Browsed by
Category: Dealing With Divorce

Dealing With Divorce: Contested And Uncontested Procedures

Dealing With Divorce: Contested And Uncontested Procedures

Divorce has two distinct faces or, rather, types: a contested divorce and an uncontested divorce.

terms and conditionsA contested divorce is a divorce where both parties can’t come to any type of agreement. This applies to when they can’t agree about the terms of the divorce (asset division, debt allocation, alimony, child support, etc) or even about getting divorced in the first place, you’ll have to hire a Tampa lawyer in this case.

An uncontested divorce is the opposite. In this case, both parties agree on everything they need to do to carry out the divorce. They usually don’t need court intervention for asset division, alimony or child support/custody. In other words, these divorces end faster and place less of a financial and emotional burden on both parties.

Contested or uncontested?

Most divorces start contested, as in the process starts as a contested divorce would. Before actual divorce trial, both parties should reach an agreement on the financial terms and other terms regarding the divorce. This is otherwise known as a settlement. Both spouses typically don’t appeal the settlement, since they usually agree with the terms of the settlement—hence, the point of the process. The fact that both spouses agree to settle, and usually without legal intervention, makes their divorce an uncontested one.

Lawyers and judges typically side with uncontested divorces for that reason. Though, if the divorce does remain contested, it’s the job of both lawyers (for each party) to come up with a way to make both parties settle.

On an interesting note, changes to the economy have made divorcing parties handle their own divorces. Most of these successful settlements are the result of uncontested divorces completed without the aid of hiring a lawyer. This type of divorce settlement is great for parties who have amicably resolved their differences and want to complete the divorce as soon as possible.

If the divorce remains contested (and both parties can’t come to an agreement), legal intervention is required to make a proper settlement. It’s highly advised to hire a lawyer for a contested divorce. Not only can they help walk you through the process, but it’s absolutely not recommended to represent yourself in a contested divorce, due to the legal complexities and emotional stakes.

Most, if not all, divorcing parties want an uncontested divorce. Some of those parties end up dealing with contested divorces. It’s up to you to work with your spouse to come to an agreement and

Dealing With Divorce: The Cost Of Children

Dealing With Divorce: The Cost Of Children

Divorce is expensive, in many respects. Not only do both parties have to deal with court and legal fees, they also have to deal with their own individual living expenses. Most of the time, that includes the expenses they’ll need to take care of their children.

According to The law office of Ned C Khan, since both parties are effectually separated, they both responsible for doling out finances for their children. If they have multiple children, those expenses add up. The courts, too, decide how those expenses get divided among the spouses, having one spouse agree to pay support (child support) to keep their children financially secure.

The cost of children

Not only is divorce expensive, raising children is, too. Add divorce into the equation of raising children, and the costs add up fast. And, both parties need to understand that before proceeding with their divorce.

Depending on the salary, one party (usually the spouse who earns the most) must pay a specific amount of funds to the spouse with sole custody of the children. In most cases, this depicts the father paying child support (as ordered by a court) to the mother of the children (or child).

In this example, we’ll look at child support only, since spousal support is a different matter. A father of two children may decide to move into a separate apartment upon deciding to divorce his wife. When that happens, he’s responsible for paying for his new living expenses and any expenses associated with his children’s financial viability.

Sometimes, paying for themselves, their children and their legal fees leaves them in a situation where their finances are depleted. That’s where many responsible parties find themselves in trouble, since their salary can no longer support their living expenses and their children’s expenses. This causes them to fulfill their obligations of paying child support while having to deal with financially supporting themselves and the divorce proceedings.

The cost of children can come into play even when the leaving spouse finds another place to live. If they’re allowed to see their children, they’ll essentially need to have a place for their children to stay. So, instead of renting a single bedroom-bathroom apartment, they’ll need one with multiple bedrooms (and even bathrooms) instead.

The cost of children is a big factor many divorcing parties don’t surmise until it hits them. Both parties, as always, are recommended to talk to a financial adviser about how to manage their finances.

Dealing With Divorce: Should You Give Up The Marital Home?

Dealing With Divorce: Should You Give Up The Marital Home?

The marital home was once a simple way for both spouses to receive some funding for their replacement home or refinancing an existing mortgage. Since the collapse of the housing market within the past decade, that is no longer as much of a reality as it seems.

Should you keep the marital home?

marital homeBoth divorcing parties now have difficulties deciding how to divide up the value of their marital home. While looks easy, most homes now experience a depreciating value. When a home’s value depreciates, it’s difficult to get any value out of the home in the first place. So, when that value is divided up between both parties, there’s literally no value to share. Both parties may even be unable to cover the costs for maintaining their home and/or mortgage payments at the time of the divorce.

That usually raises the following question: should you give up the martial home?

Most divorcing parties actually end up keeping their marital homes under joint ownership during and even after the divorce process. This usually happens when the home’s value has depreciated to the point that selling it isn’t an option (at that point in time).

The conditions of keeping the home

According to Michael Dreishpoon, an aggressive personal injury lawyer, since homes are considered a ‘barren asset,’ both divorcing parties need to think about whether or not the home is worth keeping. The condition of the housing market influences that decision, since it’s volatile to a point that home values may depreciate by as much as 30 percent in some markets. While housing values don’t deprecate that much nowadays, even the smallest loss in value can make the house look ‘worthless’ in the eyes of both parties.

Both parties might not even have enough finances to keep paying for the home, too. Even the job market in many states makes it difficult for people to make a living, since a lot of people struggle to find and keep work. Both parties, particularly if they’re having difficulties in that regard, likely won’t be able to maintain their mortgage if they have those particular troubles.

That alone is a big reason why some couples don’t immediately divorce: the financial burdens. Those parties choose to seek mediation and live together until they’re financially stable enough to divorce. That usually includes keeping the martial home together.

When you think about it, it’s often financial reasons keeping the marital home in the sights of both divorcing parties. Both parties have the responsibility to talk to financial and/or legal aid about the best

Dealing With Divorce: Are There Hidden Assets In Your Marriage?

Dealing With Divorce: Are There Hidden Assets In Your Marriage?

The term assets means a lot of things. In this case, it’s a piece of property. An asset is commonly known as a type of property owned by a person, regarding as holding some type of value which can be exchanged for fulfilling debts and other commitments. In most contexts, an asset is what someone owns. The asset itself could be non-physical or physical; both types of assets have one thing in common, though: they’re worth something in monetary value.

In a divorce, asset division is a large part of settling the entire divorce. Assets have to be divided between both parties, especially if both parties hold some stakes in whatever assets. It’s only fair, after all. Though, is it really fair to keep some assets ‘hidden’ away from the division proceedings?

Hidden assets

A hidden asset, in the case of a divorce, is a property hidden by one spouse from another spouse.

Hidden AssetsThey’re also considered difficult to discover rather than to conceal. A hidden asset can introduce more issues to divorce proceedings than expected. That alone is a big reason why both parties need to communicate and remain honest with each other throughout the divorce proceedings.

Managing assets and keeping them in the open

There are ways that both parties can manage their assets before undergoing divorce proceedings. That allows them to have evidence in the form of documentation showing the number of assets they own or manage under their individual name.

Compiling detailed financial records with asset assessments or asset valuations is the best way to do that. It’s also the best way for each party to protect themselves, in the midst of a particular emotional divorce process.

Some parties are known to employ financial tactics to attempt keep assets ‘well hidden’ until the conclusion of the divorce proceedings. Sometimes, this involves circumventing the acquisition of financial bonuses or assets well until the divorce proceedings end. It’s suggested, especially if you suspect it happening, to hire a forensic accountant to investigate possible ‘foul play’ in regards to the other party keeping certain assets out of the picture.

Investigating hidden assets before and during divorce proceedings is completely normal, in terms of seeking an amicable divorce with the other party. Being honest about where assets and other finances not only helps the divorce come to an amicable end, but it also helps both parties have a piece of mind