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Post by Deleted on Sept 9, 2017 13:11:38 GMT -5
Just sharing a thought here -
Whatever your circumstances and however far away your divorce is, if you are looking to eventually leave, start thinking of ways to securing yourself financial from like right now.
You want to put yourself in a position where in a year or two you have done something about something and as a result, you have some $$ in your account.
If you are a man, plan your alimony. Speak to a lawyer if you need to.
If you are a working woman, think of investments and business ideas to augment your income.
If you are a stay at home mom, think of small business ideas you can start right away.
Irrespective of what you eventually do, it is wonderful to own that option to walk out. And the only way to get to own that option is to work for it.
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Post by northstarmom on Sept 9, 2017 14:00:42 GMT -5
Keep in mind that women, too, may have to pay alimony or child support. Men may receive those things. The longer the marriage, the greater chance of alimony. Often it's due after the marriage is 10 years old.
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Post by ironhamster on Sept 9, 2017 16:45:21 GMT -5
My daughter just got married. I set up a trust for her. For about $700 in legal fees, she has protected premarital assets. If they divorce, her stbx has no claim to those assets as long as she follows my instructions.
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Post by northstarmom on Sept 9, 2017 17:05:42 GMT -5
"You want to put yourself in a position where in a year or two you have done something about something and as a result, you have some $$ in your account."
No, it would be considered a joint asset. Far better to invest in an education to obtain marketable skills. Another option: doing volunteer work to enhance your employability.
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Post by baza on Sept 9, 2017 18:56:12 GMT -5
The principle - of having a handle on your financial position, your spouses financial position, and the joint financial position is a sound principle IRRESPECTIVE of the state of your marriage.
It is simply one of those adult responsibilities that we all have, given that life can turn on a dime.
And that responsibility starts with seeing a lawyer with all your financial information and running 3 main scenarios past her/him - how things would shake out for you in the event of -
- you divorcing
- your spouse dying
- you dying
...... and planning accordingly.
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Post by greatcoastal on Sept 9, 2017 19:38:59 GMT -5
Just sharing some experience of ways to secure yourself financially. During our mediation from the divorce my W mentioned her Safe Deposit Box. Ironically it was mentioned once, and then never again. It's still possible to get a search warrant for the contents. That gives my wife way to much time to empty it. There's zero trail on the cash that could have been kept there for decades, continuous deposits building up to a tidy sum.
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Post by ironhamster on Sept 9, 2017 23:41:20 GMT -5
My daughter just got married. I set up a trust for her. For about $700 in legal fees, she has protected premarital assets. If they divorce, her stbx has no claim to those assets as long as she follows my instructions. Cool. Does your W know you did this? I guess what I'm asking is would my W need to know if I did this for my girls? Not sure my W would see the value in this. She would not need to know. The future spouse does not need to know, either, which gives it a real advantage over a prenup. |
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Post by McRoomMate on Sept 11, 2017 13:54:12 GMT -5
Well I am right now in the process.
Since I separated I can tell you for the first time in many years - I am watching what I spend and serious long term reduction in life style. Such is the price of freedom.
I am trying as best I can to live BELOW my means and even that seems hard.
I saved up just enough to move out and have my own apartment.
Damn good subject.
Now the economy and my industry is going thru massive changes and it is time to evolve/adapt or die off like the dinosaurs so one of my main obessions now is reinventing my business in light of all the changes. Basically about 80% of what was making money in my industry is for the historians and archaeologists now.
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Post by wanderlust on Oct 5, 2017 1:27:29 GMT -5
Just sharing a thought here - Whatever your circumstances and however far away your divorce is, if you are looking to eventually leave, start thinking of ways to securing yourself financial from like right now. You want to put yourself in a position where in a year or two you have done something about something and as a result, you have some $$ in your account. If you are a man, plan your alimony. Speak to a lawyer if you need to. If you are a working woman, think of investments and business ideas to augment your income. If you are a stay at home mom, think of small business ideas you can start right away. Irrespective of what you eventually do, it is wonderful to own that option to walk out. And the only way to get to own that option is to work for it. Here is a shameless plug for a product. A few years ago I found a program called Financial peace university by Dave Ramsey. You can find some of his videos and talks on youtube. You can find his program on e-bay or his website, daveramsey.com. there are free financial tools on a Dave Ramsey website called everydollar.com. It helped me immensely manage my finances and put me on track for financial independence. Today, I am very proud to say that I am debt free. I hope this helps. |
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Post by tamara68 on Oct 7, 2017 7:04:28 GMT -5
Keep in mind that women, too, may have to pay alimony or child support. Men may receive those things. The longer the marriage, the greater chance of alimony. Often it's due after the marriage is 10 years old. that's right. I am in that situation |
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Post by tamara68 on Oct 7, 2017 7:10:44 GMT -5
The principle - of having a handle on your financial position, your spouses financial position, and the joint financial position is a sound principle IRRESPECTIVE of the state of your marriage. It is simply one of those adult responsibilities that we all have, given that life can turn on a dime. And that responsibility starts with seeing a lawyer with all your financial information and running 3 main scenarios past her/him - how things would shake out for you in the event of - - you divorcing - your spouse dying - you dying ...... and planning accordingly. Exactly. And in my view, couples would be wise to arrange their lives in a way that finds the right balance between sharing things including money and keeping a certain level of independence. If both work at least part time, both are in a better place to get out if they would need to. And in my opinion being independent financially while in a marriage, doesn't have to be interpreted as a lack of trust in the relationship. On the contrary. If both partners are in a situation that makes it possible to leave, they show that they are staying out of free will. Not because they feel trapped. |
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