DIVORCE PLANNING

    As most people know it costs a lot of money to get married these days and in many cases it costs a lot more money to get Divorced, especially when there exists acrimony between the parties.  When emotions are allowed to come into play they tend to cloud the situation and the costs for the divorce increase dramatically, i.e. lawyer fees, professional counseling fees, costs to repair property, lost property, carrying charges for the house, cars, credit cards, loans, etc.  Sure people get mad.  They are angry with each other.  But a marriage consists of both an "emotional" element and an "economic" element.  To succeed in controlling the "dollar costs" of the divorce you must, of necessity, detach your emotional self and focus on the business of dissolving the economic relationship.  In doing this I believe that you will lessen the tension and achieve an overall better emotional and economic result.  The laws of every State deal with the division of the property of the marriage, i.e. the marital assets along with the issues of child custody and support.  These laws are going to be applied regardless of whether you like it or not, and at times, in ways that will not benefit you.  So what do you do?  Simple, remove the emotion, listen to the advice of your attorney and other professionals that you engage and most of all be willing to meet with your spouse to develop a distribution plan ("Divorce Plan") that you both can live with.  If you do not make your plan then the Court is going to make one for you.

    So then what is "Divorce Planning" and how will it help me (us)?  Simply stated "Divorce Planning" involves engaging the services of a "Divorce Planning Specialist", (like myself) that will sit down with both spouses, review the assets, listen to the proposed plans of what the parties want to accomplish, and then come up with a written plan that addresses the division of the assets.  At times, other professionals will need to be engaged, i.e. a Realtor to determine the marketability of the family home or other investment property, a Real Estate Appraiser to determine the value of the property, a CPA to evaluate the value of pension plans, tax implications to the parties, etc.  As your "Divorce Planning Specialist" I will interact with and coordinate the flow of information between all professionals engaged and your respective attorneys.  We will determine whether it makes sense for one party to keep the marital home, i.e. can they carry the cost of the home, or does it make more economic sense to sell the home.  The analysis is all about the economic reality and implications of certain decisions.  In addition to the foregoing outlined services that Benchmark Lending provides we also assist the parties in financing the property(ies) to facilitate the sale of the property to one spouse, or to facilitate the sale of the property to a third party, or to refinance the property to make the carrying charges lower or to pay the costs of the divorce, or to create a pot of money to pay for credit cards, car payments, school tuition, etc.  All to often when emotions come into play people stop paying their or their spouse's credit cards, or car loans or to make the mortgage payment or utilities payment, etc. and the net result is bad credit caused by failure to pay on time or even worse foreclosure of the mortgage on the home or other properties, repossession of cars, utilities turned off, tax liens, harassing phone calls.  You get the picture - it just gets "ugly" - and no one wins!!  Sure you are going to get divorced but do you really want to destroy your credit and your future in the process?  Do you want to pay higher interest rates on everything in the future because you destroyed or allowed your spouse to destroy your credit?  By engaging us to develop your "Divorce Plan" we can help you avert the negative consequences.  We can refinance your home and take out some equity that you can then place into a secure checking account out of which you can pay your day to day living expenses, mortgage, utilities, taxes, insurance, car payments, school tuition, attorney's fees, etc. all the while keeping your credit safe and intact.  Please note that it is a lot easier to refinance the marital home when both spouses are still living there and both incomes can be used to qualify for the loan.  When you are living separate and apart the expenses of each party, i.e. housing expense (rent) must be taken into account in qualifying for the loan.  Plus many lenders will not lend when there is a non-occupying co-borrower.  By planning and approaching this problem in a businesslike manner you can avoid a whole lot of upset and tension between yourselves, while preserving your good credit as you transition into the next phase of your lives.

    At Benchmark Lending we stand ready to help you make the best financial decisions now that provide for the present and protect your future.  Please call us with any questions that you have and/or to make an appointment to meet to discuss your circumstance.  Please note that we do not provide legal advice and are not a substitute for the legal services of your attorney or for the services of your CPA or any other professional.

    Lastly, within the dynamic of the divorce situation there are issues of credit, child support, college planning, and, at times, bankruptcy.  Below you will find some recommended information sources on these subjects:

RECOMMENDED RESOURCES:

1) Divorce and Child Custody:

Divorce and Custody Information Products:

http://www.bigleagueplayersclub.com/3clicks/published/96740/384711/

Unmarried Parents and Child Custody:

http://www.bigleagueplayersclub.com/3clicks/published/96740/384714/

Things That Men Should be Aware of During a Child Custody Case:

http://www.bigleagueplayersclub.com/3clicks/published/96740/384712/

2) Credit: