Jody A Miller, Attorney At Law

Here are some helpful tips to remember when going through a divorce:

By Lisa C. Decker, CDFA(TM)
 
 
Moving into the next chapter of your life means wrapping up old business so that you can stay focused on the future.  Here are a few helpful tips to make sure that you don’t leave open any doors that really should be closed for good.
 
Some parting items that you and / or your attorney may need to deal with when your divorce decree is handed down.
 
Assets: 
•         Remember to separate all accounts and change titles where applicable.
•         For investment accounts it is most important to change your beneficiary designations as these will override what is written in a will.  If this step is missed your ex could end up with assets you did not intend for them to have.
•         Don’t forget to have your attorney file QDRO’s if you have qualified funds to split as a part of your divorce settlement agreement.
 
Debts / Liabilities:
•         Remember to separate all accounts and change titles where allowed.
•         If  you are still liable for joint debts that could not be separated before the divorce was final, then make it a top priority to get your name removed from as many joint debt accounts as possible now and when able in the future (such as when the primary residence can be refinanced).
•         Make sure to review your credit reports from all three agencies in 3-6 months after the divorce is finalized and correct any errors you may find.
•         Make sure that your divorce decree handles what will be done with any joint taxes that may be owed or refunded.  This includes federal, state, local, property and potentially others.
 
Protection:
•         Be sure to visit an estate planning attorney and have your wills changed.
•         Change beneficiaries on all life insurance policies.  As with investments, these beneficiary designations override a will.
•         Change and remove spouse from other insurance policies – Health, Homeowners, Auto, Umbrella, etc.
 
Support:
•         If you are receiving spousal and child support and need to go back to court to ask for modifications in the future, please beware of the IRS child contingency rules that could put you in a potential tax trap if you are the one paying support.  Make sure to check with your CDFA or CPA if you do ask for a modification around either of these items so you don’t inadvertently end up with a hefty tax bill.
 
These are items that are frequently forgotten amid the turmoil of divorce.  It is vitally important that you follow-up on these things as soon as possible to avoid unintended consequences that can come back to haunt you years later.
 
©2008-2010 Lisa C. Decker, CDFA(TM) All Rights Reserved.
 
Lisa C. Decker, CDFA, is an expert in divorce financial matters as she guides clients to “Divorce Your Spouse, Not Your Money(TM).”  To learn industry insider secrets on “How to Avoid Losing Control of Your Mind, Money & Material Possessions in Divorce” so you keep more money in your own pocket when dealing with your spouse, your attorney and Uncle Sam go here:  http://vur.me/dmm/Save-Money-in-Divorce.

(NAPSI)-The fact that parents are divorced should not keep special occasions such as holidays and birthdays from being joyous events–if both parents commit to shared planning, scheduling and coordination.
Divorced dad Paul Volker was navigating shared custody with his ex-wife when the stress of the situation inspired him to turn to the Internet for a better solution to their scheduling conflicts.
When he couldn’t find a resource online for divorced parents, he launched OurFamilyWizard.com  to help families reduce stress and manage schedules seamlessly.
The company’s mission is to make communication between divorced parents with shared or joint custody more effective and less stressful for the children. The site offers a neutral location where parents can let down their guard and ultimately do what’s best for their kids.
Top tips divorced parents can follow to help reduce the stress of shared or joint custody include:
• Have a plan and discuss it with your child. Let your kids know where they will be and with whom for upcoming events so they are prepared in advance. The site offers kids access to family information, such as shared calendars, free of charge with a family subscription.
• Keep kids out of the middle. Many divorced parents rely on their children to act as a messenger about changes to visitation schedules and other important matters. It’s the adults’ responsibility to show children they can count on their parents to provide organization, consistency and stability after divorce.
• Provide reassurance. Children of divorced parents need to feel protected and loved. It’s important to provide reassurance and comfort to kids during significant, landmark occasions, such as the holidays and birthdays. Let them know that there is a plan in place and that both parents are on board.
• Use technology to stay organized and keep the peace. Planning and scheduling through a neutral Internet site allows divorced parents to communicate with each other without the need to pick up the phone. It’s a secure and fair way for both parents to participate in the process away from the children. The site features shared family calendars, protected message boards, notifications and reminders, a family journal, information management and an expense log.
Visit OurFamilyWizard.com for more information.