This claim becomes invalid if the personal income was earned due to personal genius. The specialist also advises the individual on child maintenance payments. This also includes the monthly and annual percentage increases in child maintenance. The specialist also includes a clause on spousal maintenance. This depends on the amount of financial, emotional and social investment made by the individual to the marriage. These specialists can range from financial divorce attorneys to certified financial divorce planners.
Set Financial Goals Post-divorce: Divorce financial planning can only be achieved if the ex is able to set short and long-term financial goals post-divorce. The ex has to make sure that the financial settlement is working. The ex should maintain contact with the financial specialist during the first year of divorce. This enables the ex to change and amend any loophole or unworkable financial agreement clause.
Divorce financial planning is not a short-term quick procedure. It lays down the future path of every divorce. Good divorce financial panning details every financial clause and detail. These usually include: - Ownership or percentage of share in matrimonial home
- Division of all liquid and fixed matrimonial assets
- Percentage of share in ex's individual income
- Claim to pension and social security benefits
- Child maintenance and spousal maintenance
- Benefits accruing from child custody i.e. child tax benefits
- Division of all household items
- Individual tax benefits and debt repayments
Divorce financial planning must always start during the process of legal divorce. Legal and financial divorces are dependent on each other. They impact each other.
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