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Financial Assessment: Your First Step in the Difficult Process of Divorce
Author: Denise Hummel  | Posted: 11-07-2008 | Comments: 0 | Views: 1 | Rating: (70)  (?) 
Whether your first step is to hire a mediator or see a financial analyst or assistant, you must take the first step of knowing your assets, your debts, and your expenses. For some people this is easier than for others. Depending on what role you played in your relationship, keeping track of the economics was either a big part of your life, or it wasn't. If it was not, the challenge will be more difficult, but by no means insurmountable.
You will first need to define what is marital property and what is separate property. As a general rule of them, anything you already owned prior to marriage (your home, if you owned it outright, car, furniture, stock, or retirement) is separate property. Anything you have ever gotten as a gift is separate and anything you have inherited in separate. As long as you can identify your separate property and it has not been enhanced or changed through marital funds, by tracing it back to its origin, you will most likely be able to keep it.
Step One: Google California Court Info and when you get to the official California Court System site, click on "selfhelp/family/divorce/step3.htm#formsprelim" and print out the last form at the bottom of the page (Schedule of Assets and Debts (Family Law). Doing so will help you organize your property by showing you when you got it and what it is worth. By law this form must be completed by both of you, so you are that much ahead of the game by compiling the information related to this form now.
The 2nd form on that page, (Income and Expense Declaration (Family Law) must also be completed. Fill in as much info about yourself as possible and anything you don't understand can be completed with a professional. This is another mandatory form that the court requires each party completes and will be necessary for many of the professionals you may need to speak to including a mediator, lawyer, or financial advisor.
What is the value of your home? The easiest way to find that out is to see what other homes in your area are selling for. A real estate agent you trust, or one recommended by us will run comparable listings (called, "comps") for you. Be aware that different real estate agents do this differently and for different purposes. After you agree on the home's value, you will be deducting what is owed to determine what your equity is.
When you come to see a mediator, lawyer, or financial advisor, bring copies of your most recent statements related to all accounts including your (and your spouse's) pensions or other retirement holdings. Contact your plan administrator to see if they can help you value this important asset. If you need further help you may contact one of our financial advisors, accountants or actuaries. If either you or your spouse has a business, using a professional to evaluate it is essential. The help of a forensic accountant is particularly vital in order to determine the value of a medical or legal practice.
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Frequently Asked Questions
Who is the person to speak with re: REO listings ...
By: Helen Schmidt | 07-09-2008
Who is the person to speak with re: REO listings? I'm a veteran REALTOR in Northern CA, and wish to help sell your REO listings. Thanks! Helen Schmidt, CRS, GRI Sotheby's International REAlty Danville, CA 94526 925-785-4320
Divorce and spouse leaving country
By: dkat | 07-09-2008
If a spouse came to the U.S. on a marriage visa and the marriage is heading to divorce, if the spouse decides to leave the country before a divorce happens, what do you do?
explanation: the spouse that came to the country is trying to leave before the divorce has taken place, he doesn't care whether she leaves or not, but how can he serve her papers or make the dissolution of marriage?
this is obviously not for me, its for a friend.
Finding a divorce decree for free
By: Lucky lady | 07-09-2008
Donald benjamin anderson phenix city alabama divorce decree...I need to find a free informational web site to determine the validity of this divorce. Thanks
Can I print voucher # dynamically on POS bar code labels?
By: PeteNashville | 06-09-2008
I buy items from the public every day in my retail store -- most items I buy are "generic" things that I already have items setup in POS for. I typically print bar code lables out of POS for each voucher as I buy the items, but is there any way I can tell POS to grab the voucher number and stick it in one of the unused fields on the bar code labels as they're printing? Again, these are GENERIC items that I use over and over, not new items... so I want to grab the voucher number "on the fly", dynamically, and have it print on the bar code labels without permanently "updating" it on the label in POS. The next time I print a bar code label for the same item but on a different voucher, I want it to grab the new voucher number and put it on the label. In other words, say I'm buying cans of chicken noodle soup. I'm buying stuff on voucher #1, I print the bar code labels and the label for the chicken noodle soup prints voucher #1 somewhere on the label. Tomorrow I buy more stuff from a different customer on voucher #2 and there's another can of chicken noodle soup. Same exact item, but when I print these labels, it automatically knows I'm working on voucher #2 so it grabs "voucher #2" and prints it somewhere on the label for me. Is there any way to make that happen? I really hope so -- it would help me tremendously in my business. Thanks!! If possible, I'd love to get a response at "petedodge2000@yahoo.com" in case I don't get back to this site. Thanks! Pete
Taxes ....... how much if you make 10,000,000 a year
By: Barack | 06-09-2008
HOW MUCH IS 10,000,000 taxed in the usa?
Gay Marriage
By: paddster16 | 06-09-2008
If MARRIAGE is so SACRED.... Why don't we outlaw Divorce..?
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