Income, wealth and wealth management are not things that are commonly discussed in American households. When these topics do come up, it can leave the individuals involved feeling uncomfortable. This is one reason why so many people procrastinate when it comes to estate planning. We hope that the tips provided below will serve as a strong starting point for those who wish to have meaningful conversations with their loved ones about estate planning.
Trying to come up with suitable terms for child custody is challenging. Not only do you have to think about what works for you, your ex's needs also have to be considered. There comes a time when you are going through other major life changes.
Life is full of changes. Some of them are planned for and expected, but others can take you by complete surprise. This is often the case with the onset of a sudden medical condition, loss of job or even the filing of divorce. Each of these scenarios can throw your finances into upheaval, making it difficult for you to make ends meet. Oftentimes, individuals who find themselves in this position find themselves too prideful to seek adequate debt relief options, but the truth is that these options, including personal bankruptcy, are often the best way to secure your financial future.
Illinois and Indiana residents who are considering divorce may be concerned about the emotional impact marriage dissolution may have on them and their family. While the emotional toll can be significant, so, too, can the financial ramifications. Property division can dictate who receives the family home and certain retirement accounts, and noncustodial parents are often ordered to pay child support. Another major financial issue that often accompanies divorce is alimony, which is also referred to as spousal support.
As we've discussed on this blog before, while divorce can be an emotionally trying time, it can also be a financially difficult time, too. Marriage dissolution often leaves individuals facing money woes, and quite frequently, those financial difficulties contribute to the divorce itself. When debts owed become too overwhelming to keep up with, it may be time to consider bankruptcy. But how does that play out when one is considering divorce?
When people accumulate wealth and property, they often think of ways to protect them. Most people who consider estate planning think of utilizing wills and trusts to protect their wealth for the benefit of their loved one. This is, in fact, a large part of estate planning, and it should be addressed consistently and appropriately. Doing so can allow an individual to protect his or her estate from unwanted taxes and distribution, and it can allow him or her to retain control over the estate's wealth for years to come.