Divorce

I have been asked by several clients, should I really try to keep the house???

Now, the answer to this question is …It depends! In light of our mortgage crisis it is extremely important to determine the true benefit in keeping your home. But with new loan modification programs that are in planning stages now, it may be possible to lower your mortgage payments.

For starters, please ask yourself, “Can I afford to keep this house?” Should my spouse leave today could I not only buy out their interest (which will increase the mortgage payment) but can I afford the taxes, insurance and also the household bills, gardener, water, trash, etc?

Also consider, “Why Do I Want to keep this house?” Are you tied to the house emotionally? Do you wish for your children to reside in a stable environment? Do you work close to home? Are your kids doing well in school and are the schools good?

The truth of the matter is, a lot of homeowners do not have much equity in their home. For many the loan amount exceeds the equity and depending on finances, you and your spouse may be behind with payments. If this is the case and you do not have many emotional ties to the home, you should consider other options.

In today’s market, you have options such as a “Short Sale” if something must be done expeditiously. ** I just hosted a New Pod cast with Martha Shanks regarding Property Options for Today…Please go to my Child Custody and Support site and click on “Podcast” for more information. If you don’t have to quickly settle the question regarding the house, and if you qualify (see other postings in this blog) you could get help with a loan modification.

Next, if there is equity in the home, please consider, “Can I really afford to ‘buy out’ my spouse’s interest?” Unless the parties decide otherwise, if you decide to keep the home, be prepared to “pay” for your spouse’s share of equity in the home. This will most likely increase your mortgage payments. Also, because of the “freeze” in our lending markets, you may face some difficulty in obtaining a loan.

Also, consider, “Can we continue to both own the property until the market gets better?” This will all depend on your relationship with your spouse and your goals. If there is some equity in the home, selling may be an option, however if this is not the case, it may be worth considering. This may mean the spouse remaining in the home will continue to pay the mortgage, while the “out spouse” finds someplace else to live. However with this option, you may be in a better position to sell your home at a later time. This also opens the door to a loan modification, as one of the requirements is a drop in family income.

By: Demetria L. Graves, Esq.

The Law Offices of Demetria L. Graves

http://www.attorneygraves.com

**This article is not intended to be legal advice. You should consult an attorney in your state for advice regarding your individual situation.

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To avoid a license suspension, drivers should always be aware of their driving record and how many points they have accumulated. When a person accumulates a certain number of points on their license, it can be suspended or revoked. The length of suspension varies according to the specific situation and the severity of the offense.

If a driver is caught driving with a suspended license, the penalties can be severe. Penalties can include large monetary fines, impounding of the vehicle, probation, or even jail time. In most cases, the defendant would benefit from hiring an attorney. Lawyers who specialize in traffic law have the knowledge and experience necessary to help the unfortunate driver fight their license suspension.

To reinstate a driver’s license, the process can be very complicated. To avoid frustration or costly mistakes with the legal system, drivers facing license issues should hire an attorney. A legal professional knows the court system and all of the various steps needed to reinstate a license. The average defendant will need guidance from an attorney to prepare the necessary evidence. Many people depend on their car as their primary form of transportation and should not take a license suspension lightly.

Your driving record will follow you across state lines. This means that even if you receive a traffic violation in one state that carries points, your records will still be accessible and these points can be transferred. This is especially true in the New York Tri-State area. It can be difficult to obtain affordable insurance if you have too many points on your license, or if you have had your license revoked or suspended. It would be in your best interest to fight any tickets that you have received.

If you are dependent on your car for employment and you lose your license, you should definitely consider hiring a professional to help you to keep your license. Often a traffic violation is mistakenly or unfairly issued and you should strongly consider fighting the ticket in this situation.

http://rosenblumlawfirm.com

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One of the biggest concerns and considerations that come into play during a divorce is the financial impact, particularly on the financially disadvantaged spouse, who may not have a job or career to count on during or immediately following the divorce. It is important to prepare for life as a single financial entity as soon as possible once divorce is contemplated. Here are 4 steps to prepare yourself financially for the process of divorce:

1. Gather all financial documents and make copies of them. This includes bank statements, credit card statements, insurance policies, car titles, employee reimbursement accounts, 401K statements, investment statements, mileage plan statements, property appraisals, loan information, and the like. An attorney can give you a complete list of all the documents that you will need to produce in order for a full financial picture to be assessed.

2. Hire an attorney. If you have significant assets, children, or property involved, it is important to have an attorney on your side to help you make sure everything is accounted for.

3. Get a credit card and a bank account in your name. Getting a credit card while your credit is still combined with your spouse’s is generally a good plan, especially if you aren’t currently working. Put some emergency funds in your personal bank account. Though court orders will typically prohibit your spouse from restricting your access to marital funds, it is wise to be sure you have some money that you have access to for living expenses. Just be sure to disclose this account when financial records are requested by your attorney.

4. Hire a financial planner who specializes in divorce and asset division to help you determine the best asset division plan based on your particular situation. A certified divorce financial analyst can look at future projections of the possible scenarios and advise you as to the best course of action.

Are you interested in addressing the challenge of divorce from a holistic standpoint, assessing the physical, emotional, practical, and relationship components?

For a free copy of my ebook, “Natural Methods To Fight Depression”, click here: http://www.stoptoxicrelationships.com/gifts-naturalmethodstofightdepression.html

Shannon Cook is a personal coach and resource guide who has written a number of informative articles and ebooks on the topic of toxic relationships and holistic personal growth, including physical, emotional and relationship health.

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