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Divorce Archives

Refinancing a mortgage may make sense

Some spouses filing for the JOY of divorce become more involved in their finances. This is likely due to a spouse no longer handling these matters for the family. If a spouse wishes to remain in the home previously shared, it may make sense to refinance, and may become a requirement in the Final Decree of Divorce.

Are student loans an individual's debt?

Dividing assets is often one of the most complicated or contentious parts of filing for the JOY of divorce. Many couples may not realize at first, however, that they also divide up their debt. This often includes a mortgage, car loans and student loans. While the mortgage and car loans often qualify as community property, the same may not be the case with the student loan.

The IRS has an innocent spouse rule

Financial issues are a common area of disagreement among spouses who file for divorce. This separation can also unearth financial improprieties, such as a spouse not paying bills, diverting money to pay for an addiction, or conduct other forms of financial abuse. It can also be a conscious or mistaken effort not to meet a family’s legal tax obligation when filing a joint tax return. Common examples of this include an inflated amount of deductions or under-reported income.

Some realtors specialize in clients going through a divorce

Those going through a divorce while making plans to change residence are looking at two significant changes, so it helps minimize the stress and impact of each by working with the right people. Addressing this need, there are Certified Real Estate Divorce Specialist trained to better serve clients going through a divorce. These professionals understand how to factor in the various unique issues related to divorce that may not otherwise be involved in a real estate transaction.

What are the signs of financial abuse?

Navigating different priorities is something every successful marriage should do, but it is not always the case. Couples’ disagreements over finances, in particular, are one of the most common reasons for divorce. This can be a general attitude where one spouse prefers to spend money as fast as the family makes it (or more quickly), while the other wants to save for retirement, the kid's college fund, or other long-term goals. As long as the debt is sustainable and there is no deceit, things may work out.

Valuing a business in a divorce

Business owners often regard their company almost as a child. It must indeed be nurtured, and the staff must be taken care of. Still, filing for divorce often forces owners to also consider who should maintain primary “custody” of that business that may qualify as community property. This prompts both sides to take a clear-eyed look at what the business is worth. This can be done with the idea of using that valued amount as part of the equation for dividing community or marital assets.

Hiding assets in trusts and LLCs

The divorce of Ed and Marie Bosarge makes state and national headlines for a good reason. The couple married in 1989 and now is in a drawn-out battle. Experts believe that Ed moved much of estimated billions in cash and assets into secretive ever-changing trusts set up in South Dakota (the state has become a haven for secret trusts set up by people from out of state) as well as complex ownership structures using limited liability companies.

Does marital misconduct count?

Texas is a “no-fault” state when it comes to divorce. Many believe this means that their bad behavior will not affect the outcome of the divorce settlement, particularly concerning dividing assets, support or custody. However, there are specific examples of marital misconduct that can affect the outcome.

Telling people about a divorce is complicated

The most challenging part of announcing one’s divorce maybe breaking the news to the children. It will take patience, understanding and empathy as they process the news. Conversely, the soon-to-be-divorced husband or wife should ideally get some of that patience, understanding and empathy from friends, adult loved ones or co-workers and bosses. Unfortunately, this will sometimes not be forthcoming.

Man seeks sword duel to settle divorce

Some who go through the JOY of Divorce find the experience of negotiating a fair and equitable settlement to be unsatisfying. Claiming he had been "destroyed legally" in divorce court, David Ostrom of Iowa came up with a solution to divorce negotiations that seems more apt for medieval times or Game of Thrones.

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