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

by Woodhouse, Violet

• ISBN13: 9781413305227
• ISBN10: 1413305229
• Edition: 8th
• Format: Paperback
• Copyright: 2006-11-30
• Publisher: Ingram Pub Services

Summary

Commonsense strategies for dividing debts, setting alimony, negotiating a fair settlement and more.

Author Biography

Violet P. Woodhouse, noted author, lecturer, seminar presenter and consultant to the media in the areas of family law and personal finance, is a foremost authority on the financial and tax aspects of divorce. Co-author of Divorce & Money, she has also written articles for or has been quoted in such publications as the Wall Street Journal, New York Times, Working Woman, Lear's, Money Magazine and Kiplinger's Personal Finance Magazine. Worth Magazine has named her one of the top 60 financial advisors in the nation. She lives in Newport Beach, CA. Dale Fetherling has written, edited or co-authored more than a dozen nonfiction books. He's the former editor of the Los Angeles Times' San Diego County edition and has taught writing and editing at four major colleges and universities.

Table of Contents

Introduction: Your Financial Companion During Divorce	1	(3)
A Note on Same-Sex Marriage and This Book	4	(1)
If You Are Feeling Overwhelmed	5	(1)
How to Use This Book	5	(2)
Legal vs. Financial Realities of Divorce	7	(12)
Lessons in Legal Reality	9	(6)
Your Best Strategy: Think Financially---Act Legally	15	(1)
Legal vs. Financial Stages of Divorce	16	(3)
Financial Realities No One Talks About	19	(10)
In Divorce, Everything Takes Longer and Costs More	21	(1)
When You're Connected to Another Person Financially, You're at Risk	22	(1)
The IRS Is Watching Your Divorce	23	(1)
Cash Is King	24	(1)
You're Playing for Keeps	25	(4)
Emotional Divorce: Managing the ``Money Crazies''	29	(14)
Reduce Stress Whenever You Can	31	(2)
Safeguard Your Sanity	33	(1)
Watch Out for Sore Spots	33	(2)
Be Prepared for Bad Scenes	35	(2)
Develop a Financially Focused Mental Attitude	37	(1)
Avoid the ``All at Once'' Syndrome	37	(1)
Manage the Ebb and Flow of Emotions	38	(2)
Don't Let Financial Tasks Overwhelm You	40	(3)
The Hardest Part: Is My Marriage Really Over?	43	(4)
The Separation: What Happens When One Spouse Moves Out?	47	(14)
The Separation Date	49	(9)
Questions to Ask an Attorney	58	(3)
Closing the Books: What Do We Do With Joint Property?	61	(12)
Joint Account Checklist	62	(10)
Questions to Ask an Attorney	72	(1)
Getting Help: Who Can I Turn To?	73	(24)
Questions to Consider When Seeking Outside Help	75	(2)
Selecting Professionals to Assist You	77	(20)
Financial Fact-Finding: What Must I Know and When Must I Know It?	97	(20)
Advice to the Terminally Disorganized	99	(2)
If You Think Your Spouse May Be Hiding Assets	101	(1)
Don't Forget the ``Easy-to-Forget'' Assets	102	(4)
The W-2 and the Tax Return	106	(5)
What About the Gifts You Gave Me?	111	(1)
Financial Facts Checklist	112	(1)
Questions to Ask an Attorney	112	(5)
Facing the Future: What Must I Plan For?	117	(10)
Major Upcoming Life Events	118	(1)
Anticipated Financial Commitments	119	(1)
Major Goals That Will Cost Money	119	(4)
Where Does the Money Come From?	123	(4)
Protecting Against Risks to Life, Health, and Property	127	(12)
Insurance	128	(6)
Property and Estate Protection	134	(2)
Questions to Ask Your Attorney	136	(3)
Taxes: How Do I File and Pay?	139	(16)
Get a Rough Estimate of Your Tax Bill	140	(1)
What Status Can Be Used When Filing Tax Returns?	141	(2)
When in Doubt, File Separately	143	(4)
What to Know If You File Jointly	147	(3)
Dividing the Joint Tax Liability---Or the Refund	150	(3)
Tax Issues Involving Temporary Alimony or Child Support	153	(1)
Get Your Tax Agreement in Writing	154	(1)
Questions to Ask Your Tax Adviser	154	(1)
Property and Expenses: Who Owns and Who Owes What?	155	(34)
Who Owns What---Marital Property and the Laws of Your State	156	(3)
Who Knows What---Using Legal Discovery	159	(1)
Net Worth---What Do You Own and What Do You Owe?	160	(12)
The Difference Between Assets and Income	172	(1)
Cash Flow---Where Does the Money Go?	173	(4)
Questions to Ask Your Attorney	177	(12)
What Will Happen to the House?	189	(38)
Financial Versus Legal Realities	191	(1)
The House---Keep It, Transfer It, or Sell It? Now or Later?	192	(1)
Steps Toward Settling the House	192	(32)
Questions to Ask Your Attorney or Financial Adviser	224	(3)
Retirement Benefits: Who Gets What?	227	(40)
Understanding Retirement Plans	231	(9)
Qualified Domestic Relations Orders	240	(3)
The Legal Value of Your Retirement Plans	243	(3)
The Financial Value of Your Retirement Plans	246	(4)
Calculating the Financial Value of Plans	250	(6)
Additional Financial Factors Affecting Retirement Plan Divisions	256	(3)
The Division Decision: Now or in the Future	259	(4)
Questions to Ask an Attorney	263	(4)
Financial Investments: How Do We Divide the Portfolio Pie?	267	(48)
Concepts to Consider	270	(7)
Steps to a Settlement	277	(38)
Evaluating Employee Benefits and Stock Options	315	(16)
Employee Benefits	316	(5)
Stock Options and Nonqualified Deferred Compensation Plans	321	(9)
Questions to Ask an Attorney or Tax Specialist	330	(1)
How Will We Divide Debts?	331	(20)
General Rules on Who's Responsible for Debt	332	(2)
If You Live in a Community Property State	334	(1)
Listing Your Debts	334	(1)
Marital Debts and Bankruptcy	335	(12)
Dividing Debts at Divorce	347	(1)
Dividing Debts When There's Nothing to Fight Over	348	(1)
Questions to Ask Your Divorce Attorney	349	(1)
Questions to Ask a Bankruptcy Attorney	349	(1)
Online Resources	350	(1)
Child Support and Alimony: What Might I Pay or Receive?	351	(52)
Child Support---Legal, Financial, and Emotional Realities	354	(3)
Steps to a Settlement	357	(23)
Alimony---Legal, Financial, and Emotional Realities	380	(2)
Steps to a Settlement	382	(19)
Questions to Ask an Attorney	401	(2)
Negotiating and Finalizing the Best Possible Settlement	403	(14)
Have You Done Your Financial Homework?	404	(1)
Tallying Your Marital Balance Sheet	405	(5)
How Are the Offers and Counteroffers Made?	410	(4)
How Do You Finalize the Settlement?	414	(2)
Divorce Ceremonies	416	(1)
After the Divorce: How Do I Get From ``We'' to ``Me''?	417	(22)
How Do I Finish the Business of Divorce?	418	(4)
Can I---Or My Ex-Spouse---Change the Settlement?	422	(2)
What Do I Want to Do With My Life?	424	(6)
If You Find a New Love, Protect Your Old Assets . . . and Your Alimony	430	(3)
How Can I Move Beyond the Divorce?	433	(6)
Appendix	439
Index