Posts filed under 'finances'
Taking Charge of Your Separation/Divorce
Taking Charge of Your
Separation/Divorce
impact – options – opportunities
Space is still available in a very unique seminar on separation /divorce. This is a “one stop” information panel of experts for individual, families and experts; featuring presenters:
Deborah Moskovitch, Author, Speaker, Divorce Consultant:
“The Smart Divorce”
“A Team Approach To Managing The Issues of Divorce”
Wendy Best, Q.C.: Senior Partner, Dunphy, Best, Blocksom, LLP
“Consideration Of The Legal Issues”
Sharon Numerow, CDFA™, Tax Consultant: Alberta Divorce Finances Ltd.
“Why a 50/50 Property Split is not Always Equal – 7 secrets to a successful divorce”
Sandy Shuler, Social Worker, Certified Family Educator: Family Life Works Inc.
“Effective Co-Parenting: Putting Kids First”
EDUCATION▪▪STRATEGIES▪▪RESOURCES▪▪BOOK DISPLAY
SPONSORED BY: Calgary Family Services & Deer Park United Church
SUPPORTED BY: Dunphy, Best, Blocksom LLP
This seminar is appropriate for individuals contemplating or already experiencing a divorce. You will learn strategies for a smart divorce, understanding your legal options, financial considerations, and putting your children’s best interest first. Participants will learn what to expect legally and emotionally, and so be able to move through the process with confidence and focus while saving time and money.
Click on the link below for more information
Calgary – TakingChargeofYourSeparationDivorce2
Program details:
When: February 25, 2010
Location: Deer Park United Church – 777 Deer Point Rd. SE, Calgary Alberta
Time: 7 – 9:30 P.M.
To register, or for more information contact: Calgary Family Services at 403 204 5244
1 comment January 25, 2010
The Smart Divorce Workshop Series – Space Still Available
The Smart Divorce® Workshop Series
These workshops are appropriate for individuals contemplating or already experiencing a divorce. Strategies for reducing financial costs and personal turmoil will be presented. Participants will learn what to expect legally and emotionally, and so be able to move through the process with confidence and focus while saving time and money. A subsequent session will address parenting issues, how to work with parenting experts more effectively, and available resources. Feedback from therapists and lawyers has indicated that The Smart Divorce Workshops have helped to prepare individuals for the process and make them better clients.
I have added two new workshops to the series called – Taking Control of Your Finances – with guest speakers Atsuko Hiroaka and Aaron Nimon, both Investment Advisors of BMO Nesbit Burns. The focus of these sessions is to help manage and effectively deal with your financial concerns; how to overcome your fears and understand the financial considerations as you work through the divorce process and postdivorce concerns.
Click on the link for more information: the-smart-divorce-workshop-f09-2-finr1
Program details:
The Smart Divorce: Learning the Basics – February 4, 2009
The Smart Divorce: Taking Control of Your Finances – February 11, 2009
with Guest Speaker, Investment Advisor – Aaron Nimon of BMO Nesbit Burns
The Smart Divorce: Parenting Through Divorce – February 18, 2009 2008
The Smart Divorce: Taking Control of Your Finances – February 25, 2009
with Guest Speaker, Investment Advisor – Atsuko Hiroaka of BMO Nesbit Burns
“Your seminar game the confidence I needed to start my divorce. I know what to do now and feel I’m not alone.” Dave C. Toronto
“I met a client who took your seminar today. An educated client makes this work so much easier!” Jacqueline Vanbetlehem, Mediator and Family Therapist in Oakville
Location: 12 Lawton Boulevard, Toronto (Yonge and St. Clair)
Registration Fee: $25 per workshop
Call The Smart Divorce at 905 695 0270 or email info@thesmartdivorce.com
SPACES ARE LIMITED, CALL TODAY
2 comments January 30, 2009
Tips to keeping organized during divorce
The divorce process can be overwhelming. The need to stay focused and organized is even that much more important. Here are some ideas to help achieve those objectives……..
Keep a “Divorce Journal”
If you’re in the midst of a divorce, or even contemplating one, consider keeping a journal of events for your lawyer. Note all events that you feel are relevant to your divorce and may affect the outcome. These could be events that involve you or your children. You and your lawyer will want to refer to this journal to help you confirm relevant dates and information. You might want to include this information in affidavits, letters, etc. It helps with accuracy of information and validates facts, dates, and times.
The journal might prove especially important if you end up going to trial. Judges don’t know what really happened; they only know what the lawyers, through their clients, tell them. So a diary of everything that happens could be used as evidence if you go to court. The party that fails to keep a diary is at a significant disadvantage.
Create a Meetings Notebook
What I advise my clients which they find most helpful to staying organized, refreshing their memory, and ensuring they follow up on meetings and tasks is to create a “divorce notebook”. This book can be divided into four sections:
- Meeting agenda and questions
- Notes from the meeting
- Next steps or to do list. Include deadline dates, completion dates, and the date when the completed task or document was communicated or sent to your legal counsel.
- Contacts, their phone numbers, and miscellaneous information
When creating and maintaining your own notebook, be sure to date everything.
Set Up a Divorce Filing System
Your filing system need not be anything complicated or expensive, and simple file folders are perfect. I just happen to prefer legal size, but use whatever works best for you. One way to start is to file all of your divorce-related paperwork in chronological order within specific headings that are relevant to your case. Here are some ideas for the headings you may want to set up:
-correspondence with lawyer, organized by date and topic
-orders or agreements
-folder for each member of your divorce team (financial expert, parenting expert, and so forth).
-financial statements–the statements of assets and liabilities
-invoices/statements–all costs associated with your divorce
-parenting plan
-discovery or deposition transcripts.
If you want to get more detailed, you could arrange files more specifically –according to particular financial or child-related issues, for instance. Of course, the detail you go into also depends on the type of divorce you’re pursuing. For instance, you might not need a discovery or deposition file if you are not litigating.
2 comments October 6, 2008
Strategies for keeping your legal costs down
I know from the many people I speak with, that the monthly statement from their lawyer’s office seems to be the last piece of mail to get opened. It’s not like you are running to your mail to see if it is there. And, the questions you ask yourself as you open the statement can make you anxious. Are there enough funds in the retainer to cover this bill? Do I need to submit additional money? Why can’t I keep the bills down? Why does the bill add up to so much so quickly? Why? Why? Why?
Instead of asking yourself why, utilize the how to strategies to keep your legal costs down, while maintaining control over what is going on in your file.
Here are some cost saving tips to help you cut down on your legal bill:
Maximize your meeting time
- Schedule your meetings through your lawyer’s assistant.
- Make a list of questions you would like to discuss, organized by topic or issue.
- Have an agenda ready, with all items and issues to be discussed.
- Take notes.
- Do any follow-up work the lawyer gives you (reviewing documents, contacting a specific specialist, and so forth), and make sure it is done in a timely manner.
Make all communications cost effective
- Save up your questions. Don’t call or e-mail your lawyer every single time you have an inquiry.
- Check with your lawyer first and find out how he or she likes to handle communications–via e-mail, phone calls, or meetings with prepared agendas. Also ask for recommendations on making your communications more efficient.
Provide as much written information as possible
- Many lawyers have their clients write out an account of their marital history. Ask your lawyer if this is what should be done.
Use your lawyer’s services cost effectively
- Listen to your lawyer and take notes.
- Remember, if you want to vent and complain about your soon-to-be ex-spouse, the meter is still running.
- If you are able to, do certain tasks, such as filling out the financial statement, yourself.
- Don’t micromanage (pay extreme attention to the small details of) your case. This only causes your legal bills to escalate and slows down the process.
And, if there is something that doesn’t make
sense to you, ask your lawyer.
Add comment August 11, 2008
Organizing your finances during divorce
Developing realistic expectations when it comes
to finances is of utmost importance
One of the many concerns that my client’s voice most often during a consultation is their lack of knowledge and organization skills when it comes to their finances.
Getting your finances in order with the objective of cutting down on your legal expenses should be a priority
Lawyers don’t always agree on every issue. But, when it comes to finances, all lawyers agree on how important it is for their clients to be as financially aware as possible. It’s the best way to learn your rights and obligations and to determine realistic financial expectations early in the divorce process. And the more you can manage and organize your information for your lawyer, the more you can help reduce your lawyer’s billable hours!
Here are some ideas as to learn about your finances if you were not involved with finances during your marriage:
- Get more involved in your finances. Know the basics – pay the bills and file the statements. Learn how your daily and monthly expenses are managed.
- Understand where your money is coming from and understand how to budget.
- Take part in managing or setting up any investments, know what your outstanding mortgage is and the terms and so on.
- Gain awareness of your outstanding assets and liabilities.
Many lawyers suggest that if someone is contemplating a divorce or separating, one of the first things you should do is accumulate the financial information.
Once the divorce process is under way, your lawyer will need ready access to all relevant financial documents. Start by locating and gathering together the following records pertaining to both you and your spouse:
- social security numbers
- income tax returns for the past three years
- retirement savings plans statements for the past three years
- bank account statements
- insurance policies (life; automobile; house; other)
- stock certificates
- credit card bills
- employment payment stubs
- brokerage statements
- pension statements
- health insurance and work-related benefits
- real estate records
- receipts and monthly statements documenting household expenses and everyday expenses (groceries, gas, heat, water, personal grooming, transportation, gifts, clothing, laundry and cleaning supplies, entertainment, miscellaneous expenses, and so forth)
- list of all assets and liabilities
- date of separation (the date of separation, or “valuation date,” is the date that is used to determine the value of particular assets–the matrimonial home, bank statements, investments, and so forth)
Photocopy everything, and store your set in a separate folder from the original records. Don’t just keep the originals for your own personal use; the other side is entitled to these documents, too. If you do withhold these records from the other side, sooner or later you are going to be asked to provide them, which will cost you even more in legal fees.
Keeping this information organized, being well informed and involved will give you a feeling of control, reduce the stress, and help to develop realistic financial objectives.
1 comment August 5, 2008
5 steps to post divorce happiness
Achieving happiness postdivorce is possible. But, like most things in life with a positive outcome, it requires hard work. There are things that you can do as you move through the divorce process to prepare and enable you to move forward with focus, hope and confidence; upon closing your divorce file.
Please click on the link to read more about tips and strategies as to how to accomplish postdivorce happiness. 5-steps-to-post-divorce-happiness-more-magazine-12
I wrote this article for More magazine’s online edition. More magazine is a publication which celebrates women over 40. Men should also feel comfortable reading this article as it offers great insight into moving on – postdivorce; tips that apply to both men and women. If you would like to browse through this magazine click on the following link: www.more.ca
Life is like a book: some chapters are more difficult to get through than others. When I started living on my own again, I thought about how the new chapters of my own life were going to be written. I began to ask myself many questions. Can people actually be single and happy postdivorce? If they can, how do they achieve this? What is their secret? Is it like one of those new fad diets–just follow these few simple steps and, poof, a new you, easily transformed while you sleep? Or can you only reach that elusive goal of happiness when you find that perfect mate–your knight in shining armor or damsel in distress?
Think about how you would like your life to look like postdivorce and start doing some of those things now. You have choices and control. It’s up to you as to how this new chapter in your life is going to be written.
3 comments July 21, 2008
Do I Keep or Sell the Matrimonial Home
Do I Keep or Sell the Matrimonial Home?
The question of what to do with the matrimonial home is frequently asked by clients in my consulting practice. What do they do, keep it or sell it?
The family home is an especially difficult consideration. For many, there are emotional ties, fond memories and the feelings of security. And the world around you assumes that in a divorce, the winner takes the home and the loser moves out. The truth is we all know that in divorce there should be no winner or loser because being smart about divorce means we try to avoid a war. But, while the home represent so much emotionally, it may not be the best asset for your financial security.
Here are some questions you need answered to help factor into your decision:
- Will your postdivorce income cover the costs to run your home?
- What is the outstanding mortgage?
- Why am I keeping it?
- Is it too much space, or just enough?
- If I decide to move, what are the associated selling and buying costs?
There is an interesting article I came across called “In Housing Slump, Breaking up is Hard to Do.” It refers to another consideration regarding the matrimonial home and that is, keeping the home in the divorcees hands until the slumping housing market recovers. For more details, see the article attached.in-housing-slumpfred-glassman
Consider these factors and any other items which are important to you and discuss them with the right experts when developing your postdivorce financial plan.
Add comment July 3, 2008
The Finances of Divorce
The Finances of Divorce
A client came into my office the other day, in tears. She was just about to sign papers to purchase her new home, but was now feeling unsure of her decision. My client was in the middle of negotiating her financial agreement and wanted to prepare herself for the fresh start she desired when her divorce became final.
There is no crystal ball as to how this will end……
While you might have an idea of where you would like to see yourself financially post-divorce, this objective and the final outcome might not necessarily the same.
Mistakes to avoid
- Don’t make any significant investments before your settlement is signed.
- Don’t make any significant purchases while negotiating your settlement – you might end up being responsible for that purchase, such as jewelry, vacation, clothing and so on.
- Don’t make purchases based on projections; you never know how it will turn out.
Establish your own financial identity
If you have been the financially uninformed spouse, and you do not have a credit rating, now is the time to start building one.
If you are in the matrimonial home and your spouse has left, you might want to consider changing the household bills to your name. Make sure you pay these off on time and in full. This is a good way to start establishing a good credit rating.
If you had a joint credit card with your former spouse, the principal card holder has the credit rating. Apply for your own credit card. If you are a first time card holder, you can always start out with a small credit limit and gradually increase it as you pay off on time and prove to be a good credit risk.
Get your finances in order
All lawyers agree on how important it is for their clients to be as financially aware as possible. It’s the best way to learn your rights and obligations and determine realistic expectations early in the divorce process. Your lawyer can then give you informed opinions based on fact, not on speculation. And the more you can manage and organize your information for your lawyer, and establish realistic financial goals, the more you can help reduce your lawyer’s billable hours!
· Get involved in your finances. Know the basics – pay the bills and file the statements. Learn how your daily and monthly expenses are managed.
· Determine where the money is coming from and how it is applied toward your budget.
· Take part in setting up investments such as retirement funds, and understand where and what the other assets are.
Many lawyers suggest that if someone is contemplating a divorce or separating, one of the first things they should do is accumulate the financial information.
1 comment February 20, 2008
