. Other Alternatives to Debt Settlement<br /> - Voluntary Repossession<br /> - Selling Property<br /> - Deed-In-Lieu of Foreclosure<br /> <br />Mortgage Debt Settlement Options<br /> <br /> - Forbearance<br /> - Mortgage Modification<br /> - Short Pay or Short Finance<br /> - Modifying Your Current Mortgage<br /> - Deed in Lieu of Foreclosure<br /> - Short Sale<br /> - Friendly Foreclosure<br /> - Repurchased after Foreclosure<br />
  • 10. Bankruptcy is a Debt Relief Option<br /> - Bankruptcy involves liquidated debtor’s assets and then they’re relieved of further liability<br /> - Creates a fresh start for the debtor<br /> - Bankruptcy can help rebuild your credit<br /> - Honest, hardworking people file for bankruptcy; doing is NOT a reflection of character<br />
  • 11. When to file for Bankruptcy<br /> - File for Bankruptcy before you file for Divorce<br /> - You can file for joint bankruptcy<br /> - Debts couples fight over can be wiped out by bankruptcy<br /> - File for Bankruptcy before getting behind on your bills<br /> - File before you default on your mortgage loan payments<br /> - You could be charged late fees and incur more debt not paying bills on time<br />
  • 12. Consider Your Financial Health<br /> - Outline your financial situation<br /> - Be real with yourself and your ability to pay your debt<br /> - Look for ways to reduce spending<br /> - Contact an expert to help with your debt<br />
  • 13. Benefits and Disadvantages of Filing for Bankruptcy<br /> - Benefits Include:<br /> <br /> - Clear outstanding debt<br /> - No longer harassed by creditors<br /> - Start over building your credit<br /> - Have a fresh financial start <br /> - Disadvantages Include:<br /> <br /> - Stigma attached with filing bankruptcy<br /> - You may lose your assets<br /> - Coping with lifestyle changes<br /> - Can be harder to get credit again<br />
  • 14. The Allmand & Lee Difference<br />- Allmand & Lee’s number 1 goal is to make sure clients benefit from their services<br />- 20+ years of consumer bankruptcy experience<br />- Helped many individuals and families find solid ground again<br />- Allmand & Lee help good people through bad times to gain financial stability<br /> <br />Contact Allmand & Lee today at 214-884-4176<br />

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