THE DIVORCE ADVICE THAT CAN CHANGE EVERYTHING
by Jonathan Livnat
In her article “The Twelve Financial Pitfalls of Divorce”, says Ginita Wall that “during divorce, many women are concerned about financial survival—and with good reason. Studies show that in the first year after divorce, the wife’s standard of living may drop almost 27 percent while the husband’s may increase by as much as 10 percent”. Ginita’s advice to women who go through divorce or just thinking about is to plan ahead: “Advance planning goes a long way. By familiarizing yourself with the twelve financial pitfalls of divorce, you can save yourself a lot of heartbreak—and hassle—in the future”.
The 12th Pitfall on her list is Not Getting Good Professional Advice. ”Right now, you need all the help you can get! Divorce can be very complicated, so don’t try to do it all yourself. Hire an attorney who can give you excellent advice—even if he or she isn’t the most inexpensive. Engage a forensic accountant if you think there might be hidden assets. Find a good therapist to help you emotionally. Hire a divorce financial professional to help determine the best settlement options for you. Don’t skimp now on matters that will affect the rest of your life.”
While the professionals mentioned here are needed and divorcing souses should seek their advice, there is one professional Ginita forgot to mention you should seek their advice as well – Divorce Real Estate Specialist, RCS-D. And interestingly enough, if we go by Ginita’s list of the 12 pitfalls, we will see how Divorce Real Estate Specialist’advice is needed every step of the way.
Pitfall#1 – Not Enough Cash: often times one spouse wants to keep the house – we make sure they take into account the monthly expenses and repairs the house might need or will need in the future. We explain how much it would cost, we take into consideration alimonies and other payments the other spouse might have committed to pay- but we make them aware it’s not forever and it might run out way before it was originally planned for. We make them aware of situations they will need to pay a large sum of money, but their ex-spouse will not have to be part of it so it will be their own responsibility. With the information we provide they can better decide of how much cash is really needed and where this source of cash/income will come from (or not).
Pitfall #3 – No Records: “The three most important words during divorce are: document, document, documents” Whether both spouses names are on the mortgage (and it’s only one of them) and/or on the title –we help you get all those house related documents not lonely you did not know where to get them from, but even those you did not know you needed.
Pitfall #4 – Overlooking assets: while looking for hidden assets in general, the martial home is the most obvious overlooked assets of all. Marital homes are not being evaluated appropriately and accurately, causing one or both spouses to later lose big money on it. Mariela homes are overlooked in divorce in the sense of their condition and the financial ramifications that come with it. Marital homes are overlooked in divorce in the sense of title and lien searches and their financial ramifications that cannot and should not be ignored. Martial homes are overlooked in the sense of changes to the homeowners’ insurance (change in ownership; who’s the one to actually reside in the house, and is the house now in a flood zone) and their financial ramifications. As Divorce Real Estate Specialists we make sure these areas are covered and all this information (and documentation – see Pitfall #3) is provided to both or one of the divorcing spouses (whoever is asking for it).
Pitfall #6 – Ignorance is bliss: “During divorce, ignorance is certainly not bliss—instead, it can be very, very expensive. Don’t be a passive observer of your own divorce. Doing as much as you can by yourself will help you recover more quickly from the divorce because you will have a healthy sense of control over the process..” Divorce Real Estate Specialist’s focus is to provide and gather house related information and documents. But at the end of the day, it all comes down to educating divorcing spouses about the risks that lay ahead of them and the solutions and options that are available for them to choose from in order to avoid making costly mistakes.
Pitfall #7- Mixing money and emotion: “During this trying time, it’s easy to confuse your feelings with the facts. Try to be as dispassionate and businesslike as possible…Make property division decisions based on your own long-term best interest, not out of revenge.”
Divorce Real Estate Specialists are a third party to the divorce. Our focus is everything that has to with the marital home. Our job is help divorcing spouses have all the information they need, so they are realistic about their options. By having the so needed information divorcing spouses can make educated decisions regarding their marital home and protect their financial future and their children’s.
Pitfall #9 – Not taking control: “Going through a divorce can sometimes make you feel like the captain of a leaky boat on stormy seas—there seems to be a new crisis at every turn.” The information Divorce Real Estate Specialist provides helps you be in control by knowing all you need to know about your home. When your decisions are educated and not just a guess, you are in control.
Pitfall #10 – Not being ready for the worst: “During divorce, prepare yourself mentally for the worst that can happen…if your ex remarries within two weeks, moves to Tahiti, and/or refuses to pay any support?” As already mentioned earlier, Divorce Real Estate Specialist provides information and help gather needed documents. They point out risks and potential complications that if addressed appropriately ahead of time, will save divorcing spouses money, time and grief.
Real Estate Divorce Consulting is helping divorcing spouses with marital properties protect their financial future and their children’s. Our goal is to help you gather all the information and documents you need in order to make educated decisions. We believe that if you are properly informed about the risks and complications ahead of you, better decisions will be made. www.realestatedivorceconsulting.com
Source and credit:. http://www.wife.org/12-financial-pitfalls-of-divorce.htm