Keeping your money in line during divorce
Divorce is always difficult and there’s rarely a smooth way around it. Big money divorces regularly make the headlines and serve as a constant reminder that the process won’t just take its toll on your emotions, but also your bank account. If you are thinking about divorce, it’s important that you understand how costly it can be. For example, the court fee for filing a divorce in the UK is currently (as of March 2014) £410. In addition, fees are required to obtain your final order and conclude financial arrangements. Solicitor Fees You’ll most likely require some form of legal advice before you start the divorce proceedings. Hiring a solicitor may seem expensive; however, the cost of attaining expert guidance could be minimal in comparison to what you could lose. Hiring a solicitor will help to secure your assets and ensure you are as protected as possible. Fees can significantly vary on a case-to-case basis and the more you can resolve yourself, the less it will cost. Using mediation or collaborative lawyers could also reduce expenditure. In addition, there are plenty of free online resources available that will help guide you through the process. According to Money Advice Service most solicitors will charge between £100 and £200 per hour to draw up legal documents that contain the agreement between you and your partner. If you use a solicitor to negotiate finances and assets on your behalf it could cost between £3,000 and £10,000. Other Costs Aside from the legal aspects, there are plenty of other costs that you must discuss before getting a divorce. For example, who will pay for your child’s living costs? Who will move out of the house? Do you have a place to stay when the procedures begin? Can you afford the rent without your partner?…
Quit-Claim Deed in Divorce
A quit-claim deed ends a person’s claim or interest on a property (grantor). The property transfers to the recipient (grantee). In divorce situations when one spouse receives the marital home, then the other spouse often signs a quit-claim deed to make a clear transfer of it. This does not release responsibility for future mortgage payments for the grantor if both spouses’ names are on the mortgage loan. If the grantee reneges on the mortgage, then the loan company can go after the grantor who signed the quit-claim deed. Often, the grantee is required to refinance the house solely in her name during the divorce proceedings, to prevent this possible scenario for the husband at a later date. If you sign a quit-claim deed in your divorce, make sure your name is removed from any outstanding loan on the property. When Elena bought her husband out of his share of a house jointly owned with her mother, the divorce lawyers had the husband sign a quit-claim deed. The house was completely paid, so no need for refinancing. Her mother owned a small house out of state, so the lawyers had the husband sign a quit-claim deed on that as well. The husband had no ownership interest in that house, but Elena’s lawyer did not want the husband to try to cause any difficulties post-divorce when the mother died. When there is a business involved, a quit-claim deed is usually signed in a divorce. This may be when one spouse is buying the other out of a jointly owned company. This action is also done when one spouse’s parents own a business and it needs to be clear that their ex son or daughter-in-law will not be able to lay any claims to it post-divorce. A quit-claim deed prevents trouble down the…
Article in The Divorce Magazine UK on “The Woman’s Holistic Guide to Divorce”
This was recently in The Divorce Magazine UK, which is a great resource for those going through a divorce or contemplating this decision. bit.ly/1mhH5KL
Emotional and Financial Abuse
Domestic violence is more noticeable to others outside of the marriage, especially when one partner is sporting a black eye. Financial and emotional abuse can be more hidden to family and friends, but no less devastating. These two seem to go hand in hand with or without physical abuse. The crux of financial abuse is control. One spouse is attempting to control actions by hampering the other’s financial independence. He removes the other partner’s name from a bank account who then is unable to access money and turns to spouse or others for it. The abusive spouse may demand to see all receipts and monitor every pound that is spent. Often all decisions regarding household expenditures are made by the abuser. The victim may be prevented from spending any money on the children. This is a way to trap a person and keep her in the marriage. Relying on handouts is a way to control the relationship through money. After Anne had their baby baptized, Edward decided that he wanted to bring her up in his religion. Anne would not have married Edward if she knew that he would change his mind on this deal breaker issue. Edward then withheld money from Anne as punishment. She had to cut short her maternity leave and return to work in order to pay bills. Not surprisingly this marriage ended in divorce. Financial abuse can also be vindictive for a certain behaviour. Emotional abuse is a power ploy to keep the other spouse in line by such tactics as manipulation and berating them. The spouse may be told that she is unattractive and incapable of making decisions. Emotional abuse breaks down a person’s self-esteem and self-worth by causing them to have doubts about themselves. The children may pick up on this message and view that…
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