10 Jun 2016

Why Post-Divorce Finances Are Trickier Than You Think

Most people need help to implement their divorce order properly.

After a long, emotionally charged divorce process, you’ve arrive at a final divorce settlement agreement. It seems fair, reasonable and satisfying. You expect to receive what the final judgment states you are due.

Brace yourself: Chances are that the steps required to meet the terms of a divorce agreement will leave you and your ex-spouse confused, frustrated, and still adversarial.

In my experience of over 25 years as a divorce financial planner, I have found most people need help to implement their divorce order properly. The necessary logistical details are rarely spelled out in a divorce agreement, and they always place the burden of follow-through on the divorced couple.

But most ex-spouses fail to create what they need: a mutually acceptable post-divorce action plan for moving forward. Such a plan lays out step-by-step actions in order of their priority, along with a timetable for achieving them. The goal is to avoid inaction, ambiguity, noncompliance, and—most importantly—inadvertent forfeiture of entitlements.

Here are only some of the problems you might face:

  • Enforcing obligations to pay child support, alimony
  • Ensuring compliance with custody and parenting agreements
  • Non-payment of debts
  • Failure to list the family home for sale or refinance its mortgage
  • Improper division of assets
  • Failure to divide assets at all

Attorneys benefit greatly from this post-divorce angst and may even perpetuate conflict through court motions and motions for contempt.

Problems can get particularly knotty when you’re dividing assets. Say, for example, you are dividing retirement accounts. You are ordered to divide these accounts equally and in-kind and with each ex-spouse retaining his or her own accounts as appropriate.

To read more about this article click the link: http://ti.me/1XewzJF

For more information regarding divorce, we recommend that you contact us at the Law Office of Alice Pare at 301-515-1190 or visit our website at: https://www.alicelaw.com

Do not at any time take the risky move of going at it alone.  We have a wide choice when it comes to going it alone but with the professional advice, you will need.

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