Book: Divorce Dollars by Akeela Davis
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Ask a career counselor for realistic earnings
Adult children who are divorced give, financially and other support, less to their parents. Women are especially impacted in old age.
Common law break up is MUCH higher than married
90% resolve out of court
3-day trial $50K CAD in 2011. more expensive in the USA
nonbinding arbitration
collaborative divorce like Allan Perry wants with our attorneys is best for contested because one not double eg valuations
78% divorce without lawyers
traditional divorce $15K per person 18 months — 3 years
mediated $2500 1 year. The dominant personality gets what he wants while the passive partner suffers financial deprivation.
collaborative $2500 6–18 months
abuse = traditional best. maybe collaborative
business valuation is in a shareholder agreement
cash flow statement
Value of a career
Income, insurance, vacation pay, sick pay, education, training, stock options, company car, travel allowances, expense accounts… The spouse without insurance can purchase at 3x the cost.
Do I need long term care insurance?
Financial Planning
lifestyle now and in retirement? why? nonmaterial ways to satisfy my emotional needs?
what will I do after I retire?
how much money will I need to retire the way I would like to?
what will it take to build my retirement savings to the level I want it to be?
what is my health like? are there any degenerative problems in my family history?
if I need help as I age, what kind of system do I need to have in place for physical, emotional, and financial support?
in case of an emergency, whom can I depend on for financial support? who is depending on me? for how long?
what do I need to do to get a job I like and which will support me?
what do I want or need to do in the next year to move my life forward, and what will it cost? what do I want or need to do in the next two, three, five years?
75% of women 80% of men remarry within 5 years
70% of divorces started by women
invalid = signing too close eg “ink on the wedding dress” eg pressure applied to sign eg embarrassment at being left at the alter
terms or conditions promote separation such as extremely generous spousal support
the pressure to threats to sign
leaves one party destitute
one party lied about assets when the agreement created
one party used undue influence eg ILA
frivolous
home
sell an existing home. invest that money in an account in your name only. never use for family purposes.
purchase a new home. don’t use the aforementioned money.
common: family home, family cottage, a winter home in Arizona
interim separation agreement
do not continue to use joint credit. very difficult to divide your portion of the credit from your spouse’s
settlement checklist
how to handle the discovery of hidden assets
valuation of benefit plans, other assets,
conditions that may cause change to spousal support
