Parents should try and work together for the benefit of their children. The decision on who gets physical custody does not necessarily determine who gets legal custody. Physical custody of a child is providing shelter and day-to-day parenting. Legal custody is the right and responsibility of a parent to decide on such things as medical, educational, and religious issues. There are two types of custodies to be decided on by the courts, legal custody and physical custody. Use this helpful Divorce Financial Information Checklist to keep you organized during the process. Divorce can be distracting, taking time and focus away from work. Examples are rent/mortgage, childcare, transportation, counseling, lawncare, etc. Now that you have only one income, expect most day-to-day expenses to increase. In addition to paying a retainer to your attorney, you may also be on the hook for other fees, such as expert witnesses, stenographers, appraisers, messenger services, postal expenses, or court costs. If you keep the marital home, you could be liable for taxes after a divorce. There are several hidden costs to getting a divorce.
Take some time to select the right divorce attorney you may want to interview several before deciding. This process is generally less expensive and can be done without going to court. With a collaborative divorce, all parties agree to work together in good faith to determine solutions that best meet the needs of the two parties. Separation and Divorce: The Processĭivorcing couples may consider a "collaborative divorce," a new and highly effective divorce method where each party uses an attorney who has gone through specialized "collaborative law" training. Call or email Balance advisors if you need help creating a new budget, understanding your credit report, setting up debt management plan, and much more. The Balance Program 2 provides Redstone Federal Credit Union members a comprehensive financial education and counseling service.
Plan ahead and save your finances and your sanity. Redstone Brokerage Services offers a free, confidential and no obligation consultation to all Redstone Federal Credit Union® members.
For example, women’s household income, on average, fell by 41 percent with divorce, almost twice the size of the decline that men experienced, according to the GAO report. Moreover, divorce and widowhood had more pronounced effects for women than for men. Meanwhile, a divorce can wipe out 50 percent of a person’s assets, says Ken Moraif, founder and senior advisor of Dallas-based financial firm Money Matters, in an article for US News Money.įor women approaching or in retirement, becoming divorced, widowed, or unemployed had detrimental effects on their income security, according to a 2012 Government Accountability Office (GAO) report on retirement security. An average bear market lasts 15 months and results in a 32 percent loss in investments, according to investment experts. The financial effects of divorce could be worse than any downturn in the economy. Store important electronic documents online with My Virtual Strongbox, available through Online Banking. Get a post office box and safe deposit box for confidential mail and personal effects.If the family home is not being sold, then refinance it in just the name of the person who will keep the house.Make sure that there is an accurate and equal division of the couple’s properties.Get a big picture of your family’s finances, including all insurance policies, retirement accounts, and mortgage information.
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