This checklist was adapted from one created by a Certified Financial Planner in San Diego, California. It includes common ways in which a spouse may undervalue or disguise marital assets. Be advised, however, that you may have difficulty finding some items or getting the proof you need to show they exist. As mentioned, a forensic accountant, formal discovery procedures, or both may help.
• Collusion with an employer to delay bonuses, stock options, or raises until after the divorce. You might find this information by taking the deposition of your spouse's boss or payroll supervisor, but more likely you'll need a forensic accountant.
• Salary paid to a nonexistent employee. The checks will be voided after divorce. Again, you might find this information by taking the deposition of your spouse's boss or payroll supervisor, but you'll probably need a forensic accountant.
• Money paid from the business to someone close-such as a father, mother, girlfriend, or boyfriend-for services that were in fact never rendered. The money will no doubt be given back to your spouse after the divorce is final.
• A custodial account set up in the name of a child, using the child's Social Security number.
• Delay in signing long-term business contracts until after the divorce. Although this may seem like smart planning, if the intent is to lower the value of the business, it is considered hiding assets.
• Skimming cash from a business.
• Antiques, artwork, hobby equipment, gun collections, and tools that are overlooked or undervalued. Look for lush furnishings, paintings, or collector-level carpets at the office, reflecting income that is unreported on tax returns and financial statements. Lifestyle costs will exceed income, so document any of the cash expenses you know your spouse has incurred.
• Debt repayment to a friend for a phony debt.
• Expenses paid for a girlfriend or boyfriend such as gifts, travel, rent, or tuition for college or special classes.
• Cash kept in the form of traveler's checks and money orders. You may be able to find these by tracing bank account deposits and withdrawals.
While child support is usually given until the child reaches the age of 18, alimony can be given for definite and indefinite periods of time. Alimony can also be reviewed, because it usually follows the income of both the spouses. If income increases, the alimony is also reviewed. Alimony can also affect pension money and where you live as both are taken as "marital property". A good family divorce attorney will be able to examine your case, your income and that of the spouse, in order to protect your belongings.
Family law lawyers are often very experienced in different facets of divorce cases as one can see the increase in the number of people filing for divorce. You will have to hand over all your financial information, so that they can protect you from unfair divisions of money and property. They will determine which route will be the one that is the most suitable for you and they will fight really hard for your rights in front of the jury.
A divorce experience can become a horrible experience if a good family divorce attorney will not apply all skills and experience in defending your assets.
When filing for a divorce or if your spouse has filed for one, it is advisable to get a family divorce attorney. Divorce matters usually involve disputes, and even if they don't, it is best to remain on the safer side. The spouse might suddenly change their mind and decide to file a case for alimony, or things could actually not go as expected. A family attorney will guide you and advise on the different legal procedures and issues that could land you in soup, in the event that everything went wrong. It is better to know about child support and how much your income could be affected by the living expenses of the spouse before entering a court room without the best family attorney.
Family divorce attorney will be qualified, experienced and will be able to explain to you the risks of earning well or of having a fat bank balance. Usually the spouse who is in financial difficulty, or the one who has no property, benefits economically from the divorce. However, benefits can only be of financial nature, as emotionally and psychologically the experience of a divorce can be quite draining. If children are involved, the spouse who can afford alimony will also be responsible for child support.
Is it possible to have an easy divorce? A low cost divorce? Or do all divorce settlements necessarily end in hard feelings and financial ruin? The truth is that divorce can be low-cost and easy… or it can be a long ordeal that can drag on for months. No matter how emotional things get, just remember that you always have a choice and that your willingness to negotiate through mediation can help speed up the whole process, thereby minimizing the pain inflicted on your family.
Mediation is a legal process in which a trained, impartial third-party will offer divorce help and support by assisting both parties to reach an agreement. A couple preparing to divorce should not rely solely on a mediator. Rather, the husband and wife should consult their respective attorneys about their specific procedures and legal consequences of the mediation process.
If mediation is not successful, then the case must go to trial. In most cases, it is best to avoid a trial as attorney’s fees, alone, can pile up if delaying tactics are used. Furthermore, studies show that people feel more satisfied with mediated Separation Agreements than with those that are ordered by the court. Finally, since the process is more civil and less emotionally grueling, mediation minimizes any trauma to the children.
Life after divorce can be a fresh new start. Mediation can not only save time and money, but can also
reduce emotional and psychological baggage for everyone.
When considering divorce and its financial consequences, it may at times seem hard to believe that anyone can survive it. Vengeful wives have been known to max out their husbands’ credit cards prior to a divorce settlement and deadbeat dads have been known to refuse to pay alimony and child support. The consequences can be devastating and nightmarish.
This is why, in many cases, it can be sound divorce advice to suggest that each party consult with a Certified Divorce Financial Analyst. These professionals are often familiar with the issues regarding women and divorce, or they have insights into divorce for men. A good financial analyst can help you wade through the dangerous waters of debt and collection agencies, particularly when the debt was ordered by the court to be your spouse’s responsibility.
Ensuring your financial survival will make coping with divorce much easier. While your attorney can offer divorce support and suggestions on how to make it a low cost and easy divorce, your financial analyst will offer you divorce information that may keep you from defaulting on your payments or from doing anything that may adversely affect your credit score.
As you approach your final divorce settlement, you will want to seek out the best divorce help. Learn everything you can about how to get a divorce and hire the best attorney and financial analyst to keep you informed about your legal and financial rights and responsibilities. They may provide guidance that will make life after divorce much easier.