Tag Archive for: Divorce and Money

Social Security and Divorce

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This Saturday we will be presenting a Social Security benefit course for clients and other professionals we work with during dissolution proceedings such as attorneys, mental health professionals and accountants. Social Security benefits are an often misunderstood piece of the divorce financial planning picture because they are governed by federal laws, not the local laws of the state you reside in but a little planning can go a long way. Check out our past blog posts on Social Security benefits and Divorce here.

Harold and Sue Ann Hamm Divorce For $18 Billion – Business Insider

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This could be America’s largest ever divorce settlement. The article attached reports that Mr. Hamm may be forced to sell his stake in Continental Resources in order to pay for the settlement to Ms. Hamm. While this is certainly a possibility I seriously doubt there is a real likelihood Mr. Hamm would have to sell his entire stake. In the perfect world the couple would have resolved their differences outside of court and been able to fashion a financial settlement that did not put Continental Resources in jeopardy.

With an estate of this size the couple could have found a much more economically sound, private and effective way of coming to an agreement outside of the court system which by design has limits to the types of orders they can fashion.

Harold and Sue Ann Hamm Divorce For $18 Billion – Business Insider.

 

5 Financial Negotiation Strategies for Divorce

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“What are 5 things people who are somewhere in the divorce process should think about?”

  1. Avoid deciding financial issues piecemeal instead of understanding the big picture.
  2. Do not allow your former spouse to use financial data as a weapon against you. The cost of divorce proceedings can be directly correlated to the amount of time and effort it takes to level the information playing field “discovery”.
  3. Budget, Budget, Budget
  4. Do cost benefit and risk versus reward analysis with your CDFA and attorney
  5. Understand that not all lawyers are skilled in resolving disputes. They are always trained to create and escalate them. Dispute resolution is a whole different world.

3 Reasons You Need Financial Guidance During Divorce

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httpss://vimeo.com/81148746

1. If you don’t have kids or they have grown up; the ONLY thing there is to argue about in a divorce is money.

2. The financial decisions made during your divorce will very likely be the biggest and most difficult you will ever make set amid the most emotionally chaotic time of your life.

3. The decisions you make today will affect your financial safety and security for the rest of your life.

 

 

Are More Women Paying Child Support and Spousal Support?

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The quick and easy answer is yes. Both in statistics as well as our experience.

The American Academy of Matrimonial Lawyers (AAML) released a statement with a rather catchy opening sentence. “This Mother’s Day, it appears that an increasing number of mom’s will be setting aside time to sign child support and alimony checks.”

The key to note is that they are signing the front of the check, not the back. 56% of the AAML fellow attorneys said they have seen an increase in mothers who pay child support and women in general paying spousal support.

As our society progresses the social norms are changing and stay-at-home fathers are becoming more common. I personally support the family’s right to choose what is best for them and whoever is more inclined to be in the work force should be. It is encouraging to also see income in-equality becoming less of a concern as well.

I have seen an increase in women writing the support checks in my practice too and I am here to report the female support check writer is every bit as troubled about writing the child support or spousal support check every month as her male counterpart. In fact I might say even more troubled by having to write that check every month. Maybe this piece of the social norm shift hasn’t caught up yet. The stigma on men receiving spousal support or child support payments seems to be alive and well.