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1. Secrets About Divorce By Reed Allmand

2. Spousal Support - Either party can request spousal support - Spousal support depends on financial circumstances of each party - Length of marriage plays a huge role in spousal support Alimony - Alimony is periodic payments of future income of one spouse to another - Alimony is only awarded in limiting circumstances - Typically alimony is not granted for a period longer than 3 years

3. Child Custody - Based on financial and physical state of parent or guardian - Based on bond between parent/child - Based on who has been primary caregiver of the child - Based on work schedule of parent - Based on future potential income of parent Visitation is based on needs of the child, parent schedule, and living conditions of the parents Child Support - Based on # of Children and % of Net Resources - Based on age of the child - Based on child care expenses for the child - Debts assumed by either party - Wage deductions

4. Property Division is based on: - The nature of the property - Earning capacity of each spouse - Educational background of each parent - Which parent has primary child-rearing responsibility - Age and health of each spouse Pro Se Divorces – Occur when individuals represent themselves in court Alternate Dispute Resolutions – Bring parties together in a non-threatening environment to negotiate a resolution to their issues - Mediation – Meetings between both parties overseen by a neutral third party - Arbitration – Arbitrator is assigned to the case by the state to handle mediation - Collaborative Divorce – Both parties agree to resolve issues through collaboration, not in court

5. Types of Texas Divorce: - Uncontested Divorce – Parties agree on all issues - Case can be finalized at the end of the 60-day waiting period -Contested Divorce – Parties do not agree on all issues - Case is decided by a judge or jury - Missing Spouse Divorce – Party does not know the whereabouts of spouse - There is a 60-day waiting period for missing spouse divorces - Fault or No-Fault Divorces – Divorce based on personality conflicts and discord

6. Consequences of not paying child support: - Wage Assignment – Employers deduct wages from obligor’s paycheck - Enforcement Actions – Losing child privileges based on inability to pay child support - Attachment or Levy – Paying child support from obligor’s seized assets - Child Support Liens – Accruing interest on obligor’s personal assets - License Suspensions – Revoking state licenses - Federal Income Tax Intercepts – Collecting child support from income tax returns - Insurance Claims Intercepts – Intercept insurance claims to pay child support - Civil Contempt of Court – Obligor receives citation for not paying child support

7. Division of Debt in a Divorce - Debt can be paid off before filing for divorce - Parties can be mutually responsible for paying off debt - One party can pay more debt and receive more assets as compensation for debts Certain Property is Exempt from Claims of Creditors: - Real property designated as a couple’s homestead - Retirement Plans - Cash or surrender value of insurance policies

8. Debt Solutions include: - Debt consolidation - Debt settlement - Forbearance - Bankruptcy Negatives to Debt Settlement - Damages your credit - Potential for a lawsuit - Not all debts are eligible - Tax Issues

9. Other Alternatives to Debt Settlement - Voluntary Repossession - Selling Property - Deed-In-Lieu of Foreclosure Mortgage Debt Settlement Options - Forbearance - Mortgage Modification - Short Pay or Short Finance - Modifying Your Current Mortgage - Deed in Lieu of Foreclosure - Short Sale - Friendly Foreclosure - Repurchased after Foreclosure

10. Bankruptcy is a Debt Relief Option - Bankruptcy involves liquidated debtor’s assets and then they’re relieved of further liability - Creates a fresh start for the debtor - Bankruptcy can help rebuild your credit - Honest, hardworking people file for bankruptcy; doing is NOT a reflection of character

11. When to file for Bankruptcy - File for Bankruptcy before you file for Divorce - You can file for joint bankruptcy - Debts couples fight over can be wiped out by bankruptcy - File for Bankruptcy before getting behind on your bills - File before you default on your mortgage loan payments - You could be charged late fees and incur more debt not paying bills on time

12. Consider Your Financial Health - Outline your financial situation - Be real with yourself and your ability to pay your debt - Look for ways to reduce spending - Contact an expert to help with your debt

13. Benefits and Disadvantages of Filing for Bankruptcy - Benefits Include: - Clear outstanding debt - No longer harassed by creditors - Start over building your credit - Have a fresh financial start - Disadvantages Include: - Stigma attached with filing bankruptcy - You may lose your assets - Coping with lifestyle changes - Can be harder to get credit again

14. The Allmand & Lee Difference - Allmand & Lee’s number 1 goal is to make sure clients benefit from their services - 20+ years of consumer bankruptcy experience - Helped many individuals and families find solid ground again - Allmand & Lee help good people through bad times to gain financial stability Contact Allmand & Lee today at 214-884-4176