Most people collect alimony – also known as spousal support – once a month. They view it similarly to child support, as their ex has been ordered to pay for a certain number of months after the couple’s divorce. However, this is definitely not the only way to receive...
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Changes in arguments may be a precursor to divorce
On Behalf of Burbank & Collins, P.S.C. | Apr 25, 2023 | Divorce Financial Planning
It’s important to predict divorce if you can. If you understand that it’s coming, that knowledge gives you time to take important steps to prepare for the divorce. For instance, you can gather your financial documentation and take an inventory of the assets that you...
3 financial considerations during divorce
On Behalf of Burbank & Collins, P.S.C. | Mar 26, 2023 | Divorce Financial Planning
One of the biggest changes that you have to deal with during a divorce is figuring out finances. This can be challenging because you still have to support basic life needs, but you’ll only have your own income to rely on. There are a few things to consider that may...
3 ways a mortgage will change during a Kentucky divorce
On Behalf of Burbank & Collins, P.S.C. | Mar 6, 2023 | Divorce Financial Planning
The word mortgage is a French term that literally means death pledge. The name reflects the level of commitment involved in such agreements and also the many years that are generally required to pay a mortgage off in full. The average mortgage lasts for 30 years,...
Can you and your ex work together to manage your rental property?
On Behalf of Burbank & Collins, P.S.C. | Dec 4, 2022 | Divorce Financial Planning
Determining what to do with your family home as you divorce can be a challenge. However, even if you’ve gotten that sorted out, what if you have a rental property as well? That can be even more complicated. Whether you’re renting out your starter condo or home or a...
Beware of marital asset dissipation in your divorce
On Behalf of Burbank & Collins, P.S.C. | Nov 3, 2022 | Divorce Financial Planning
It is prudent to keep track of your finances in the lead-up to your divorce and during the proceedings. That way, you will understand when something is wrong and take appropriate action to protect your financial interests. Among the things you should be wary of is the...
Post-divorce estate plan changes are about more than money
On Behalf of Burbank & Collins, P.S.C. | May 12, 2022 | Divorce Financial Planning
Your estate plan sometimes needs to be updated to reflect your current circumstances, and divorce means big changes. That likely means updating your will and other estate planning documents. Estate planning is commonly perceived as being only about finances. While...
Updates you need to make to your estate plan after divorce
On Behalf of Burbank & Collins, P.S.C. | Feb 14, 2022 | Divorce Financial Planning
When you fall in love and marry, one of the things you need to do is update your estate plan to reflect your marital status. Some of the updates you may want to make on your estate plan include naming your new spouse as a beneficiary and giving them the power to make...
How does divorce affect your estate plans
On Behalf of Burbank & Collins, P.S.C. | Oct 12, 2021 | Divorce Financial Planning
A divorce decree settles the financial and legal matters between you and your ex-spouse. However, it does not change the estate plans you had made during the marriage, and it might not be in your best interests. You had probably included your former spouse among the...
Can money lead to divorce?
On Behalf of Burbank & Collins, P.S.C. | Sep 10, 2021 | Divorce Financial Planning
People attribute special powers to money. They claim it corrupts people, starts wars and causes divorce. Yet, money is nothing more than bits of paper and pieces of metal. The real problem lies in people’s attitudes to money and, in the case of a marriage, how they...
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