How the Economy Can Effect Your Divorce..

I really feel for people who are thinking about getting a divorce or in the middle of one right now. With the dire economic conditions we are facing, many couples are going to have less assets to divide and a more difficult time financially supporting two separate households.

It used to be that a couple could count on the equity in their home, 401Ks and other investments to divvy up. With the housing market crisis, stocks plummeting and the cost of living rising, many couples will not have the money available to buy a new home or even live comfortably after a divorce.

Think about this. The longer you take to settle your divorce the greater risk you are at. If you filed for divorce 6 months ago, at that time your assets were worth more than they are worth today. If we continue in this downward economic spiral, your assets will lose more value and you will get less in your divorce settlement. Another scenario that can effect your divorce is if you or your partner loses your job. Child support and alimony payments will surely be affected.

To make matters worse, if you are paying a high priced divorce attorney, his fees will mount while your divorce settlement decreases. So the best advice to divorcing couples now is to settle your divorce as fast as possible. This is no time to fight it out. With assets frozen and unable to be sold during a divorce unless court ordered, you are risking your financial well being.

If you are dealing with a hard headed spouse who has refused to settle so far, maybe it is time you explain to him or her that you will both suffer financially should your divorce drag on. The quicker you reach a settlement, the better chance you have to protect your assets.

Getting Organized During Your Divorce..

If you are facing a divorce you need to get organized and prepared. I advise anyone facing a divorce to make copies of all legal and financial documents. I found a free divorce worksheet that can help you in this process at: http://www.docstoc.com/docs/272854/Divorce-Work-Sheet Docstoc.com is a great resource of free documents that you can download.

When you get organized during a divorce it helps you feel in control in a situation where you often feel helpless and overwhelmed. Although sifting through paperwork sounds tedious, it can be exactly what you need to do right now to feel better. Knowing your families financial situation and what you cane expect to receive in your divorce settlement can also ease anxiety about your financial future.

Take some time to go through the paperwork, clean out closets, and get rid of the clutter in your life. Divorce is the end of a marriage but it is also a new beginning. By getting organized you are paving the way for your new life after divorce.

Protect Yourself And Prepare For A Divorce...

Last night we were under a tornado watch here in South Florida. Having moved to Florida from NJ last summer, I have never had to prepare for a possible tornado before. The watch turned into a warning several times during the night, forcing my kids, two dogs, and four cats and I to cram under the stairs in the laundry room. A small tornado did touch down about 20 minutes from us, but luckily no one was hurt and there was minimal damage.

I was shocked to hear today that most of my neighbors had slept through
the whole thing. The people I spoke with did not prepare or take any precautions, even
though they knew a tornado was a possibility. Had that tornado been larger and hit our neighborhood, they would have been caught off guard.

I see this kind of lack of preparation from the divorcing women I coach often.
Although the warning signs are there, they do not adequately prepare for a divorce.
It is only after they discover that their husband is hiding assets or lying about how much income he earns, do they realize they made a mistake by not making copies of all of the financial records while they had the chance.

Do not be caught in the storm of divorce. You must prepare. Many people say
they did not see the divorce coming, but usually there are tell tale signs. Trust your intuition.
You need to be able to protect yourself and your children financially in the event of a divorce.

Make copies now, before it is too late. Here is what you need to gather:

Make copies of your spouse’s pay stubs for the past eight weeks.

Make copies of your joint tax returns for the past five years.

Copy all bank statements and documentation of stock accounts, IRAs, and pension plans.

Make copies of all of your monthly bills over the past three months. These should include mortgage statements, rent payments, utility bills, car payments, insurance premiums, children’s expenses, medical expenses, and credit card statements.

Copy deeds to any properties owned jointly or in your spouse’s name.

Copy documents relating to any investments. These should include stocks, bonds, real estate, and any corporations or businesses owned in any part by you and your spouse.

Make a list of all collectibles, jewelry and other valuables. Photograph or videotape these items. Also list all furnishings and take pictures of these as well.

Discover how to secure your financial outcome during a divorce...

Should You Keep Your Married Name After A Divorce?

One issue often overlooked during a divorce, is whether or not to keep your married last name. I remember my lawyer asking me if I wanted to continue to use my married name during a divorce hearing. It was honestly something I hadn’t given much thought to at the time. With all of the divorce drama going on, it had slipped my mind that I had the option to revert back to my maiden name.

I initially decided to return to my maiden name and asked for it to be changed at my final divorce hearing. But then something strange happened. As the months passed, I continued to use my married last name, putting off changing my driver's license and credit cards. Something just did not feel right about changing my name back to the name I once used long ago. I felt like I wasn’t that person anymore, yet I also did not feel comfortable using my married last name. I certainly was not the same person who used that name either.

In the end I decided to give myself a new last name. One that I choose. I shortened my married last name and gave myself a brand new identity. I went to court and legally changed my name. It felt right and it was empowering to begin my new life after divorce with my own chosen identity, not the name I was born with and not the name I got from being married.

There are several issues to consider when deciding whether or not to keep your married name after a divorce. Here are few:

1. Your children. Do you want to avoid confusion at school by keeping the same last name as your kids?

2. Paperwork. Changing your name means changing your driver's license, bank accounts, credit cards and countless other documents. Expect to spend time and energy taking care of this.

3. Have you established yourself professionally with your married name? If so you may not want to change it.

In the end, make sure it is your own decision to change or not change your last name. Don't give into pressure from your ex, who may object to you using your married name. It is perfectly legal to continue to use your married name after a divorce. If you no longer wish to use your married name, then make sure you are comfortable going back to your maiden name. If not, you may want to do like I did and create your very own new last name.