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Elder Divorce: How a Reverse Mortgage Works During Divorce

In many divorce cases, the first question asked is what will happen to the family home and who will live there. This concern is even more prevalent in cases of elder divorce. When splitting up assets, one of the most challenging decisions is what a couple should do about their house. Many younger divorcing couples find themselves facing the prospect of going from a dual income to a single income, which creates unavoidable tension. One spouse may wish to continue living in the home, but the other spouse may not qualify to purchase another residence unless the current house is…

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California Divorce: Is Property & Debt Always Divided 50/50?

California is what is known as a community property state, a state in which everything you and your spouse earned or bought during your marriage belongs to both of you in equal measure. But that does not mean that you have to divide everything 50/50. Are Assets in Divorce Always Split 50/50 in the Community Property States? Everything that you and your spouse contributed to the marriage during the time you were married (with only a few exceptions) must be divided equitably during your divorce. According to California state law, the way you divide assets and debts must be fair…

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Considering the Impact of Divorce on College Financial Planning

Divorcing parents have to manage a number of unique challenges when they plan for the financing of their child’s college education. If possible, divorced parents should cooperate and consider implementing a number of strategies to maximize the financial aid available to their college student. In doing so, they could potentially decrease the financial burden of a college education for the student and those assisting them financially. During the course of a divorce, there are many financial decisions that must be made. Many of these financial decisions will impact what information ends up on your child’s FAFSA (the form submitted to…

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Will New Tax Laws Complicate Divorce in 2019?

Some are saying that the 2019 tax bill is complicating divorce for women. And they are right. For those whose divorces will be finalized after December 31, 2018, there will be repercussions. The new law makes spousal support (sometimes referred to as alimony) non-tax-deductible for the payer and non-taxable for the recipient. This effectively eliminates the previous tax benefit of larger support payments. This is particularly noticeable in high tax states like California and New York where the deduction in place before the new law took effect could save top earners up to 50% in taxes. Since women are more…

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What Happens If You Lie on an Income and Expense Declaration?

Every couple going through a divorce is required to file an Income and Expense Declaration (Form FL-150). This is a request for spousal support (alimony), child support or attorney’s fees and accuracy in the disclosure is required by law. During divorce emotions and stress levels are usually both at fairly high levels. Sometimes one or both parties may make decisions that they would normally not consider. When a party going through divorce decides to lie about their income and expenses it can become a huge problem. If you believe that your spouse is not telling the truth about their income…

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Protecting Your Privacy During Divorce

Going through a divorce is hard for a variety of reasons. One that many don’t consider until they’re in the midst of a difficult situation is that you can have very little control over your privacy. News of a divorce tends to spread quickly and those going through divorce frequently find themselves on the uncomfortable side of difficult, intrusive questions about their personal life. You do have the right to keep your private life private and if this is a priority for you, it’s best to actively seek privacy during the divorce process. If you are going through a divorce,…

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Top Tips On How To Manage Your Finances After Divorce

Managing finances after your divorce is finalized is a big step in your new life. Since you have already gone through your divorce process, you know finance matters can make you highly stressful. For many people, the major cause of Rory and tension is that they will be devoid of their second household income. Moreover, there is a requirement to tighten your purse strings so that you can deal with a financially trying time. There are some others who struggle a lot post their divorce since their former spouses always handled the finance part. Here are some top tips for…

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What To Do If You Are Having Difficulty Paying Support

A common concern that often comes up after the entry of a divorce judgment in the court is the spouse who has been asked to pay for spousal or child support declares his or her inability to do so any more. The aim of this article is to discuss the steps that should be taken if such an issue comes up. Step 1: Go through the divorce decree thoroughly While it is an obvious thing to do, there are several people who tend to overlook it. A divorce judgment is an extremely crucial document, which anyone such as the judge,…

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Signs That Your Spouse May Be Hiding Assets

The assets owned by you typically come under various heads such as a business, your primary residence or primary home, a professional practice, cash value of your life insurance coverage, pension funds, retirement funds, shares, savings, bank accounts and other property investments. Rather than depending on the integrity of your spouse or only relying on the fair conduct of the court, it is a sensible approach to watch out for these strategies and signs to know whether your spouse is trying to hide marital assets are not. Check out the following key aims for your spouse to hide assets during…

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How To Take Good Financial Decisions During A Divorce

As a married couple you might have enjoyed a certain sense of financial security. Whether you were being supported by your spouse or you had two incomes coming in, it is always easier when you have someone to share the responsibility with. Going through a divorce could affect your financial situation in unexpected ways and if you are not prepared for them life could get very difficult. Here are a few ways you can make good financial decisions to help you during a divorce: Mutual consent and shared lawyer fees: At the very start of your divorce you could find…

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