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Get Your Finances Back on Track After Divorce

Divorce can put a lot of strain on your life, especially your finances. Here are some tips to getting your financial life back on track after your split from your spouse.

Evaluate where you are spending cash that you don’t necessarily need to be spending and think of ways that you can minimize overspending. These kinds of payments could be shopping habits you could change at the mall to save some cash, or even reducing your interest rates, which could make a significant improvement on your current income.

Decide what kind of property would be best for you to live in based on your new financial situation, and do your research. Determine how much you can borrow and how that will affect any other goals you have, such as saving for your children’s education or a retirement fund.

Do a financial stock intake and assess all debts and assets that are either yours or yours and your former spouse’s together. This includes all debts on bills that should have been changed to be in either yours or their name once the divorce took place, making only one of you financially responsible for them.

Boost your career. If your current job isn’t what you would like, now is the best opportunity for a change. You are beginning a new life, and with that should come a new job if you’re not happy with the one you currently have. Take some courses to freshen up your skills, update your resume and explore opportunities that you may not have been able to consider before.

Start building an emergency fund, and after a divorce you will need time to rebuild your financial resources. Even if it is just a little at a time, start putting money away that would be available toward emergencies, vacations, and anything extra that you are unable to use your job income for.

7 Divorce Mistakes That Could Cost You

Just as emotionally draining as divorce can be, it can be equally as financially draining.  Aside from legal fees, there are other things that must be considered when it comes to the costs involved in divorce, including a new home and a new life. Avoiding these mistakes could certainly save you a pretty penny in the event of a divorce.

1. Making decisions when you are upset or over emotional about the divorce. If you are extremely upset because of the events happening around you, try your best to not make any hasty decisions purely out of anger or sadness. This could lead to making bad decisions, including financial ones.

2. Not getting legal advice. Having a Glendale divorce lawyer on your side will help you determine which financial pitfalls you can avoid and how to get the most out of a divorce settlement. Without a lawyer, you may miss some of the ways to financially navigate your divorce.

3. Failing to think strategically. Determine what things are worth fighting for, and consider how much you’re willing to pay to hold onto your assets. Make sure you’re legal fees don’t end up costing more than what you’ll actually be getting in return.

4. Being disorganized. The more organized you keep your financial documents, the easier it will be for you to access that information when you need it.

5. Not working with a tax person. A tax accountant and financial planner will help minimize the amount of tax you will have to pay during the divorce process. Working with these kind of professionals will prevent any tax liabilities that you may not have noticed at first.

6.  Not disclosing financial information. In order to get an appropriate settlement, you need to provide the court with full disclosure of your finances. Trying to conceal or dissipate assets can end up costing you in the end.

7. Not having a will. While it may be a morbid topic to think about, having a will is an important practicality to ensure that your loved ones are provided for in the event of your death. This is especially relevant if you have children with your ex spouse.

For more information on how to avoid financial pitfalls that could severely impact your finances during the divorce process, contact a Glendale divorce lawyer at The Sampair Group today. Visit us at www.sampair.com for a free consultation.

What You Should Know Before Filing For Bankruptcy in Arizona

If you are having problems paying your debts, or are threatened with foreclosure or repossession, there are ways to deal with these problems. When faced with financial challenges, considering the decision to file for bankruptcy can be difficult. Before you make the final decision to file, it is essential to know the facts about bankruptcy and the complex process that it entails. Filing may not be the answer for everyone and is certainly in no way a “quick fix” to money problems. Here are some things to consider before making the final decisions to declare bankruptcy:

1. Wait as long as you can before filing. In Arizona, you can only file for bankruptcy once every six years, so you will want to make sure you wait to make the decision until you absolutely need it. Take time to research and consider the specifics of your financial situation. Just because creditors are threatening you for not paying your immediate civil debts (aside from fines or court ordered amounts) does not mean you should immediately file. There are other options to taking care of debt, and the best step to take first is to speak to an experienced Bankruptcy Law Attorney at The Sampair Group to discuss your options.

2. If you are worried about how your credit report will be affected, be aware that your choice to file for bankruptcy will remain on your credit report for 10 years, and your credit score will increase within one year. This won’t necessarily eliminate you from qualifying for loans, but you may be charged a higher interest rate from the lenders than if you had not filed.

3. When making the decision to file for bankruptcy, be sure that beforehand, you do not incur any more credit card debt or debt from borrowed money. This also includes loaning money to friends or family members or giving or selling property without consulting with a lawyer first. Opening a joint bank account with someone that is not your spouse can severely impact you as well before filing for bankruptcy. Lawyers at The Sampair Group also advice that you do not transfer any money between bank accounts or transfer a title on any automobiles in your name.

4. After filing, you are permitted to keep a certain amount of property including your home (with an equity under $150,000), you car (with an equity under $5,000) and personal items such as household furnishings. Investment accounts and boats or RV’s are not exempt from seizure during the bankruptcy and these assets are distributed to the creditors.

Before making the decision to file for bankruptcy, meet with an experienced, qualified bankruptcy attorney at The Sampair Group to discuss your options. Do not delay or ignore financial distress as it could result in further financial expenses that can be avoided.