Managing Finances After Divorce

Posted by on Aug 22, 2017 in Divorce

Divorce is never a topic that is fun to discuss, and yet so many people face this difficult arrangement and must learn to manage it. There are many considerations to take into account at the time of a divorce and perhaps one of the most stressful is finances. You must take your assets and finances and determine how to split them, as well as how to fully support yourself after the divorce is final.  This is a difficult topic at any point in time, but when you are also facing the emotional impact of a divorce you should not have to spend any additional energy researching how to protect your finances. For this reason, the San Antonio Express-News created an article detailing some of the best steps to take to secure your finances during a divorce.

Justin Miller is a wealth strategist at BNY Mellon Wealth Management, and he offers several important pieces of advice about how to ensure that you control your finances after a divorce. His first piece of advice is to start detailing your financial plan early in the divorce process. Next, he recommends that you update your pension or 401(k) plan, if your spouse is the beneficiary of the plan. This protects your pension and ensures that your money does not still go to your former-spouse in the event of your death. The next most important decision to make is to determine how you will manage a jointly-owned house. If you or your spouse is planning to sell the house after your divorce, Miller recommends that you work together and sell the house before the divorce is final. This allows you to make more money off of the sale because a smaller percentage of the profits are taxable, due to capital gains exclusion, when you and your spouse are still considered co-owners. According to Miller, These are the two most important ways to protect your finances after a divorce.

Managing finances even under the best of circumstances is difficult, and the worry and struggle are only increased when you are also facing a divorce. Miller offers sound financial advice to follow the first steps during your divorce proceeding. However, these alone do not cover the number of different financial questions and problems you may face. If you and your spouse have children, you must determine how to handle expenses related to their care and well-being. Additionally, other jointly-owned property may be difficult to split or sell, and you must choose how to best protect your interest in them. These are just a few of the remaining questions and concerns you may have about your finances.

Fortunately, if you are struggling with how to proceed, whether financially or with the divorce process itself, an experienced family law attorney can help you understand your rights and make the right decisions. A San Antonio lawyer, such as Higdon, Hardy & Zuflacht, L.L.P, can help you protect yourself and your assets after a divorce, which will allow you to move forward with your life

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Components of a Wrongful Death Lawsuit

Posted by on Aug 5, 2017 in Wrongful Death

Wrongful death happens when a person has been unwarrantedly killed because of another. According to the website of the Milwaukee personal injury lawyers of Habush Habush & Rottier S.C. ®, the loved ones of those who have been wrongfully killed may have legal options, such as trying to get compensation from the damages they have sustained. But what constitutes a wrongful death lawsuit, exactly?

Death of a human being

The most basic component of a wrongful death, is of course, a death of a human being. That is why it is called wrongful “death” in the first place. The death can occur in two ways – it can occur instantly, wherein the victim has been killed in the scene immediately, or eventually, wherein the victim has been hurt in the scene and has died in a later time.

An event that has been caused by a negligent party

Another important factor is the event that has caused the death, whether immediately or eventually. This event can come in many forms, but their common aspect is negligence. A negligent party should be the one who has triggered the event, so this party can become liable.

The most common wrongful death events are abuses, car accidents, medical malpractice cases, premises and product liability claims, and workplace accidents. Again, it is important that a negligent party has caused the event, like abusive nursing home staff members, reckless drivers, incompetent medical professionals, negligent property owners, product designers and manufacturers, and employers.

Financial damages to the victim’s family members

A death of a family member can lead to a variety of financial damages, such as the medical costs, if the victim has not died immediately, funeral costs, lost wages and benefits, especially if the victim has been the primary earner in the family, and negative emotions that can ultimately lead to further financial damage, like psychological treatment costs.

Because the negligent party has basically inflicted these damages to the victim’s family members, it is just right that it is liable for them as well.

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How Properties are Divided During Divorce

Posted by on Jun 10, 2017 in Divorce

During a divorce, a spouse will likely have his or her best interest in mind, meaning that he or she will act in a way that will give himself or herself an advantage upon separation. Usually, this advantage is on the financial aspect, so it is not surprising that property division is one of the hottest disputes during divorce.

According to the website of the Maynard Law Firm, PLLC, division of property may be a complicated enough legal process to warrant the help of property division lawyers. How properties can be divided are simply explained below so you can have a background on how it works.

Community Property

Community Property is one of the ways properties can be divided upon divorce. Under this legal concept, there are two kinds of properties – community property and property of a spouse.

Community property is a property owned by both spouses. This may include cash accumulated during the marriage and all properties that have been bought using that cash. On the other hand, property of a spouse is a property owned solely by one of the spouses, such as gifts, inheritances, and properties that have been acquired even before the marriage.

During divorce, community properties are divided evenly for the spouses and properties of a spouse remain to that spouse.

Equitable Distribution

Depending on the state, division of property can be done through community property or equitable distribution. Equitable distribution is the fair division of properties to either spouse. The important word here is “fair,” and it should be noted that it is not synonymous to “equal.”

The idea behind equitable distribution is to give the spouses what they rightfully deserve. Typically, equitable distribution cases do not split properties fifty-fifty. The spouse who have contributed more to the accumulation of assets, or the spouse that is going to be more economically affected by the separation, can have a bigger share, depending on how the court sees fairness.

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