4 Frequently Asked Questions About Property Division and Responsibility During Divorce (And Their Corresponding Answers)

Property division and spousal responsibility are two of the most pressing matters in any divorce proceeding. Often, both parties arrive at the negotiating table with their own goals and objectives of what they want to get out of the divorce.

certificate of divorcePhoto by rawpixel on Unsplash

But what responsibilities do you have during divorce? How will your joint marital property be divided if you can’t agree? Here are four of the most frequently asked questions about property division and spousal responsibility with insightful answers to give you a better understanding of the divorce process.

What property is treated as “marital property” and what is considered “separate property”?

Unless you can explicitly prove that you owned the property prior to the commencement of the marriage, all property is treated as marital property. The only other exceptions will come from inherited property and property which your spouse gave you as a gift.

This means that if your spouse bought you a new car for your birthday, and you can prove it was a gift, this car can be considered part of your separate property. Similarly, if your spouse already owned an apartment before you met them, this is their separate property.

How will our property be divided during divorce proceedings?

How your marital property is divided will depend on your state. Some states divide marital property equally between the two parties.

Others will divide the property depending on each party’s income, the custodial arrangement of the children, and any contributions one spouse has made to the other’s education and career.

Any debts are divided in the same way as property. Each party is obligated to pay half the marital debts, regardless of who is named as the debtor. Courts can make exceptions in situations of unfair debt. But generally, any debts accumulated during the marriage, by either spouse, are split evenly between the two parties.

Is spousal support automatically granted?

You are not automatically legally obligated to pay alimony. It will be up to your spouse to demonstrate that they require your support. This might be because they are unable to work, has had their earning ability impacted by sacrifices made during the marriage, or need to complete an education before entering the workforce.

In some cases, a court will also award spousal support for rehabilitative purposes. If you harmed your spouse physically or emotionally during the course of the marriage, you may have to pay alimony for a period of time.

How much child support am I obligated to pay?

Each individual state has set guidelines regarding child support. The amount you will be required to pay for each child will be calculated based on both your and your spouse’s income.

You can pay more than the designated amount should you wish to. But you cannot pay less.

Getting a divorce is complex. It requires an intricate understanding of the law and how it applies in your state. Don’t go into it without a competent attorney that specialises in divorce to protect your interests in the family courts.

Cheap Deals for Luxuries You Love

More and more consumers of today are taking the smart route in spending their money. The stiff competition in the market offers plenty of options that give more for a lesser price. Now you don’t have to spend a lot in order to enjoy simple luxuries of life. You can already find cheap deals for just about anything from food, appliances to dream vacations. Just tap into the power of the net to find the best deals for anything and everything you need. Here are some luxury treats that you can easily afford through cheap deals.

cheap deals

Luxury Watches

One thing nice about luxury watches is that they never go out of style, especially the ones with classic designs. Unfortunately the average price of the most affordable luxury watch brand today is around USD 3,000. The most expensive brand can go up to as much as USD 46,000. Thanks to discount deals these rates can go down to as much as 50%.

Dream Vacation

Everyone needs a break once in a while and most people have a dream destination in mind for their holidays. Back in the old days, it takes a lifetime of saving before one can afford to go on a dream vacation. Now, you can find cheap travel deals that include flights, accommodation, and tours. You can even find travel sites that make it easy for you to find the best rates for flights and accommodations. As such, people now move from one dream destination after another even before they retire.

High-end Cars or Vehicles

If you have $15,000 then you can easily buy yourself a brand new car. But is that really the car you want? Luxury cars brands Peugeot, Lamborghini, Aston Martin, Porche, and Maserati have some of the most gorgeous cars around. Their lofty price tags place makes it next to impossible for the working class to afford them. Those who really want to get their hands on these luxury vehicles can explore second hand models that come at affordable prices. These lux vehicles can still look gorgeous even in a used car sale. You may also find great luxury car deals online so you don’t have to sweat it out in search for your dream car.

Cheap deals in the internet makes it easier for people to afford their dreams. But don’t just settle on the discounts that you get from these deals. A little savings here and there also allows you to afford more of the simple luxuries in life.

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Simple Ways to Save Money on Groceries

Everyone wants to save money. This is a fact that no one would contest. We meticulously track all our expenses just to find ways to reduce costs and to increase our savings. However, we seldom pay attention on how we spend our grocery budget thinking that it is a necessary expense. While this is true, there are still many ways to trim down our grocery expense. Aside from making sure that your tummy is full before heading to the store, here are simple ways to save money on groceries.

save money on groceries

Prepare a Menu

Depending on how often you do your grocery shopping, prepare a menu for all the meals your family takes and list down all the ingredients you would need. This guides you to buy only what is needed and helps you avoid having to run back to the store midweek.

Patronize In-House Products

While name brands are preferred for most food products, generic store-brands can be good purchases as well. Some food staples such as sugar, salt, pepper, cooking oil generally taste the same whether they’re generic or branded. In these cases, opt for the store-brand which is more affordable.

Use Coupons

Coupons offer only small savings but these add up when used. A dollar saved is still a dollar after all. Do avoid impulse purchases though. Do not buy something you don’t need just because there’s a coupon for it.

Use Discount Cards

Most stores now offer discount cards or reward cards to loyal customers. Every purchase you make earns you an equivalent number of points which can be used to redeem prizes or which can be converted into cash coupons. Used on top of ongoing sales, these discount cards allow you to increase your savings.

Stock Up During Sales

Buy non-perishable household products in bulk during store sales to take advantage of the huge discounts. Cleaning products, paper towels and toilet paper, toiletries, and other such products you regularly use can be kept in storage for a year or so. Stock up on these on the store’s biggest sale during the year.

Bring a Calculator

One of the best ways to save money on groceries is by comparing which brand offers the best value for a certain product. It can be difficult though to compare costs when volumes vary that we tend to just grab the one with the lower price tag which may actually be costing us more. Having a calculator makes it easy for you to compare dollar-per-volume values and to choose the brand with better value.

Pay In Cash

While a credit card offers convenience, using one often leads you to spend beyond your actual budget. It is better to avail of EastWest personal loan than to incur huge credit card debts. When you go grocery shopping, bring just the exact budget for that trip and stick to it.

There are really so many ways to save money on groceries. Just by following those mentioned above could cut your expenses by 25%. It may be fairly easy to get on cash loan Philippines, but financial planning may mean that you won’t ever need to have to take one out. This could be a big help though on immediate expenses without breaking the bank.

It may seem simple, but planning your grocery shopping is already once step towards financial stability.

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Protecting Your Family Financially When Injury or Illness Strikes

While no one likes to think about bad things happening, it’s never a good idea to discount them entirely. An unfortunate fact of life is that unlucky things do happen and accident or illness can strike you at any time. This can have a devastating impact on your family finances, but there are steps you can take to ensure your family is as protected as possible from any potential fallout. There is a great deal of freely available information online about protecting your family financially when injury or illness occur, such as the hints and tips you can find via sites such as www.superclaim.com.au. Below are a few different ways to safeguard your finances should the worst happen.

Mother looking after her sick child at home

Trauma Insurance

Trauma insurance policies usually pay out in a lump sum. It comes into effect (depending on the terms and conditions of the specific policy) when you experience physically traumatic ailments such as a stroke or cancer, or even a heart attack. Any of these conditions can impact your ability to earn an income and provide for your family, so the payout is to tide you over and cover your medical and other out of pocket expenses while you recover.

Income Protection Insurance

Income protection insurance usually comes into play when an event occurs in your family that impacts your ability to earn your usual level of income. This may include a car accident, or some kind of illness, that means you will be off work for some time. The idea of this sort of financial safeguard is that it usually pays out in instalments, and it is to keep your household running while you recover or figure out your next step as a family.

Life Insurance

This is a type of protection most people are already familiar with. Life insurance can cover you in the event of your death – but did you know that some policies will also pay out in the event of your being diagnosed with a terminal illness? This is an important distinction to look into when you are deciding whether or not your need life insurance, and which policy may suit you and your family best.

Total and/or Permanent Disability Insurance

Total and/or permanent disability insurance is often an included component of other types of insurance policies. It covers your family for unexpected and out of pocket expenses, and gives you a lump sum to tide your family finances over for a while. It is paid out in a lump sum, in the event of the you not being able to work again, either at all or in the same capacity and at the same income level at which you were previously employed.

While no one wants to move through life with the outlook of a pessimist, it’s a fact that unfortunate events do occur. You can’t possibly cover yourself and your family against every conceivable eventuality, but there are some definitive actions you can take to insure your family financially against the likelihood of injury or illness causing economic distress in your household.

Do you have any contingency plans in place for protecting your family finances from fallout, should injury or illness strike your household? Share your insights with others via the comments box below.

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Teaching Children Financial Responsibility

Money is not the most important thing in this world. This is one lesson that parents teach their children in an effort to veer them away from materialistic views. But, it is also a reality that people need money to survive in this world. A more important lesson perhaps is financial responsibility. Children need to be taught about the value of money at an early age. Money does not grow on trees – the money tree and the pot of gold at the end of the rainbow are mere story book ideas. It takes work and good money management skills to ensure that you have enough money for all your basic needs as well as for the little extras every once in a while.

The Value of Hard Work

Children have to be taught that money comes as a reward for hard work – alright, maybe not all that hard. They have to know that they have to do something to earn money. Even for adults, doing something that you are passionate about and getting paid for it is the best way to earn money. Cultivating and encouraging an entrepreneurial spirit is something that is also advised to teach kids how to earn money doing something they love. A child who loves to cook and bake can be the designated cook for the day and be paid for his “gourmet services.” Having a bake sale is also another great albeit not-so-novel idea to take kids through the experience of earning money.

The Value of Saving

The next step to teaching children financial responsibility is to help them in deciding what to do with the money that they earned. It is not really enough to tell them to save their money. They have to understand why they are saving their money. Parents have to take their kids through the process of deciding on where the money goes. Of course, the value of saving will have to be subtly “forced” into the process. A good way to get them to save is to start with a basic bank account that has a low initial and maintaining balance requirement. Some banks even have a zero maintaining balance requirement. But, this is really not all that important since you want your child’s bank account balance to grow over time instead of to dip to zero. Get your kids to put money in their bank account regularly or as often as possible. This goes with money that your kids get whether from doing chores, having their own little business, or saving their allowance.

The Reward of Successful Saving

You also have to make your children experience the rewards of saving. At this point, you can go for short term financial goals. Since your kids are well beyond their retirement needs, you can afford to indulge in goals like having enough money that they can use as their pocket money for your annual vacation next year or maybe money that they can use to buy the toy they have always wanted to have. As your child grows, his goals could be directed towards having money for college or perhaps to buy his first car. When your child learns why and how he should save, it will be easier for him to manage his spending as well. A financially responsible child is bound to be responsible in other aspects of his life too.