Martin Foldie Law is committed to getting you your fair share in any financial arrangements. We are dedicated fighters and will do everything in our power to ensure your needs are met. Our years of legal experience make us the best choice when fighting your legal battle.
Our expertise and commitment to what’s best for you allows us to provide the best, honest advice and guidance when figuring out your financial arrangements.
When figuring out financial assets, it is important to recognize and sort out all of the joint financial documents. You will need to take all of the following in to consideration;
- A change in support payments due to a significant increase or decrease in the income of one or both parties
- Disagreement or need for negotiation of extraordinary expenses
- Unexpected and uninsured medical expenses
- A change in the premium cost for health insurance
- Whether or not an annual cost-of-living adjustment will be included
- Any future tax consequences based on the financial allocation
- Trying to take the house
- Often, the financial stability of a house comes with unseen costs of maintenance and fluctuating house markets. Unless you are secure in your finances, it is not recommended to fight for owning the house.
- Not creating an accurate monthly budget
- In order to be secure in your finances, it is highly recommended that you create an accurate monthly budget for your income and expenses in order to understand your new financial position.
- Not getting a financial break
- It is important to create a permanent financial break from your ex-spouse. This includes handling all shared debts.
- Not reviewing your estate
- During a divorce, your estate planning can drastically change. From naming a new power of attorney, to dissolving a trust, to ensuring that your will is changed in order to match your new life, there is a lot to go over to ensure that your money and assets are arranged accordingly.
- Not understanding alimony and child support
- Child support payments are tax-free and normally end once the child turns 18. Alimony payments are taxable and typically end when the spouse remarries.
- Depending on your spouse to hold up financial arrangements
- Unfortunately, in this type of situation, it is better to cover your financial liabilities than rely on your ex-spouse to make efficient payments. If a payment is missed, it could mean bad news for the both of you.
- Mishandling any retirement accounts
- Retirement accounts are heavy with tax regulations. When going through a divorce, it is important to have assistance navigating this system in order to get the most out of your account.