NEW TRENDS IN SPOUSAL SUPPORT

DO I STILL HAVE TO PAY SPOUSAL SUPPORT ALTHOUGH MY CHILDREN HAVE GRADUATED FROM HIGH SCHOOL?

Generally in a divorce case, the higher bread winner will be required to pay the other spouse, "Spousal Support" for 1/2 length of their marriage. However, in cases over ten years, which are considered "Long Term" Marriages, this is not always the case and Spousal Support can be ordered for an indefinite amount of time.

However .........

A proposed Senate Bill would provide that termination of child support, due to a child's completing 12th grade or reaching the age of 19 years, would constitute a "changed circumstance" that could be the basis for modification of a spousal support order.

Under the current law, a trial court cannot change a spousal support order without showing that there has been a reason to do so. The current case law suggest that the termination of child support does not automatically justify a reduction in spousal support. However the new legislation would allow the termination of child support to constitute a possible basis for a modification of spousal support.

I will keep you posted....

HOW TO AVOID THE 7 COSTLY FINANCIAL MISTAKES DURING YOUR DIVORCE....

This is always a huge topic in most divorce cases .... Finances! Therefore, I have provided you with 7 Financial Mistakes to Avoid when going through your divorce.



Please note that I am an attorney presenting to you re-occurring financial problems that often arise during a divorce. I am not a financial advisor nor tax consultant!!! After you know what to look for, I strongly suggest you contact both a financial advisor AND tax consultant to assist you in making your Financial Decisions.



7 FINANCIAL MISTAKES TO AVOID DURING YOUR DIVORCE......

1. KNOW YOUR "LIQUID ASSETS:" Know which of your assets are "Liquid" Assets (immediate cash flow such as a bank accounts) versus an "Illiquid" Assets (not so immediate cash flow such as a house). You want to be sure that you have enough "Liquid" Assets to pay your household bills, children's school tuition, etc.

2. KNOW YOUR TAX BENEFITS/RAMIFICATIONS: With the division of property and child and spousal support, it is crucial that you understand the effect of taxes on your divorce, such as "Capital Gains" and the effect on your "Income Taxes," etc.

3. KNOW THE RULES OF YOUR RETIREMENT ACCOUNT: Although this is also a tax issue, you need to understand not only the tax issues but the potential penalties as well. Make sure to also understand the varying options of dividing your plan.

4. MAKE A BUDGET AND STICK TO IT: After separating from your spouse it is crucial to understand your income and expenses. Many individuals have a very difficult time adjusting to less income and adjusting their lifestyle. That's OK. A financial professional can sit you down and assist you with this process.

5. BEWARE OF "HIDDEN ASSETS:" Be sure that you are aware of ALL assets belonging to you and your spouse. Otherwise, your spouse may walk away with way more than deserved. Be sure to pay close attention to Tax Returns, Corporate Tax Returns, All Bank Accounts; IRA Statements, Children Bank Accounts, etc.

6. MAKE SURE YOU ARE AWARE OF ALL OF YOUR CREDIT CARDS AND CREDIT SCORE: When you are starting your life anew, if possible, you want to do so with good credit. Make sure you understand the debt, so you can be sure to protect yourself!

7. DO NOT ALLOW YOUR SPOUSE TO MAKE ALL THE FINANCIAL DECISIONS: Make sure you have copies of EVERYTHING, including your Tax Returns for the previous 2 to 3 years, Bank Statements for ALL of the accounts, Brokerage Statements, Children's Accounts, etc.

It's extremely simple to avoid many of these mistakes and I strongly recommend that you contact a financial advisor AND Tax Advisor before you make any financial decisions.

I WANT A DIVORCE...BUT I DON'T WANT TO FIGHT!

I hear this all the time: I want a divorce... but I don't want to fight....

So often parties engaged in divorce and their respective counsel get so caught up in the divorce process that all parties involved lose sight of the true goal in all dissolution proceedings, such as amicably dissolving the marraige, ensuring that the children are adequately cared for, reaching a fair distribution of all assets, and encouraging both parties to maintain a civil relationship for the well being of their children.

1. So, many client's often ask, "This how sounds great, but how can we possibly not fight and amicably dissolve our marriage?"

I then respond, "I am so happy that you asked!" Collaborative family law is an effective way for individuals contemplating divorce to reach fair resloutions. The goal of Collaborative law is to achieve a fair and equitable settlement and to accomplish the thoughtful restructing of the family.

2. My client's then ask, "How does this work?"

I then respond: Each party dedicated to the collaborative process will be represented by an attorney who will provide full legal protection. Additionally, each party will also have the support from a psychological expert and a neutral financial professional to provide analysis and advice.

A series of meetings will be scheduled to examine the issues involved , explore options and work toward an agreement that is suitable for both parties. We will all continue to engage in such meetings until a full resolution has been obtained.

3. My client's then say: "Ms. Graves, this process sounds extremely expensive!"

I then say: The dissolution process is an expensive process and it would be extremely worth it to have a superior resolution process that is fair and safe! And to be honest, the collaborative family law process is substantially less expensive than cases that are litigated in court, but MUCH more satisfactory.

AFTER THIS LENGTHY CONVERSATION MY CLIENT'S THEN SAY, "MS. GRAVES, PLEASE SIGN ME UP!"

If you would like to learn more about this process please do not hesitate to contact me at demetria.graves@gmail.com.