Gather information
Many times one spouse doesn't know what the other spouse is doing - concerning income, expenses, investments, insurance, loan applications, the family business - you get the picture. Gather as much information as possible. Every piece of the puzzle helps put togther the comlete picture.
Get copies of everything
It's amazing how documents seem to disappear once divorce is being discussed. If you have to get these documents later through your attorney, it can be very costly. Get them up front. Copy bank and credit card statements, loan applications, financial reports, check registers, investment reports, - in other words, everything that can have a bearing on your financial situation.
Sunday, August 17, 2008
Friday, June 27, 2008
Carol Ann Receives Award
Wow! I have been chosen to receive the Pioneering Award presented by the Association of Divorce Financial Planners (AFDP) in New York City at their Conference in September. What an honor. I will also be their Keynote Speaker.
This award honors individuals who have made outstanding contributions to the field of divorce. I founded the profession of Financial Divorce Professionals back in 1993 and have trained many of the Divorce Professionals now working with people going through divorce.
This award honors individuals who have made outstanding contributions to the field of divorce. I founded the profession of Financial Divorce Professionals back in 1993 and have trained many of the Divorce Professionals now working with people going through divorce.
Tuesday, April 1, 2008
What makes divorce cost so much?
In my 23 years of specializing in this niche, I have found that the biggest reason for high fees for divorcing couples is the following:
They are angry at each other and emotions overrule common sense. So they hide accounts from each other and they don't share important information. It's like they are saying, "I'll show you!" The result is that the attorneys have to subpoena that information. When that happens, the costs growth quickly. The information will come out eventually and in the meantime, the games people play could cost them thousands and thousands of dollars.
And if the couple ends up in trial in front of a Judge, if some information still has not been revealed, the Judge does not like that. Not at all! And this will damage the case of the person who has been uncooperative.
The least expensive divorces overall, have been the ones where the couple approaches it like two adults, just trying to dissolve their marriage in the least painful way possible. They share all information and try to come to an agreement with their attorneys as quickly (and less expensive) as they can. This way, they both end up with more assets in the end.
They are angry at each other and emotions overrule common sense. So they hide accounts from each other and they don't share important information. It's like they are saying, "I'll show you!" The result is that the attorneys have to subpoena that information. When that happens, the costs growth quickly. The information will come out eventually and in the meantime, the games people play could cost them thousands and thousands of dollars.
And if the couple ends up in trial in front of a Judge, if some information still has not been revealed, the Judge does not like that. Not at all! And this will damage the case of the person who has been uncooperative.
The least expensive divorces overall, have been the ones where the couple approaches it like two adults, just trying to dissolve their marriage in the least painful way possible. They share all information and try to come to an agreement with their attorneys as quickly (and less expensive) as they can. This way, they both end up with more assets in the end.
Friday, January 25, 2008
Real Estate Divorce Specialist
There is a new designation out there to help divorcing couples when they have to sell the family home or one of them needs to buy a new house.
Certified Real Estate Divorce Specialists are trained in the legal and tax aspects of the divorce process as it relates to real estate. They learn obscure legal implications that even many divorce attorneys don't understand.
Divorcing couples are going through one of the most stressful times in their lives and they need all the help they can get. They are looking for a professional who not only empathizes with what they're going through, but who understands the tax and legal implications of dividing real estate in a divorce.
For more information, go to http://www.realestatedivorcespecialist.com/.
Certified Real Estate Divorce Specialists are trained in the legal and tax aspects of the divorce process as it relates to real estate. They learn obscure legal implications that even many divorce attorneys don't understand.
Divorcing couples are going through one of the most stressful times in their lives and they need all the help they can get. They are looking for a professional who not only empathizes with what they're going through, but who understands the tax and legal implications of dividing real estate in a divorce.
For more information, go to http://www.realestatedivorcespecialist.com/.
Monday, October 29, 2007
Why use a financial divorce professional?
Why should you use a financial divorce professional? There are many of them who have been trained in the specific financial and tax aspects of divorce. They can help save you money and help your attorney get you a more equitable settlement. The reports that a financial divorce professional provides gives you information about the financial result of any given settlement that you and your spouse may be discussing. This helps you make better decisions and the ultimate result is that you stay out of court. The two of you make the decision - not the judge who doesn't know you.
In the rare instance that you and your spouse cannot come to an agreement and you decide to go to court to have the judge make the final decision, the financial divorce professional has been trained to appear as an expert witness in this situation.
In the rare instance that you and your spouse cannot come to an agreement and you decide to go to court to have the judge make the final decision, the financial divorce professional has been trained to appear as an expert witness in this situation.
Divorce tax laws
Would you like to be an expert in divorce tax law? Find out how to learn the divorce tax secrets that even many divorce lawyers don't know! Go to www.FDAdivorce.com/tax.
Wednesday, September 12, 2007
Do-it-yourself divorce mistake #3
Chang and Tip Tum had come to America many years ago and had opened a restaurant which become hugely successful. After 24 years of marriage, they wished to divorce. Even though they were now worth millions, their thrifty habits influenced them to do the divorce themselves and not spend money on lawyers. In dividing their assets equally in value, Chang took the stock accounts and the retirement plans and Tip Tum took the real estate. Even though Chang earned ten times what Tip Tum earned, he offered her only 3 years of maintenance while he convinced her that her assets were enough for her to live on.
They drew up their agreement, filed it with the court and their divorce became final. Tip Tum's real estate took a bad turn and soon she didn't have enough to live on. She decided to get some professional advice. She learned that a property settlement is final and cannot be renegotiated. However, there was hope that the maintenance issue could be re-opened.
An interesting sidelight in this case is that it appeared that Chang had not revealed one of his large retirement plans. Because of that omission, it is possible that the property division may be re-opened! This case is still open so I cannot tell you the ending yet. But the important point is that even though you may think you are saving money by doing it yourself, the risks you take by not getting proper advice to start with can cost you much more money in the long run!
They drew up their agreement, filed it with the court and their divorce became final. Tip Tum's real estate took a bad turn and soon she didn't have enough to live on. She decided to get some professional advice. She learned that a property settlement is final and cannot be renegotiated. However, there was hope that the maintenance issue could be re-opened.
An interesting sidelight in this case is that it appeared that Chang had not revealed one of his large retirement plans. Because of that omission, it is possible that the property division may be re-opened! This case is still open so I cannot tell you the ending yet. But the important point is that even though you may think you are saving money by doing it yourself, the risks you take by not getting proper advice to start with can cost you much more money in the long run!
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