In the event of a divorce, being prepared for the financial separation is vital to getting through this life-changing transition. There are very important core questions you need to ask yourself when you begin this tedious process, such as what should you do in advance to prepare? How will property be divided? What kind of professionals will you need to help guide this process? Let’s look at a few easy steps to take so you are able to stay ahead of the curve.
Maintaining your Own Credit - Maintaining good credit is always a wise idea, but paying close
attention especially during and after a divorce is extremely important. If your name, as well as your spouse’s, was listed on an account, that joint account’s payment history will have a significant influence on your individual credit score.
One of the first steps in the direction of establishing good credit is to open your own bank and investment accounts. Depending on your credit reports, you may want to consider applying for credit cards and store accounts under your own name. A faster and easier way to establish an independent credit history is to apply for a secured loan, such as an auto loan.
Change the Beneficiaries on Key Documents- Many married couples list each other as beneficiaries on important documents, such as life insurance policies. In the event of a death, if a former spouse is still listed as the beneficiary, they may be entitled to receive the proceeds of your life insurance policy.
Build a Budget- If you had a budget laid out with your spouse, create a new one accustomed to your new cash flow. If you did not have a formal budget in your marriage, now is the time to create one. Morgan Stanley Smith Barney Financial Advisor Linda Donovan notes to, “Be sure to include possible new or updated amounts in categories such as individual income, alimony, investment income, child support, rental/real estate income, home, utilities, insurance, and tax related expenses.”
DIVIDING PROPERTY
When considering how to divvy up property, familiarize yourself with the key concepts before deciding which assets will belong to you and which will belong to your spouse. Although the specifics vary from state to state, these key concepts include marital and nonmarital property and equitable distribution.
Marital vs. Individual/Nonmarital Property- Marital property includes nearly all property that you and your spouse acquired during the marriage. This can include real estate, investments, bank accounts, art collections, cars, boats and so on. Almost anything owned by you and your spouse will be included. However, there are some properties that can’t be included. These excluded properties are ones that were:
• Given to one of you or that you inherited
• Acquired before marriage
• Acquired using property that was a gift, inherited or already owned before the marriage
• Excluded by a prenuptial or other agreement
Depending on how nonmarital assets were combined and used during the marriage, it can become very complex, so discussing the issue of marital property carefully with your attorney is a step in the right direction.
Equitable Distribution- Heavily relied on by most states, equitable distribution in dividing marital property is a goal that is achieved by fairly dividing property based on a range of factors. Ms. Donovan says that, “These factors include, but are not limited to, the contribution of each spouse to acquiring and maintaining the marital property, the length of the marriage, needs related to child custody and financial needs, circumstances and future prospects of each spouse.”
To Sell or Not to Sell- Deciding whether to sell a home you’ve lived in and possibly raised children in, involves both financial and emotional issues. Areas to consider are liquidity, cash flow and the cost of maintaining the asset once you own it. You don’t want to take on a financial burden that may impact your long term interests, such as a sound retirement plan.
THINK LONG TERM
Retirement- “No matter your age, it is never too early to think about retirement and ensuring you end up with the right amount,” says Ms. Donovan. “This is especially important for those divorcing later in life. Make sure to have a knowledgeable advisor capable of dividing the assets in your or your spouse’s retirement plan.” If you are 62 years or older and were married for at least 10 years, you may not be aware that you are entitled to up to one-half of your former spouse’s social security retirement benefits when you retire.
Kids- The costs that are associated with kids, including college savings, need to be addressed. Think about this early in the process to avoid having to make adjustments to assets originally planned for something else, such as your retirement. There are several ways to help pay for kid’s college expenses, including loans and 529 savings plans, but these need to be carefully articulated early on in the divorce process.
DON’T GO AT IT ALONE
Assembling a strong, experienced team of professionals and advisors is imperative to gaining guidance and support along the rocky path of divorce.
Your own Lawyer- It is possible to get through a divorce without a lawyer, but it is not wise. Your lawyer keeps your best interests in mind and can unemotionally deal with the many complex issues that arise in a divorce.
Your own Financial Advisor- You need a Financial Advisor who puts the spotlight on only your needs and plans in a completely confidential manner. If you and your spouse had a financial advisor that helped lay out your joint finances, strongly consider using a different financial advisor for the divorce. Financial advisors help shed light on the assets you own, your liquidity, and your cash flow.
Going into a divorce fully aware and prepared of the financial separation will help make the process run smoothly. It takes a lot of knowledge, preparation, and objectivity to ensure you end up with a financial future custom to your new life.
Source: www.examiner.com
Katy Perry Strips To Her Bikini On Holiday After Divorce From Russell Brand Is Finalised (PICS) - huffingtonpost.co.uk
Seeing as the hot temperatures are due to disappear at the weekend, we've spent the morning consoling ourselves by staring at pictures of Katy Perry enjoying the sun elsewhere in the world and wishing we could join her.
And being the kind souls that we are, we thought we'd share them with you too.
Katy has been taking some time out following her divorce from ex Russell Brand being finalised last week by treating herself to a break in Florida.
The singer was seen chilling poolside with friends at her Miami hotel in a simple black bikini and straw trilby.
She has also been joined by her sister Angela.
There was no sign of current rumoured squeeze Robert Ackroyd though, but that could be something to do with the fact she recently poured cold water on talk of their romance.
The pair had been linked since they were spotted getting cosy at Coachella Festival in April, and were thought to have split back in May before reuniting a few weeks later.
But when asked by USA Today about her relationship status, she said: "That's not even appropriate to label.
"There are times I go out and meet people and flirt, but it's not really appropriate to have anything serious."
> IN PICS: BEACH BABES
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Source: www.huffingtonpost.co.uk
Cricket: Snape shows Super spirit - The Independent
A measured 88 from Sussex captain Chris Adams, last man out, and a brilliant 62 from Mike di Venuto, could not raise Sussex past a vulnerable 241 as Mark Alleyne's team demonstrated their resilience once again, capturing the last seven wickets for 41 runs in eight overs.They do not surrender.
Even the city and county are starting to believe in them. The Super Cup may not enthral Birmingham, which is probably one of the places that Willie Whitelaw was thinking of when he accused Harold Wilson of going round stirring up apathy, but it is big in Bristol. There were few seats vacant on a cloudless morning and if Alleyne was pleased to bat first then the word from Sussex was that they were equally happy to chase.
The happy hum from the crowd was stilled almost instantly when Jason Lewry's second ball passed Kim Barnett's forward push. On a pitch quicker than normal at Nevil Road, and a glassy outfield, the second-wicket pairing of Tim Hancock and Matt Windows took this setback in their stride.
They tore into Lewry and James Kirtley and with 64 added off 13 overs Sussex were wilting fast when Windows mistimed a drive and lobbed gently to point. Hancock lifted Umer Rashid for a straight six but was rash enough to venture against the next ball and was stumped by Shaun Humphries, described by one eminent former wicketkeeper as one of the best prospects in England.
Once Chris Adams could spread his field the Gloucestershire middle order were restricted. Alleyne needed 50 balls to score 20 and played like a man who had left his timing at the jewellers. Jack Russell, who emerged ahead of Ian Harvey, did his get-up-your-nose bit and smacked four fours but still required 42 balls to score 30. When Rob Cunliffe was run out by Mark Robinson's throw, after five runs in seven overs, the innings, at 158 for 6 off 38 overs was adrift
Or so it seemed before Harvey and the explosive Jeremy Snape began flailing away. Gloucestershire may have thought they were signing an off-spinner who could bat in Snape; instead they have an attacking late-order batsman who can bowl and his 50, off 41 balls including five boundaries, set alight the last 12 overs and won him the Gold Award.
Sussex started as disastrously, losing Rajesh Rao in the second over before Adams and Di Venuto soon had the small visiting contingent singing. Di Venuto might have been caught by Martyn Ball, at slip, when 28, off Lewis but the ball sped high to Ball's left hand.
The Tasmanian left-hander is a fine sight when in full flow and with Adams content to idle along behind, he struck 13 fours, mostly sweetly executed drives, in taking 62 off 56 balls. Alleyne, having conceded 13 in his first over, changed ends and trapped him when launching into another drive but Sussex were flying with 94 needed off 20 overs.
When Alleyne then removed Tony Cottey next ball the crowd, who had been shaken by Di Venuto's assault, recovered their spirits but Adams simply moved into the chair and conducted operations admirably until, with 66 needed off the last nine overs and Lord's in sight, Sussex fell apart.
An inexperienced late-order could not cope with the returning Lewis and Harvey. Adams must have blanched as one by one his apprentices fell in a combination of panic and inexperience. A huge six was his last gesture of defiance before being caught on the boundary.
Source: www.independent.co.uk
County Championship round-up: Finn and Onions stake claim for Test spot - The Independent
UFC: Mario Balotelli needs to take a look at ‘Shotgun’
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26 July 2012 04:24 PM
Source: www.independent.co.uk
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