Divorce can be a very unsettling time. Many people do not understand their overall financial situation as a married couple, much less how assets and debts will be divided. Many have questions regarding child support and alimony. My goal is to provide you with financial clarity and to help you negotiate the best possible property settlement.
Every situation is unique. However, below are some of the most prevalent aspects that our clients ask about.
I have children. How much child support will I receive and how will all of their expenses be paid?
We will analyze yours and your spouse’s income and expenses to determine child support and provide suggestions on how to handle child related expenses. It will be important for us to understand each party’s income and personal expenses as well as expenses for the children. Where the children’s expenses are concerned, it will be important to know which party will be responsible for paying. Once we have a complete picture, child support can be calculated.
How much money will I have to live?
We will review all sources of income and expenses to develop spending plans for each of you going forward and to calculate child support and potential alimony. Income can be monies you earn as an employee, a contractor, an investor, as well as other sources. We will explore them all.
Will I receive or pay alimony?
While developing your budgets for the future we can calculate spousal support to make sure that both parties have a plan to move forward successfully. We also work to ensure that both parties understand the cash flow each party will have post-divorce and help to manage future expectations.
Will I be able to stay in our home?
We will determine the value of the house and the related expenses and establish the best path forward. Once we provide you with a complete picture of where you are, we help you determine the best path forward. For some staying is the best option and for others it may not be in their best interests. Either way we help you to understand your unique situation and devise the best plan for you.
What will happen to our family business?
We will help you understand the cash flow and value the business provides to your family and determine how it factors into your financial present and future. Our goal will be to consider the business as a portion of your overall financial situation and allow the business to continue to provide for the changing needs of the family.
What will happen to our investments?
We will evaluate both the asset value and the income potential of your investments as a part of your total financial situation. We will develop settlement scenarios that will show you options for your investments.
Who will get our 401K’s and/or pension?
We will determine the value and the cash flow of pensions and retirement plans and make recommendations on how they factor into your settlement. We will determine the present value of your pension as well as help you to understand the future income that it will provide. We will also help you to understand when you need a Qualified Domestic Relations Order (QDRO) to divide a pension or 401K plan.
I inherited money or had property before we married, can I keep it?
We will establish which assets/debts are marital and which are your separate property. Often times, property and or debts that a party had before marriage can be excluded from the marital property. In addition, monies or property that one party received as a gift or inheritance can also be excluded from marital property.
What will happen to our debts?
We will analyze all income, assets, and debt and determine how debt should be paid and divided.
Wendy Hayes can help you with all of the financial aspects of your divorce. Wendy’s clients find that once they have financial clarity they are able to move forward and focus on their families and futures.
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