Getting married means that it's time for a lot of paperwork and updating. While most newlyweds know that they need to create and change names on joint accounts, they may overlook estate planning. Taking the time to sit down and create a plan is an important post-nuptial activity that can ensure that your new family gets off on the right foot. The following tips can help.
Tip #1: Check All Beneficiary Plans
Following a divorce, one spouse may become a bit more financially dependent upon the other. In order to avoid do this, you'll need to make sure that you avoid some of the most common financial-related mistakes that many tend to fall prey to when getting divorced. Here are three financial blunders you will want and need to avoid when negotiating your divorce settlement:
1. Overlooking the Power of Mediation.
The best thing you and your spouse can do is to work together to reach a fair settlement for divorce-related issues.
Although divorce is rarely an easy or simple decision, it is often complicated by the amount of debt you and your spouse have. Therefore, it is important to be aware of how much debt is owed and what kind of debt it is, before selecting an attorney.
In addition, if you and your spouse do not jointly agree to both the decision to divorce and the resulting division of debt, it is often better to hire an experienced trial attorney that handles divorces.
If you and your partner have lived together a long time without marriage, you might not have any legal protections for your assets if you split up. Unless you live in a state that recognizes common law marriages, you need to take steps to protect your property and to decide what happens with debts. To help you create a cohabitation agreement that works for both you and your partner, here is what you need to know.
Car accidents can be traumatic to experience. If someone else causes the accident, not only do you have to deal with your injuries and damage to your car, but you also have to deal with trying to get the person responsible to pay for it all. You may even have to file a personal injury lawsuit against the other driver or their insurance company to try to get the money you are owed.