Divorce Financial Issues
Sheryl R. Rentz, Pennsylvania family law attorney, wants to help move you through the difficult periods of separation and divorce as efficiently as possible. She understands the anxiety couples feel and knows that separation presents many of the same issues couples must face during divorce.
As reported in The Wall Street Journal, money may be the last thing on couples’ minds when they separate. They may even feel that dealing with finances can wait until the divorce. Whether a couple reconciles or not, a reasonable financial plan upon separation can make all the difference. Without a financial plan, the process of divorce can become nasty. If couples choose reconciliation instead, it makes it more difficult to rejoin finances. Read the rest »
Divorce and weddings are both stressful, emotional times in a woman’s life. But while you want your wedding to be perfect and plan accordingly, you may simply want to get through a divorce in order to quickly move on with your future. While this is understandable, it can also be costly. Ironically, all that slow and careful planning that goes on prior to the wedding occurs when you have little or no assets; 20 or more years later the two of you likely have assets accumulated. That makes it important to plan for divorce equally as well as you did for marriage.
Certified Financial Planner and senior investment officer for South Texas Money Management, Ltd, Lisa Fox understands divorce is an emotional time, but also realizes having an attitude of “just wanting to move on” could cause potential long lasting financial consequences. Read the rest »
After divorce, children are impacted in emotional and financial ways just as divorced spouses are. Child support for young children soon evolves into the issue of putting young adults through college. In cases in which the parents are separated or are divorced, it is important to know that it is the custodial parent’s responsibility to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA online document requests financial information like that found on tax returns for the purpose of establishing the amount of financial aid a student qualifies for.
Family law attorneys like the Pennsylvania attorney Sheryl R. Rentz know that clients living through a divorce are facing one of the most emotionally devastating and financially uncertain periods of their lives. Read the rest »
Deciding to divorce at any age is always a hard choice to make and a difficult experience, but getting divorced over the age of 50 can be especially complicated and can be filled with pitfalls and rules that younger couples may never have to consider. According to a SmartMoney.com news report, the overall divorce rate has decreased slightly over the past two decades, but data from the National Center for Family & Marriage Research at Bowling Green State University reveals that the rate for couples over 50 has doubled.
As the stakes are likely to be higher for divorcing couples over 50 for several reasons, such as a pair having more assets like real estate, obtaining a favorable settlement is particularly important. As such, here are some common mistakes for the over-50 set, which may lead to a lower settlement or you having to pay your ex more than you should. Read the rest »
Financial matters are one of the most significant issues that will arise, and need to be settled, in a divorce. Financial problems are certainly one of the leading causes of divorce in the U.S.; as such, managing one’s finances post divorce can often be complicated, and a practical solution for some may be considering filing for bankruptcy during the divorce process to avoid any further monetary troubles. However, there are several important things any Pennsylvanian considering filing for bankruptcy should take into account before making the official decision to do so.
The following are four essential things to consider if you are thinking about filing for bankruptcy during a divorce: Read the rest »
A couple deciding to end their marriage and pursue separate paths is always a tough and complex decision; however, the number of complicated issues that may arise during the process of divorce can undoubtedly add additional stress to an already challenging situation. As a Pennsylvania divorce financial issues attorney, Sheryl R. Rentz recognizes how difficult the divorce process is for the parties involved and knows that one of the more contentious issues in a divorce may regard the couple’s financial issues.
For any person who has made the decision to divorce, or is already going through a divorce proceeding, here is more information on three potential financial issues that may arise: Read the rest »
An unfortunate part of marriage is the deceit that occurs when a twosome hides money from one another, either to splurge on extramarital mischief or simply to keep from sharing it in the event of a divorce. According to a report in The Wall Street Journal, electronic discovery has made the hiding of monetary assets much harder for a deceiving spouse or partner to do. Financial mischief is a very common problem in relationships, and a survey conducted by the National Endowment for Financial Education shows 31 percent of U.S. adults who combined assets with a partner or spouse say they have been dishonest about money. More than half of the adults surveyed say they hide cash from their significant other.
With financial deceit being such a common part of unions, electronic discovery, or the use of technology to uncover hidden assets, can help a person unearth any wrongdoing. A part of the reason electronic discovery is increasingly popular is because more people are using technology to hide assets to begin with. Spouses or partners who may be suspicious of their loved one’s activities can investigate their social networking accounts or their web viewing history to find signs of a hidden business deal or bank account. In addition, forensic experts and divorce attorneys are now using advanced search tools to swiftly analyze things such as credit card bills or online bank statements. Read the rest »
During a divorce, there are a number of financial issues that may further complicate an already difficult process. One such financial problem is dividing a retirement plan, which becomes a more complex matter when one spouse is in the military. For someone who has served in the military, a pension is typically their largest asset, so the issue of dividing the retirement plan during a divorce affects million of military couples. Read the rest »
A number of complicated issues can arise both during and after a divorce, and if the matters aren’t appropriately addressed and resolved, the problems can continue for years after the divorce is final. With tax season in full swing and the April 15 deadline fast approaching, it is important for couples who may have made the decision to part to understand the financial issues that should be addressed during the divorce process to help avoid problems in the future. Marketwatch.com offers these thoughts: Read the rest »
An article recently featured in the Los Angeles Times discussed divorce’s affect on a person’s plans for retirement as well as future claims for Social Security benefits. Since Social Security is the primary source of income for approximately 72 percent of unmarried retirees, many of whom are single due to divorce, understanding a few key points regarding spousal and survival benefits should be a priority, particularly for those approaching retirement age. Knowing the details of these benefits can help someone avoid making a costly error that could negatively affect their financial future. Read the rest »