Divorce Finances

Five things every woman needs to know about divorce and making sure you're taken care of.

First, many states determine the value of retirement assets to be split based on the official date of separation, not divorce. So, if you separated in May 2006 but don't divorce until 2007, the courts may direct you to divide assets as of May 2006. So, if your husband is about to get a bonus you should wait to separate. Or if you're expecting a bonus, get out fast.

Second, if you leave your husband the house, make sure he refinances immediately and takes your name off the mortgage. If your name is on it and he defaults, it will affect your credit.

Third, make copies of all your recent financial statements so there's an accurate record of all money to be split.

Fourth, make sure you know about all the credit cards taken out during your marriage. If you have any cards with balances on them, pay them off and close the accounts.

Fifth, if you've been married for at least ten years you qualify to receive half the amount of your husband's benefits when you reach full retirement age. And, even after divorce, if your ex-husband dies you're entitled to survivor's benefits starting at age 60.

Read more at WLWT.com.
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Comments

[Kaiolani]

I was not even married a year. I devoted myself to my husband and supported him and his 25 year old son before marriage and a after marriage. He used all of the money, his business earned for his business, and for I do not know what else. I was lucky if
I ever recevied 500.00 a month for living expenses that totaled 6,000.00. Now, we were married a year, and I did this 18 months before marrige while we lived together. He said he was maketing his business all that time. Well, it worked and he is making money now in his first month he leaves. How convenient! While he trots between his sisters home and ours during the next month. I incur an unfortunate wrongful termination from my employer. I ask him to help me at least for 2 months since I was always there for him. YOu can guess what his response was. If I can, I can, well later working on papaers and other issues as I did for his business. Then I discover that he was having affairs with 2 women and I never knew about, untill reviewing bank statements . I wanted ot know where all this money went. I am mad and hurt and he is out there living up life. I do not have one dollar to my name now all savings went to pay for all the costs I am stuck with. Now he wants me to pay the bills in his name that I was a authorized user. I mentioned to him sure I will can you gove me back some of the money I used while you launched your business. Because if he had contributed even half I would be a wealthier woman today. Does the law not look into the patterns of people that use up another and toss them away like garbage. He keeps pressureing me to just sign the papers and take half the bills and I told him no I cant think about that right now. Wait till I get a job and get a lawyer to help. He says if I dont he will get a lawyer and force me to go into court not represented and then he will win for sure. Can you advise please.

[Kym Goodman]

A friend of mine's husband recently received a lump sum of money due to a presciption drug he was on that led him into Diabetes,however he refuses to help support his family he has hidden the assets in his moms name so his wife can't get to it even though he has 2 minor children I would like to help her to put a freeze on his accounts I am unable to find the forms I need on the California Court Forms website.
Thank you for your time,
Sincerely,
Kym Goodman