Going Through a Divorce - Everything You Need to Know to Protect Yourself and Your Children

 Going through a divorce is never an incredibly happy time, but there are ways to make it as stress-free as possible - and protect yourself and your interests while you're at it. Even if your divorce is a relatively amicable one, you still want to get the best deal you can, and hopefully protect yourself and your assets now and in future. 

Top Ways to Protect Your Finances 

Don't forget to change your will. Many couples forget to do this after the divorce. Don't. When an imminent divorce is inevitable, there are simple ways to protect yourself from the financial fracas that will ensue. 

Get your finances in order and you'll be on your way to surviving the battle without any deep monetary scars... 

* Open an individual checking account. Do this as soon as possible. Not only will it help your credit rating, but will also help you sort out who has what. 

* Establish as much credit as possible. Credit is vital when it comes to borrowing money, and credit scores can affect future properties you may rent and even the type of job you get. Make sure you don't suffer any fall-out from your spouse's lousy credit rating, and do as much as possible to establish a solid credit rating of your own. If you've never had a credit card of your own before - and many women haven't, believe it or not - get on the horse as soon as possible. 

* Track down credit cards. Make sure your spouse isn't charging things to your name, or on a joint credit card, which could affect your rating. Track down and cancel any joint accounts. This can be difficult if they are not being sent to your home address. You can freeze accounts by telling the credit card companies that you are going through a divorce.

* Take care of the mortgage and other loans. If you will continue living in the house it's important that only your name is on the mortgage, and vice versa. The divorce proceedings will sort out who is paying for what. Transfer the car to one name as well through the Department of Motor Vehicles, and sort out who is paying for what loans. 

* Keep track of all investments etc. Go through all you and your spouse own with a fine-toothed comb, and make copies of every single financial document you unearth. This can include mortgage and life insurance documents, pension/super statements, tax returns, bank statements, money market accounts etc. Also, make sure your name is on every legal document, especially the title or deed of property the two of you bought together. 

* See if you qualify for alimony, support and/or maintenance. Support isn't based solely on gender - both men and women can get it. Similarly, you don't need to have kids to receive it. Don't make assumptions, get the facts. Speak to a divorce lawyer as soon as you can. 

* Save money. You never know when you will need it, so now is not the time to be a spendthrift. Squirrel away what you can in your individual bank account - it might soon come in handy!

 * Consider mediation as opposed to litigation. A lot less time-consuming - and costly. If it works, this is usually the best - and more financially viable way - to come to an agreement for everyone concerned.

* Don't forget to change your will. Many couples forget to do this after the divorce. 

* Hire a financial planner with a specialty in divorce. They can advise you what to do next as far as asset division is concerned based on your current situation. Top Ways to Protect Your Children Your children should be top priority when it comes to a divorce, so don't make things worse by acting badly. Children do best when both parents stay involved in their lives, so keep this in mind next time you feel like telling your ex to jump off a tall building or move to the North Pole. Here are other ways to make your kids deal better with your divorce... 

* Explain that it's not their fault. Don't let your kids grow up thinking they could have done something to prevent Mommy and Daddy from splitting up. Tell them it has nothing to do with them, and that both of you still love them more than anything. 

* Answer their questions as honestly as possible. That doesn't mean telling them that Daddy had 12 affairs and is in love with a woman half his age, and that he enjoys dressing up in high heels and a pink feather boa when they're asleep. What it does mean, however, is being as honest as possible, while not involving them in things they don't really need to know. 

* Keep things as amicable as possible in front of them. Airing petty grievances in front of the children and arguing constantly will only backfire in the long run.

 * Aim for shared custody arrangements, if possible. Children benefit from being with both parents. Make sure they have two happy, harmonious home environments and try to have both parents as involved in their lives at school as possible. Encourage your child to maintain a close relationship with the other parent, and encourage each other to be as active as possible in your children's lives, without canceling appointments and trying always to be on time. 

* Avoid the temptation to quiz your children about what is going on in the other parent's life, and don't use them to carry messages back and forth between you. They don't need the added responsibility, and it's not fair on them to feel they have to take sides or be in control of your relationship with your ex. Also, resist the urge to say bad things about the other parent in front of the kids. Top Ways to Protect Yourself Personally When all is said and done, you still have a life to live - on your own. Flying solo can be a liberating experience, once you've got over the shock of the divorce. Make it easier on yourself by following these simple tips... 

* Make sure you are employable. If you haven't worked for years, don't panic. Speak to a career counselor or life coach about re-doing your resume. Maybe all you need is to take a few courses or have an internship to get back on top of things. Maybe not: your life experience will count for more than you think! 

* Have lots of friends and family around you. Don't suffer things on your own. Seeing a film or visiting an art gallery can take your mind off your problems, if only for a few hours. Ask for support if you need it and try to enjoy the little things in life. 

* Seek new friends. Many married couples rely on other married couples for companionship, and often are left high and dry when they venture out on their own. Starting a new hobby can help you develop new interests and meet new people while you're at it. 

* Resist the rebound. While having new relationships can be fantastic, don't jump into a full-time romance immediately. Take the time to look around and enjoy yourself. Don't let friends set you up on a date, at least for a while. Being on your own is important - for now. Going through a divorce is never easy, but there are ways to minimize both the pain and the hassle. If you play your cards right you can make the whole process run as smoothly as possible - and make sure your future is financially secure as well. Take your time and get the help you need, and keep up a positive, optimistic outlook. Good luck!  

Article Source: https://EzineArticles.com/expert/S_Matthews/489059

What Women Need To Know About Money

Life is definitely more than just about money. There are so many things to know about money. The list is endless, but here are a list of important things you as a woman should know about money:

1. Men and Women are Different

Understand that men and women are different in how we use money, how we feel about money, and how we communicate about money. In most relationships one partner will be the spender and one will be a saver. Understand the differences of each and take the positives of both personalities to make the most out of your money and your relationship. Set time aside each month to have a "money date." A money date is once or twice a month where you and your spouse go over your finances together. You can use this time to pay bills, review your expenses, review your investments and to use this time to understand and appreciate how you and your spouse view money. Discuss your monthly spending and saving. If you are single, your money date can be with either researching yourself or alternatively with a Financial Advisor.

If women stay at home to care for the kids, on average they stay at home for 11 ½ years. That is 11 ½ years that they don't have money going into a retirement plan or social security. Also, it costs more as women to live. Just look at drycleaning. Women's shirts cost more than men's. What about haircuts? Women's haircuts cost more than men. Also, women live on average 7 years longer than men. Plus women tend to care for others before they care for themselves.

Also, we as women tend to be more conservative investors. A recent Bloomberg survey reported that female investors outperformed male investors by 55 percent in the past nine years. Another is our income. Studies show that women still earn 76 cents for every dollar that a man earns. This is one of the reasons women start their own businesses two times the rate that men do. Another scary statistic is that 55% of women over 65 are widows and their income is $9,366.00 a year! So, to sum it up we have a lot going against us, but we are smarter investors.  

2. Have A Cushion

Any financial coach/advisor/research online is going to tell you that you want a minimum of 3 months worth of income set aside for emergencies. This is for if you lose your job, car accident, medical emergencies, etc. Focus on where you are at financially and if you lost your income how long you could live off your savings. The main focus point is to make sure that your money is working hard enough for you. It is important to have the money in an account that earns interest. If you have your liquid money in a checking account or underneath your mattress it is earning no interest. Money that is liquid is immediately accessible to you such as in a checking or savings account. But, ideally in an insured money market account - some place where you can earn the most interest on your money but still keeping it liquid.

3. Know One Rule

The Rule of 72 is a simple formula that helps you understand how fast money grows and how assets appreciate. If you divide 72 by the interest rate that you are earning on your money, you will find out how many years it takes for your money to double. For example, if over the last seventy years the stock market produced an average return of 10.4%, you round that down to 10% and plug it into the formula, and you will find that your money should be doubling every 7.2 years. The Rule of 72 is a mathematical concept and is not a guarantee of investment performance or a predictor of investment results. It is simply an approximation of the impact a targeted rate of return would have. There is no assurance an investment will double in value.

4. Save Money Monthly and Buy SMART Assets

The more money you can set up in an automatic investment program the easier it may be to save. If you are like me and when you have money in your purse, you may spend it. With automatic investment programs, you are able to save as little as $25 a week or month and have the money come directly out of a checking or savings account. The goal is to buy things that produce income. That is the whole goal. The goal is that you accumulate enough assets so that you do not have to go to work and take your time to earn your money. The goal is that you accumulate enough assets that you can live off of them. Examples of these assets include businesses, rental property, stocks, and most bonds. Consider buying assets that are expected to produce cash flow, but do not require daily management. This can help you attempt to build and preserve your wealth. 

5. Know Your Money

 Money is simply a vehicle to get you to where you want to go. Take control of your vehicle and control your path and destination. The one thing women are great at is relationships. Your relationship with money is important. One of the things you can do to feel more in control of your money is to take time to attend seminars on money and investing. Learn what assets are and how they work. Use this educational time to then relate it to your own financial situation. 

Know the three basic types of investments: stocks, bonds, and cash. 

What is a stock? A stock is a share of ownership in a corporation.
What is a bond? Think of a bond like a loan. You take your money, loan it out to someone and in a number of years you will get your money back plus interest. What is cash? Cash is liquid money. Cash is your money in a money market, savings account, and in your purse.

6. Happiness in Retirement

The first step in saving for retirement is to answer these two questions.

• At what age do you want to retire?
• How much income do you want when you retire?

If you can tell me how much you have saved up so far and the answer to these two questions, I can tell you if you are on track towards retirement. Or if you are not on track. And if not on track, I can tell you how much you need to save every month to get on track. There are a number of different vehicles that you can use to save for retirement such as 401K, IRA, Superannuation, Pension, ISA

7. Investing Makes Sense

When it comes to investing we need to find balance. The balance can come by spreading risk over time. There are many different types of things to invest in such as stocks, bonds, mutual funds, exchange traded funds, structured CD's, and so many more types of investments. Either seek out a financial advice/research online for they can help you to have investing make sense.

8. Helping Kids

How to help your kids be happy with money is by talking about your values and what is important to you about your money. I encourage you to give yourself and your kids an allowance. I also recommend setting up a family fund. With a family fund, you as a family come up with a goal for your money; as a parent, you can offer a matching program. The goal could be a trip or a new toy. So, for example, if your daughter puts in $1.00 to the family fund, you could match her 50 cents. This way she can learn about finance so that when she starts her first job she understands the concept of money and investing. There are many options available for saving for kids for college such as a 529 Plan and IRA.


9. Plan For Your Estate

Estate planning is a topic that sometimes people do not like to talk about. Who likes to plan for their death? Estate planning can be crucial unless your plan is to die broke. I encourage you to set up a will or trust. The woman that is organized, and truly wealthy plans for when she will no longer be around. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

Article Source: https://EzineArticles.com/expert/Nicole_N_Middendorf/1358640