Divorce and Personal Finances
When couples decide to separate or
divorce, it is often wise for both to conduct a careful
review of their joint finances early in the process.
Understanding credit and ownership of real and
personal property can save money and time later
on.
Each marriage is unique. There are
a number of important first steps that each spouse
should consider taking. The most common usually
include the following:
1) The couple should
close and pay off all joint accounts;
2) Both
spouses should open individual checking, savings,
credit card, brokerage and other accounts;
3)
The couple should review all owned property to
understand the full extent of their assets and
responsibility for financial liability;
4) Each
spouse should obtain a credit report;
5) Each
spouse should obtain a report of all retirement
accounts, including 401k and IRA
accounts;
6) The following needs to be
considered as the divorce draws to a conclusion:
a) rewriting a will;
b) selling the
home;
c) changing beneficiaries on life
insurance policies;
(d) arranging health
coverage continuity; and
(e) reviewing
retirement and estate planning.
Please note:
Now is not the time for a spouse to withdraw money
from joint accounts without the permission of the other
spouse. This act will just add to the acrimony that
is common in divorce proceedings and the spouse
will often have to replace the money.
Contact Us to Find Out More About Family Law
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Dear
Reader,
It's Spring Time!
I love new green. I love the songs of birds signing all
day, and sometimes even into the night. Spring
reminds me of my childhood when I couldn't wait for it
to be warm enough to run and play in the park every
day after school. The first cookout of the season is
always so exciting! I just got back from a Family Law
Conference in Puerto Rico where I presented a paper
on Child Support Issues. Boy, I can't wait until it is as
warm here as it was there.
Springtime is
definitely the time for doing housekeeping!! We at the
Law Offices of Angela Barker LLC can
certainly help you get your home in order! We are
committed to help ease the transition through the
various life stages: whether it be a family addition
through adoption; or a change in the family structure
as a result of a marriage, divorce, or separation. We
are there for you as you buy or sell your home, and we
assist our clients in planning for their or their loved
ones' golden years. People are our business. For the
benefit of our clients and the communities we serve
we have developed this newsletter as a legal and
consumer resource. Enjoy.
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Why A Reverse Mortgage Is a Good Thing For the Elderly. |
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You've reached your golden age! Your home is
paid for, the kids are grown and out of the house
and you are ready to start living the good life.
Along with tapping your 401k and other retirement
accounts to fund your retirement, have you considered
a reverse mortgage? If you own your home outright
and are 62 years or older, a reverse mortgage may be
a good thing for you.
A "reverse" mortgage is a loan against your
home that you do not have to repay for as long as
you live there. With a reverse mortgage, you can turn
the value of your home into cash without having to
move or to repay the loan each month. The cash you
get from a reverse mortgage can be paid to you in
several ways:
All at once;
In a single
lump sum of cash;
As a regular monthly
cash advance;
As a "creditline" account that
lets you decide when and how much of your available
cash is paid to you; or
As a combination of
these payment methods.
No matter how this
loan is paid out to you, you typically don't have to pay
anything back until you die, sell your home, or
permanently move out of your home.
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Contact Us To Find Out More! |
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Questionable Lending Forces Families From Homes |
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Owning a home is the American dream and over the
past few years a record number of Americans were
able to purchase their homes. Many of those
recent homeowners are now seeing their dreams turn
into nightmares. They have bought more house than
they can afford and are facing foreclosure and a
ruined credit rating.
Foreclosure procedures vary from state to
state. The procedures are established by state
statutes, by case law, and by local practice. In about
half of the states, foreclosures are court proceedings.
First, the creditor files a suit in a court located near the
property. Unless the homeowner files an answer
successfully contesting the foreclosure, a judgement
is entered for the creditor. The home is then sold
under court supervision.
Other states
have "non-judicial foreclosures." Creditors foreclose
by simply advertising the home for sale, using a legal
notice in a newspaper. If homeowners want to
contest this type of foreclosure, they must file a lawsuit
and ask the court to stop the sale. Sometimes, if the
homeowner wants the court to stop the foreclosure,
the homeowner must file a bond to protect the
creditor. Unless the homeowner initiates a court
proceeding, there is no judicial involvement in such a
foreclosure. Some states allow both types of
foreclosures, judicial and non-judicial. Practicality and
local custom usually dictate a creditor's choice of one
type over the other.
If you are having a hard time keeping up with
your mortgage payments here are some steps you
can take now to prevent foreclosure and a ruined
credit rating:
1. Get legal advice - some times you can take
steps to avoid foreclosure;
2. Keep Current on Home Payments - pay your home
payments before you pay credit card bills and
outstanding medical bills;
3. Apply for Income Maintenance, Tax
Abatement and Public Assistance Programs;
4.Negotiate a Temporary Delay in Payments
with Your Lender;
5. Negotiate a Permanent Loan
Restructuring;
6. Refinance the Home Debt; and
7. Consider Filing Bankruptcy.
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www.angelabarkerlaw.com |
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