The decline in real estate values over the past several years has left many homeowners owing more than their properties are worth. Second mortgages obtained years ago, based on inflated home equity, are now presenting a financial burden. Homeowners facing foreclosure or considering a future home sale may find a Chapter 13 bankruptcy to be a financial option.
As long as real estate prices were rising, second mortgages were a practical method to convert home equity to cash.
If you have children, divorce becomes much more complicated. You will need to create a parenting plan that determines how both of you will share parental responsibilities. This is a court order that you can have enforced in the event that you or the other parent is not complying with the requirements.
How Parenting Plans Work
The parenting plan should detail where the child will primarily live. While the child might live in one home during the summer or on the weekends, your child will have one official home.
Approximately 50% of all marriages end in divorce, and many of these individuals will end up with financial problems shortly afterwards. If you are currently going through a divorce and are afraid that you will suffer financially, you should talk to your lawyer about the following three things:
If you will obtain custody of the kids, your ex-husband will be required to pay child support. Unfortunately, there are many dads that fail to keep up with this obligation, and you should fight in advance to make sure you get this money.
In the back story of the movie The Lincoln Lawyer the cocky attorney Mickey Haller pressures a character named Jesus Martinez to take a plea deal for murdering a prostitute. Haller believed the defendant was guilty, but as Martinez serves time in a rough prison, Haller discovers he was innocent.
You may find yourself identifying with Martinez, if you are charged with a serious crime and there is plenty of circumstantial evidence that makes you look guilty.
A spouse has three motivations to hide assets and money in a divorce and these include the settlement, alimony, and child support. You can try to be reasonable in your demands so alleviate the other mate's fears and this may help things go to a fair conclusion for all. However, the sad fact is that some soon-to-be exes are not interested in honest negotiation. You need to be aware of the five current means that divorcing spouses can use to hide income and drain marital assets.