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July 2016 Archives

Financial tips for people who are recently divorced, Part 2

Divorce entails significant financial stress from bankruptcy to reduced credit ratings. You will have to confront these issues, and the sooner you do, the better. As discussed in a previous post, don't act like your financial situation is unchanged. Your financial situation is changed, and the sooner you confront it, the sooner you can overcome any potential issues.

Divorce can drag down your credit score in a number of ways

Credit scores are not one of those things that people tend to think about as they move through a divorce but you should. Your credit score is intimately connected to every aspect of your life from getting approved for an apartment to purchasing a new car. The last thing you need is a divorce dragging down your credit score the moment that you need it to begin building a new life.

Should you keep records if you pay spousal support?

Spousal support, unlike child support, is not heavily regulated by the state government. Couples are free to waive spousal support or set their own amounts. There are some general guidelines to guide the parties but they are not binding, unlike child support. In fact, a judge does not even need to review a spousal support agreement if all parties are able to agree to the terms.

Financial tips for people who are recently divorced, Part 1

Divorce is a difficult undertaking. It can take months or even years. You literally see your retirement and investments go up in smoke as they are divided up between you and your spouse. Child custody is always complicated and results in many emotional days. But what many people do not consider is that divorce often results in bankruptcy in one or both of the spouses. Many people are unable to rectify that they have moved from a dual to a single income home and fail to adjust their situation to match their reality. Here are a few tips to get you through the financially hard times.

Divorce Rate has Steadily Declined over Past Two Decades

A study conducted by the Pew Research Center, found that the divorce rate in the United States has steadily declined over the past two decades. While the divorce rate remains historically high, when compared against a century of data, when controlled for the past few decades the divorce rate has actually gone down. The researcher tracked this trend and broke apart the numbers to determine who was getting divorced and when.

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5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

The Smith Law Offices, P.C.
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