Divorce and Money: How to Make the Best Financial Decisions During Divorce

by Woodhouse, Violet; Collins, Victoria F.; Blakeman, M. C.; Fetherling, Dale; Judd, James; Sherman, Spencer

• ISBN13: 9780873375580
• ISBN10: 0873375580
• Edition: 5th
• Format: Paperback
• Copyright: 2000-06-01
• Publisher: Ingram Pub Services

Summary

This definitive guide to evaluating assets during divorce, including houses, businesses, retirement plans, and investments shows readers how to determine alimony and child support, allocate debts, and file the most beneficial tax return possible. Illustrations.

Table of Contents

Introduction
Legal vs. Financial Realities of Divorce
Lesson in Legal Reality	3	(3)
Your Best Strategy: Think Financially---Act Legally	6	(1)
Legal vs. Financial Stages of Divorce	6
Financial Realities No One Talks About
In Divorce, Everything Takes Longer and Costs More	2	(1)
When You're Connected to Another Person Financially, You're at Risk	3	(1)
The IRS Is Watching Your Divorce	4	(1)
Cash Is King	4	(1)
You're Playing for Keeps	5
Emotional Divorce: Managing the ``Money Crazies''
Reduce Stress Whenever You Can	3	(1)
Safeguard Your Sanity	3	(1)
Watch Out for Sore Spots	4	(1)
Be Prepared for Bad Scenes	4	(1)
Develop a Financially Focused Mental Attitude	5	(1)
Avoid the ``All at Once'' Syndrome	5	(1)
Manage the Ebb and Flow of Emotions	6	(1)
Don't Let Financial Tasks Overwhelm You	7
The Hardest Part: Is My Marriage Really Over?
The Separation: Who Must Move Out, and by When?
The Separation Date	2	(5)
Questions to Ask Your Attorney	7
Closing the Books: What Do We Do With Joint Accounts?
Joint Account Checklist	2	(4)
Questions to Ask Your Attorney	6
Getting Help: To Whom Can I Turn?
Questions to Consider When Seeking Outside Help	1	(2)
Selecting Professionals to Assist You	3
Financial Fact-Finding: What Must I Know and When Must I Know It?
Advice to the Terminally Disorganized	2	(1)
If You Think Your Spouse May Be Hiding Assets	3	(1)
Don't Forget the ``Easy-to-Forget'' Assets	4	(2)
What About the Gifts You Gave Me?	6	(1)
Financial Facts Checklist	6
Facing the Future: What Must I Plan For?
Major Upcoming Life Events	2	(1)
Anticipated Financial Commitments	3	(1)
Major Goals That Will Cost Money	3	(1)
Where Does the Money Come From?	4
Protecting Against Risks to Life, Health and Property
Insurance	1	(3)
Property and Estate Protection	4	(2)
Questions to Ask Your Attorney	6
Taxes: How Do I File and Pay?
Get a Rough Estimate of Your Tax Bill	2	(1)
What Status Can Be Used When Filing Tax Returns?	3	(1)
When in Doubt, File Separately	4	(2)
What to Know If You File Jointly	6	(2)
If We Owe Taxes or Will Get a Refund	8	(1)
Obtain a Court Order for Temporary Alimony or Child Support	9	(1)
Get Your Tax Agreement in Writing	10	(1)
Questions to Ask Your Tax Advisor	10
Property and Expenses: Who Owns and Who Owes What?
Who Owns What---Marital Property and the Laws of Your State	2	(1)
Who Knows What---Using Legal Discovery	3	(1)
Net Worth---What Do You Own and What Do You Owe?	4	(7)
Cash Flow---Where Does the Money Go?	11	(2)
Questions to Ask Your Attorney	13
What Will Happen to the House?
Financial Versus Legal Realities	2	(1)
The House---Keep It, Transfer It or Sell It---Now or Later?	3	(1)
Steps Toward Settling the House	4	(16)
Questions to Ask Your Attorney or Financial Advisor	20
Retirement Benefits: Who Gets What?
Understanding Retirement Plans	2	(6)
Qualified Domestic Relations Orders	8	(2)
The Legal Value of Your Retirement Plans	10	(1)
The ``Financial Value'' of Your Retirement Plans	11	(3)
Calculating the Financial Value of Plans	14	(3)
Financial Factors Affecting Retirement Plan Divisions	17	(3)
Dividing IRAs, Defined Contribution Plans or TSAs or Defined Benefit Plans	20	(12)
Questions to Ask Your Attorney	32
Financial Investments: How Do We Divide the Portfolio Pie?
Concepts to Consider	2	(4)
Steps to a Settlement	6
Business Assets: What Are They Really Worth?
Valuing Businesses at Divorce---the Basic Concept	1	(1)
Steps to a Settlement	2	(10)
Questions to Ask Your Attorney or Tax Specialist	12
How Will We Divide Debts?
General Rules for Separated, Divorced, and Married People	1	(1)
If You Live in a Community Property State	2	(1)
Listing Your Debts	3	(1)
Marital Debts and Bankruptcy	4	(3)
Dividing Debts at Divorce	7	(1)
Dividing Debts When There's ``Nothing to Fight Over''	8	(1)
Questions to Ask Your Attorney	8	(1)
Some Online Resources	8
Alimony and Child Support: What Might I Pay or Receive?
Alimony---Legal, Financial and Emotional Realities	2	(1)
Steps to a Settlement	3	(10)
Child Support---Legal, Financial and Emotional Realities	13	(2)
Steps to a Settlement	15	(9)
Questions to Ask Your Attorney	24
Negotiating and Finalizing the Best Possible Settlement
Have You Done Your Financial Homework?	2	(1)
Tallying Your Marital Balance Sheet	2	(3)
How Are the Offers and Counteroffers Made?	5	(2)
How Do You Finalize the Settlement?	7	(1)
Divorce Ceremonies	8
After the Divorce: How Do I Get From ``We'' to ``Me''?
How Do I Finish the Business of Divorce?	1	(2)
Can I---Or My Ex-spouse---Change the Settlement?	3	(1)
What Do I Want to Do With My Life?	4	(4)
If You Find a New Love, Protect Your Old Assets...and Your Alimony	8	(1)
How Can I Move Beyond the Divorce?	9
APPENDIX Resources Beyond the Book
A. Law Libraries	A/1
B. Lawyers and Typing Services	A/2
C. Online Legal Resources	A/4
D. Additional Resources	A/4
E. Present Value Factors Table	A/7
F. Future Value Factors Table	A/10
G. List of Professional Advisors	A/13