Financial Recovery After Divorce

Financial Recovery After Divorce

 

Though the negative financial effects of a divorce can be a hard situation for any person to go through, the outcome can vary greatly depending on many situation such as Financial status, Job Status, and Custody Status. Prenups are also a major factor, as well as the court’s determination of whether one party has acted egregiously. When all is said and done, it is possible that both people will have to begin the process of financial recovery after a divorce – but in different ways.

 

Divorce Lawyer

 You may hear or read advice that uses the term “rebuilding” your finances after a divorce. This is wrongly used in many cases because there are situations where one or both parties can break even or come out ahead financially. “Recovery” is a much better word because the combination of plans made and community property will be divided, many times unequally. Therefore, recovery can be more of a challenge for one party than the other.

 

The first thing to do is to circle your financial wagons. Determine how much you will have to pay to the other person for monthly alimony and/or child support. Consider it as a monthly bill like your rent or utility bills. Since many families have depended on two wage earners to mete expenses, it is important to recognize there is only one after the divorce. If a prenup exists, remember that it will be just a piece of paper once the court has divvied up the assets and property of the marriage. Financially recovering from a divorce can be especially difficult if you are not employed for any reason and have to assume all the financial responsibilities as a result.

Money from Divorce

 

Once you have taken stock of all your financial assets, you need to protect the assets you have. This will likely mean you will hire an attorney and a financial advisor – one to protect your assets and the other to manage them. One of the best sources for finding a lawyer and financial advisor who can be trusted is the recommendation of a trusted friend or colleague. Going it alone is highly discouraged as you will be going through emotional turmoil in addition to adjusting to a whole new lifestyle.

 

Specifically, you will need to divorce yourself from your ex-spouse on all financial connections – credit cards, loans, joint property holdings that have not been settled through the divorce, etc. It is not the time to be nice because you are likely to be putting your own financial future at risk by staying connected. Legally you are not a couple, and that applies financially as well. Divorces are very often painful experiences, and maintaining financial connections only presents an opportunity for muddying up the waters now and in the future.

 

There are two basic categories you will find yourself in – financial survival or financial management. If you have a good job and are able to hit the ground running after the divorce, then it is a matter of protecting what you have – and what you expect have. Survival is more difficult, especially if you do not have a job and have to make child support or alimony payments. You will need to establish a foundation to get financially stable, which means having a place to live, money for food, and a way to look for and get to a job. You will not be able to move forward without a dependable source of income – or perhaps more than one source.

If you are in the position to focus on the management of your finances, then act like you are married. Avoid falling into the trap where because you are now single you can easily afford the child support or alimony payments, that you do not have to plan for the future. In fact, the truth is the opposite of the perception. If you have children you will want to be prepared to help them along the way, which includes sending them to college. If you plan to marry again, which many people do, then you will want a more secure financial future (with the requisite prenup at the appropriate time) – and the time to start is now.

 

If you are the one who is awarded primary custody of the children, recovering from a divorce is likely to be more of a challenge. The most common reason is that it is very difficult to plan your financial affairs because there are always unexpected expenses or emergencies that will come up that involve the children, forcing you to either scuttle or revise your financial plans. The best approach for such situations is to put away as much cash as possible in liquid assets, such as bank accounts, and only when your new lifestyle is established and there is a fixed monthly income-expense pattern will it be safe to move forward – slowly. A passive income source is a good way to shorten the time between divorce and having financial wiggle room.

 

The key to successfully recovering financially after a divorce is to make as few changes to your daily routine as possible. Do not quit your job, relocate, or become socially reclusive. There is a time for everything, but that time is not supposed to negatively affect you, especially in the financial arena. Many people find that professionals such as attorneys and financial advisors can keep you afloat during the worst times after a divorce. Consider them to be both resources and assets to create a new foundation for financial recovery.

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Top Three Reasons To Hire A Divorce Lawyer

Top Three Reasons To Hire A Divorce Lawyer

Divorce Lawyer

It is sensible to hire a divorce lawyer rather than representing yourself in any divorce case. The three important reasons for hiring a divorce lawyer include : lawyers have more knowledge about the matrimonial laws and family court proceedings, a lawyer can present a wide range of options to consider and he/she will be able to take care of paperwork efficiently.

 

 

If you right at the beginning of the divorce process then it is better to hire a divorce lawyer rather than considering representing yourself. The Divorce process can be extremely complicated and confusing which can be hard to understand by oneself. So having a divorce lawyer is a sensible solution as he or she will be able to breakdown all the benefits, features and things which will be beneficial or not so good for you in the long term. Here are three great reasons to hire a divorce lawyer right from the start while dealing with divorce.

Knowledge about matrimonial law and proceeding at family court

If you choose to represent yourself in family court then you will not get any special treatment or be seen the same as a lawyer. You may also have problems in your attempt to clarify your own stand due to lack of knowledge related to the matrimonial law and family court proceedings. Family lawyers are known to be experts at handing proceeding at family court and have a better understanding of matrimonial laws. Hiring a divorce lawyer will help you in being prepared for facing  questions and expressing your needs and requirements in a sound fashion.

A Divorce attorney can suggest options

A divorce attorney will be able to evaluate the situation and can offer some incredible options for you. Giving their experience they will be able to offer a wide range of options in order to settle your case in the most favorable and beneficial manner. Representing yourself will not showcase these options rather it will end up in increasing the delay for the right kind of judgment. Another dilemma faced by people representing themselves is whether or not to take the settlement proposal offer by the other side.

The Divorce process has a lot of paperwork

Going through the divorce process you will be overwhelmed by the wide amount of paperwork which has to be filled with the court. Hiring a divorce lawyer will help in dealing with wide range paperwork in the most efficient manner. It should be noted that producing complete paperwork is crucial in the divorce process as it can have a considerable amount of impact on the outcome of the case.

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Preventing Child Relocation in Knoxville

Preventing Child Relocation After Divorce

Families get torn apart on a daily basis. However that doesn’t mean the children should have to suffer because of it. After a divorce is finalized and the custody of the child or children has been given to one of the parents, oftentimes, said parents have thoughts about relocating. The parent usually wants to move to receive a brand new start away from the pain and chaos of their divorce. They feel like by moving, they can start all over again or they might be moving for a chance at a new romance, to be closer to other family members, or as a career choice.

Relocation after a divorce has become a very common issue. Children should not be torn away from their homes, families, and all they have ever known. It is not fair to the children or the parent that they might be taken away from. Hire a Knoxville family attorney to prevent your children from moving far away from you. There are many people constantly working to make sure that family law in Knoxville stays fair and keeps all family close to their children.

One of the first things that can be done to avoid relocation is to include a notice provision into the settlement agreement and the Divorce Decree. Finding the best child custody lawyer takes top priority, a good lawyer can help parents to come to a peaceful settlement and help write a Divorce Decree that both parties are happy with.

A notice provision states that if a parent is planning on moving out of state, they must notify the other partner in advance. This lets both parents have the time to attempt to work something out that is agreeable to both of them, but if an agreement cannot be reached, the other parent has enough time to object to a family court. Some parents may want to consider a final “no-relocation” clause in their Divorce Decree. This would prevent the guardian from moving the child a certain distance away from their current home without the other parent agreeing to it.

Knoxville Divorce Attorney are here to help you prevent your child from being relocated away from you. Family law in Knoxville is determined to keep your family close to you. Denna Middleton is the best child custody lawyer that anyone could ask for. It is the hope of  our family law Office in Knoxville that every child not be separated from either of their loving parents.

Pick the right person to handle your family custody case today! Contact Us Now

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Value of Prenup Agreements Knoxville TN

Divorce Attoreny Knoxville, Divorce Lawyer Knoxville TN

 

Value of Prenup Agreements

Prenuptial agreements, shortly known as prenup agreements are legal contracts entered into before the marriage takes place. These legal agreements usually include the following provisions:

  • Proposals for the asset distribution in the event of divorce or death.
  • Determining the distinctions between marital properties subject to distribution as well as separate properties which every party retains.
  • Protecting one spouse from the debts of the other spouse
  • Waiving or predetermining spousal support which includes the duration or amount of spousal support.
  • Protecting estate plans.
  • Protecting income against considered marital assets.
  • Protecting children from the previous marriage.
  • Protecting confidentiality

Prenuptial agreements can actually go so far in order to protect the rights of individuals in case marriage will no longer work out. Without such agreement, which particularly delineates how assets must be distributed, the titled spouse owning the assets before the marriage is the only one legally entitled to keep the ownership of properties that are separately owned in the event of divorce.

The Significance of Prenup Agreements

There are common misconceptions that prenup agreements benefit only the wealthy ones. However, law reports highlighted that the value of prenup agreements can be enjoyed by wider population. Individuals can benefit from these agreements in the following ways:

  • Couples are able to meet their needs independently.
  • When a party has particular assets to protect like business assets or inherited wealth.
  • Where one party anticipates obtaining wealth after the marriage
  • Overseas couples coming from the place where prenup agreements are commonplace.
  • Couples with children from past marriage or relationship. This ensures that properties are passed to these children.

Seek Legal Help from Knoxville Divorce Attorney

If you are in Knoxville and you are thinking about your marriage and your desire to avoid unnecessary stress in worst case scenarios, Knoxville divorce attorney can help you protect your own assets. If you need legal advice about prenup agreements and other divorce related issues, you can contact this knowledgeable attorney to help you gain clearer understanding and know your rights as well.

Knoxville divorce attorney specializes in prenuptial agreement which is said to be an excellent tool in establishing financial rights of every spouse during unfortunate event of divorce. Prenuptial agreements are also tools to secure personal assets, family business and welfare of children. You might be required to have a qualified attorney by your side so it would be best to call the best, Knoxville divorce attorney when the need arises. This Knoxville divorce attorney is expert in different areas covered by the Family Law such as divorce, prenuptial agreements and more.

If you want to ensure the protection of your children or you are planning to remarry, a highly experienced Knoxville divorce attorney can help you deal with all legal forms including prenuptial agreements. This attorney is highly efficient when it comes to handling all the legal documents related to the prenup agreement. If you have any doubt or there is something bothering your mind about this agreement, you can ask your Knoxville attorney and let him explain for you to gain clearer understanding.

 

Contact The Law Offices Of Denna Middleton Today!

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