Once a new year starts, I see a lot of articles focusing on how to give yourself a fresh start financially, and have a generally fiscally responsible year. Some pieces take the approach of the best ways to pay down your debt, while others focus on the best way to invest your money. I recently saw an article in which a couple describes their own debt nightmare, and then goes into the details of how they paid off that debt. While being able to pay off a large amount of debt in a little amount of time is definitely impressive, what actually caught my interest in the piece was the underlying cause of the debt.
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Leave it to the Pros: The Importance of Using a Neutral Financial Professional
Understanding assets, liabilities and cash flow helps to create a solid foundation for a good negotiation. When it comes to financial disclosures and information gathering in divorce, a neutral financial professional is often used in mediation and collaborative law because it can be beneficial for both parties.
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Facing a Divorce After a Long Marriage or Late in Life
I recently read an article discussing a current “phenomenon” of the Gray Divorce – a term used for couples divorcing in their later years. Although I can’t say I like the name for it, I was prompted to do my own research as to why older couples are now choosing divorce at a higher rate than in earlier years. Over the years there has been somewhat of a cultural shift when it comes to the traditional definition of marriage. The lines between acceptable and unacceptable have become blurred, including general views on divorce. In years past, there was a social stigma attached to divorce, and along with specific religious issues, divorce was not a viable option for many people. However, because a lot of those ideals have become more relaxed over the years, couples who might not have been able to divorce in the past can do so now. While cultural and religious changes can account for some divorces, there are other reasons to consider for older generations as well.
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A Year in Review: 2014’s Most Popular Topics
As this year comes to a close, I took a look at some of the topics I wrote about throughout the year. I’ve covered a mix of different topics, ranging from co-parenting issues to unique prenuptial agreement cases. Out of all the entries I looked through, the more popular pieces tended to fall under the category of prenuptial agreements and topics dealing with finances or assets. I figured that a good way to close out the year would be to highlight some of my more popular posts, based on feedback I’ve received from others:
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Tips For a Stress-Free Holiday Season
Now that the holiday season is upon us, people tend to get pulled into a bunch of different directions. From holiday planning to finishing up odds and ends before the New Year, the holiday season can bring forth a lot of stress. Last year, I wrote about tips for a happy and successful holiday season. This year, I’m expanding on my list to include some more helpful information.
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The Best Interest of the Pet: Custody of the Pet is Real!
It happens all the time: a couple starts getting serious and may start making major purchases together. For some couples it may be furniture or a car, but many couples also choose to purchase or adopt a pet. While the relationship is going smoothly, everything is fine; but what happens when the couple breaks up? A big problem that arises in a breakup or divorce is where the pet will go. According to recent stories in the news, custody cases involving pets are on the rise in the United States. You might know of someone who went through this issue after a breakup – the former couple ends up disagreeing on whom the pet actually belongs to and who should get to keep it. However, it is possible to address these concerns in a prenuptial agreement, preventing hostile and potentially costly disagreement in the event of a breakup.
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KEEPING THE RING: IF YOU’RE GOING TO PUT A RING ON IT, YOU BETTER SPECIFY WHAT THE RING IS FOR!
In recent weeks, the internet was abuzz with people talking about the woman who got to keep her engagement ring even after she and her boyfriend (and alleged fiancé) broke up. Debbie Lopez of Long Island made headlines after a court ruled that she was entitled to keep a $10,000 ring her beau, Robert Torres, gave her, even after Lopez dumped him. She dumped him, but got to keep the pricey ring? What gives?
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5 Considerations Before You Check In at the Divorce Hotel
Many couples flock to beautiful upstate New York in the Fall for the gorgeous foliage. This month, quick-service divorces can also be added to the Fall getaway. The Gideon Putnam Resort in Saratoga Springs, New York will debut its newest feature – a designation as a “Divorce Hotel.”
The hotel sits on a beautiful piece of land and has been considered a great wedding venue for years. The “Divorce Hotel” concept has actually been in practice in Europe recently, and now the US will be giving it a try. The general premise is that instead of worrying about a long, drawn-out and hostile process, couples can come for a weekend getaway and have their divorce taken care of, while enjoying scenic walks and spa treatments during the process. While I appreciate the idea of not wanting to prolong what is already a difficult process, I, as a mediator, question whether this approach provides couples with an environment conducive to informed decision-making. Given the delicate and complex nature of divorce, coupled with its lasting consequences, checking into the Divorce Hotel should only be done, if at all, in very limited circumstances.
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Hard Work or Pure Luck – How the Manner of Your Asset Appreciation Matters
I recently read about a divorce case in Oklahoma that caught my interest because it is being dubbed “the priciest divorce ever.” Whether it’s the financial aspect or another issue, in family law it is always important to understand how the rules will be applied to your own personal situation. All states generally divide property with the goal of achieving a fair result. The difference is in the rules used to reach that result. Because Oklahoma is an equitable distribution state, like New York, I took a closer read. To be clear, an equitable distribution state looks not to just divide assets in a 50/50 manner, it instead looks for the fairest division of the property considering several factors. Only marital property is divided by the Court. Each spouse gets to keep his or her own separate property.
The case I read involves an Oklahoma billionaire, named Harold Hamm, who is at risk of losing much of his fortune. How the case will ultimately turn out depends on how his fortune actually grew. Asset appreciation is classified as either active or passive, and it is this classification that will determine just how much has to be paid out.
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Military Divorce: Considerations for a Peaceful Process
I’ve written a few pieces on divorce and always tried to point out how the divorce process can be different for every couple, depending on their specific circumstances. With the amount of military families in America, it is also important to consider certain differences and issues that a military divorce may present.
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