Law Office of William B. DoonanLaw Office of William B. Doonan2024-03-19T10:59:22Zhttps://www.wdoonanlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1502891/2020/08/cropped-favicon-32x32.jpgOn Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495572023-12-06T11:21:41Z2023-12-11T11:20:37ZUnderstanding CFDAs and Their Role
CFDAs are trained professionals who provide financial expertise and guidance to couples in the midst of divorce. Their primary goal is to help clients make an informed decision by analyzing the various financial implications of divorce settlement options.
The specialized skill set of CDFAs includes the following concentrations:
Asset and debt evaluation
Cash flow analysis
Property division scenarios to facilitate equitable distribution
Retirement and pension plans
Calculation of appropriate child and spousal support
CFDAs can evaluate and point out what your future will be like following the final divorce decree. Even though working with a CFDA will cost additional money, you could save in the long run. The solutions they present are objective and informed, allowing you and your spouse to make an informed and fair decision when splitting your assets. They can also work with you to understand the long-term impact of various settlement choices, manage cash flow post-divorce and realize other financial goals.
Property division is complex
The longer you have been married, and the more assets you have amassed translates directly to a longer negotiation process for property division. Even if you have an amicable split, these issues can take time to resolve, so you and your spouse end up with an equitable division of your marital property. Many factors go into splitting property, including the nature of the property, the income, education and physical health of both spouses, and so on.
Working with a CDFA can help you minimize costly mistakes that may occur during the divorce process. With their specialized knowledge, they can point out settlement options that may leave you financially strapped. Consulting these professionals will allow you to evaluate tax consequences, discover improper valuation of assets or even find hidden assets that can change your settlement.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495542023-11-16T05:52:05Z2023-11-22T05:50:43ZTake time for your health
A gray divorce may provoke a number of emotions such as anger, depression or anxiety. These emotions may cause you to make impulsive decisions such as eating too much, drinking excessively or spending money that you don't have on things that you don't need. Depression may also cause secondary health issues or cause you to allow your home or relationships to fall into disrepair. Ideally, you will make time for exercise, to socialize with friends and to otherwise engage in self-care.
Adjust your budget
If your spouse was the one who handled the household finances, your first step may be to simply assess your financial needs and create a budget. Depending on your existing resources, it may be necessary to go back to work, save less for retirement or sell your house to make ends meet.
Accentuate the positive
Although a divorce represents a major change in your life, it doesn't have to be a totally negative experience. You now have the freedom to pursue your own interests or perhaps find someone who is more compatible with who you are now as opposed to who you were several years or decades ago.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495512023-10-04T06:58:17Z2023-10-09T06:57:29ZPrenuptial agreement
A prenuptial agreement can divorce-proof your business before you’re married. As the name suggests, couples sign the prenuptial agreement before getting married.
The agreement can specify if the business is marital property or separate property. If both of you have a 50/50 ownership in the business, the agreement can specify a 50/50 split in case you decide to end the marriage.
Postnuptial agreement
Perhaps you’re already married and didn’t sign a prenuptial agreement. In that case, you can consider creating a postnuptial agreement. It can specify the same information you’d include in a prenuptial agreement.
For example, you can specify what percentage of the business you and your spouse own. This will give you control over how the business is split should a divorce occur.
Buy-sell agreement
You might want to create a buy-sell agreement, even if you do have a prenuptial agreement. The buy-sell agreement explains how you’ll value the business should you divorce. It also covers other events, such as disability or death.
The main goal of this agreement is to specify who can buy the other person’s share in the business or who will sell their shares in certain situations. You can also specify terms and conditions, such as payment arrangements, should a buyout occur.
Other agreements to protect additional owners
Even if your spouse isn’t a business partner, they are likely entitled to a share of your business should you divorce. This can possibly cause problems if your ex-spouse decides to take an active role in the business.
You can put agreements in place to protect anyone else who owns the business with you. If you don’t, the other owners might have to do business with your ex-spouse against their will.
Also, your ex-spouse might have the right to make business decisions. Shareholder agreements or operating agreements can possibly protect against these scenarios.
There are several ways to divorce-proof your business. You might not want to think of divorce, but it is a possibility. At least with a plan in place, you’ll know your business is protected should a divorce actually happen.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495492023-09-04T05:34:50Z2023-09-07T05:33:34ZMaintaining a familiar schedule
Most parents are familiar with schedules while raising children. Taking care of a special needs child sometimes requires stricter and more intensive daily regimens. These schedules can become a source of comfort for children, especially while dealing with divorce-related stress. As you and a former spouse begin co-parenting, try to minimize unwanted schedule-related surprises for your child.
Your child's medical needs
Some disabilities require children to have heavy, fragile or bulky medical equipment in their homes. Whether it's a heavy electric wheelchair or a monitoring device, moving these types of equipment isn't always easy or even possible. If that's the case, your co-parenting plan might require a noncustodial parent to visit rather than take their child outside the home.
Making decisions together
An aspect of parental rights and responsibilities involves making decisions on your child's behalf. Besides day-to-day decisions, co-parenting can also require making complex decisions regarding education and healthcare-related matters. It's also beneficial to have an emergency care plan in place for a special needs child on which both parents can agree and follow.
Parenting a child with special needs is a rewarding experience. As you think about your child's future, also consider their long-term care plans. You and your ex-spouse should discuss who will care for your children if you both pass away. Some parents in this situation create a trust that financially protects their special needs children.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495482023-08-01T07:06:55Z2023-08-04T23:23:50ZHave a prenup
If you're getting married and have an art collection, it can be a good idea to create a prenuptial agreement that outlines what will happen to the artwork in the event of a divorce. This document can help protect both parties from any unnecessary disputes or misunderstandings.
Create a plan
Creating a plan for handling the artwork can help you and your spouse avoid disputes. Collect documentation from appraisals, receipts, or other sources to determine the artwork's monetary value and who owns what. Have an open discussion with your partner about what divisions seem fair; if possible, look into selling certain pieces together so both parties receive some funds from the sale.
Determine ownership
In most cases, it is important to figure out which art pieces were bought before marriage and which were acquired after. Anything purchased before the marriage is typically considered separate property and won't be divided up between the spouses. Any artwork purchased after marriage is considered marital property and may be subject to division in a divorce.
Keep in mind tax implications
Sometimes, you may need to pay taxes on any artwork transferred during a divorce settlement. The Internal Revenue Service (IRS) considers this a sale or exchange, and you may need to report it on your income tax return.
Create a trust
If you cannot agree on how to divide the artwork, consider setting up a trust. This can help preserve and protect the collection until ownership is legally determined. With a trust, both parties retain some control over the artwork while the court resolves any disputes related to its division.
Dividing art during and after a divorce doesn't have to be a difficult process. By taking the time to understand your legal rights and work together with your partner, you can develop an equitable solution that respects both party's interests.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495462023-07-06T05:56:49Z2023-07-11T05:52:24ZYou'll need housing
After a divorce, you may have the right to take control of the family home. However, you will be responsible for paying the mortgage and paying for necessary upkeep on your own. Alternatively, you can choose to rent or buy another home, which will likely result in paying thousands of dollars in closing costs or upfront rental fees. It may also be necessary to buy new furniture or other items for your new home or apartment.
Health insurance isn't cheap
Even basic health coverage can come with a price tag of several hundred dollars per month before accounting for medication or other expenses. While you may be eligible for COBRA coverage, that may be out of your price range on a single income. The monthly premium may be even higher if you have a child with special needs to take care of.
Retirement assets may be split
In a divorce settlement, you may lose a sizable portion of your existing retirement assets. Retirement accounts are typically considered to be a joint asset even if your name is the only one on them. In addition to the actual dollars lost, you also lose out on any compounding that they could have provided you with over the next several years or decades. Therefore, you may be forced to stay in the workforce or come out of retirement to make ends meet.
Ideally, you will begin to prepare for a divorce the moment that you know that your marriage is coming to an end. Doing so gives you more time to consider the costs involved as well as how you might be able to obtain the resources needed to cover them.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495442023-04-25T09:35:36Z2023-04-28T09:34:59ZKeep communication open and respectful
Communication is vital when it comes to co-parenting. Make sure to keep your former partner informed about your child’s life, including school events, extracurricular activities and doctor’s appointments. Using a respectful tone and avoiding negative or hurtful behavior will ensure arguments are kept at a minimum.
Develop a parenting plan
Parenting plans put responsibilities and expectations for each parent in writing. This can include custody arrangements, visitation schedules and decision-making processes. A parenting plan can help reduce conflict and provide a clear structure for co-parenting.
Be flexible
Life after divorce can be unpredictable, and unexpected events can arise that may require last-minute changes in plans. Try to be accommodating and understanding of your former partner’s schedule and needs, and be willing to make adjustments as needed.
Keep the child’s best interests in mind
Make sure to put your child’s needs first, and avoid using them as a bargaining tool or using them to try to get back at your former partner. Remember that your child loves and needs both parents and creating a positive environment for them is important.
Children can be negatively affected by conflict and tension between their parents. Keep any disagreements or issues between co-parents private, and avoid speaking negatively about your former partner in front of the child.
Seek help if needed
If you are struggling with co-parenting or feel that you need additional support, consider seeking professional help or building a support network around you. A family therapist, counselor or family and friends can help you and your former partner work through any issues and develop a positive co-parenting relationship.
Making the best of a difficult situation
Co-parenting can be difficult, especially if your divorce was an experience filled with obstacles, but there are ways to make it work. Keeping communication open and planning ahead to reduce unpredictable changes can help you build a positive co-parenting relationship.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495422023-04-05T11:34:17Z2023-04-10T11:33:35ZCreate a list of expenses
The first thing that you'll want to do is to create a list of all the expenses that you'll likely encounter during the divorce process. This will enable you to get an idea of where your money is going as well as help you find ways to cut costs if necessary. It may also give you some idea as to how you want to settle your divorce. For example, mediation may only cost a few hundred dollars as opposed to the thousands it might cost to pursue litigation.
Create a plan to cover those costs
If you stayed home throughout your marriage, it may be necessary to find a job to make ends meet after separating from your spouse. If you're employed, you may need to work more hours or find a second job to cover the cost of medical care, transportation and other expenses.
Alternatively, it may be possible to fund your lifestyle by borrowing against a retirement account or selling personal belongings. Of course, you may need permission to do so if a retirement account or other items that you want to sell might be considered part of the marital estate.
A divorce may be one of the most expensive experiences of your adult life. However, taking a proactive approach to ending your marriage may allow you to get through it without completely draining your bank account. Depending on the circumstances of your case, your spouse may be required to help pay for legal fees or other costs related to dissolving your marriage.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495412023-03-10T15:35:02Z2023-03-14T14:34:35ZAsset division
Gray divorces often involve more substantial assets, such as retirement accounts, real estate and investment portfolios, making the division more complex. Couples may also have accumulated more debt over the years, which must be divided equitably. Ensuring each spouse receives a fair share of the assets and debts is essential.
Retirement planning
Divorcing couples may need to adjust their retirement plans and financial goals to reflect their new financial situation. Couples planning to retire together may need to delay or adjust their retirement savings strategies. Additionally, the division of retirement accounts can be complicated, and it's essential to do your due diligence to ensure the division is done properly.
Social Security benefits
Spouses who were married for at least ten years may be eligible for spousal benefits, even if they are divorced. However, the timing of the divorce and the spouse's age can impact the benefits received.
Estate planning
In a divorce, couples may need to update their estate plans, including wills, trusts and power of attorney documents. It's also essential to update beneficiary designations on retirement accounts, life insurance policies, and other financial accounts.
Having a financially fair gray divorce
A financially fair gray divorce is essential for both parties to move forward with financial stability. By taking a collaborative approach and seeking guidance, couples can ensure that the division of assets and debts is equitable and that each spouse has a solid financial foundation for the future. It's also essential to consider the long-term financial implications of any settlement and adjust retirement plans and financial goals to reflect the new situation.
A financially fair gray divorce can provide both parties with the security and peace of mind needed to move forward and create a fulfilling new chapter in their lives.]]>On Behalf of Law Office of William B. Doonanhttps://www.wdoonanlaw.com/?p=495392023-02-08T06:38:50Z2023-02-13T06:37:15ZHow the business is organized may make a difference
If your practice is a sole proprietorship, you will likely be able to keep your business as separate property, if its founding date was not during the marriage and that you can prove it. However, suppose your practice is a partnership. In that case, the terms of your partnership agreement will dictate what happens to your business in the event of a divorce.
The situation is more complex if your practice is a limited liability company or corporation. Review the bylaws or operating agreements of the business to determine what happens to the business in the event of a divorce. In some cases, one spouse may need to buy out their spouse's interest in the company, while in other cases, it may require the sale of the business.
Financial impact on the business
Regardless of the type of business, the financial impact of a divorce can be significant. You will need to consider the financial implications of the divorce on your business, including the cost of any legal fees and any potential loss of income. You will also need to be prepared for the possibility that the divorce may impact your business, and you may need to make changes to your business plan or operations to keep it running smoothly.
Consider the emotional impact of divorce on your medical practice. You may be dealing with significant stress and uncertainty during this time, which can impact your ability to make clear and rational decisions about your business. Take care of yourself and seek support from friends, family, and other trusted individuals during this time.
Future of the business after divorce
A divorce can have long-lasting consequences for your medical practice, both financially and emotionally. Also, consider the future of your business after the finalization of your divorce, as you may need to make changes to your business plan or operations to ensure its long-term success.]]>