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Archive for the ‘Divorce-Proofing’ Category
Separated, But Not Divorced, Mother Might Have To Give Half of Lottery Winnings to Abusive Husband – A Lesson for Women Who Are Thinking About Divorce
Talk about an emotional roller coaster!
I can’t imagine what it felt like for Holly Lahti, 29, of Rathdrum Idaho, who had the winning numbers to the 2nd largest lottery jackpot in the U.S. earlier last month. And, I can’t imagine that she was terribly disappointed when she found out she had one of the two winning tickets. After all, that still leaves her $90 million – after taxes.
However, there is a blow that I am sure she never saw coming when she purchased that lottery ticket. Although Holly and her abusive husband have been separated for many years (it’s unclear if they were legally separated and that could possibly make a big difference), they never did get a divorce. Because of that, her ex-con husband may now be entitled to a substantial portion of her winnings.
The media has reported this story over and over – it appears that Mr. Lahti is a real loser. He’s been convicted of domestic battery, drug possession, and purchasing alcohol for a minor. It is reported that he has been arrested at least 15 times! There’s even an unnerving photo being circulated showing Mrs. Lahti with a black eye allegedly resulting from a blow from her husband.
Idaho is a community property state. This means that anything acquired during the marriage is considered community property. Community property is defined as all property and debt that was acquired from the date of the marriage until the marital cut-off date. If the couple is unable to agree to how to settle debts and assets (as is most likely the case here!) the court will decide for them. In Idaho, the court is allowed some discretion in deciding how the jackpot will be split. But, it will probably be a long, ugly and expensive legal battle!
You may not be a mega-lottery winner, but there is still a lesson to be taken from this happy, and yet very sad story. If you are considering divorce, you should immediately take steps to boost your chances of coming through your divorce financially secure and in control of your financial future. If you have questions about how to protect your hard-earned assets and property, please feel free to contact us to discuss your specific situation.
Important Reasons That Career Women Should Consider Using a Divorce Financial Strategist™ or Divorce Financial Analyst
If you are a busy career woman who is in the midst of an emotionally-charged divorce you might be dealing with several issues that you had never expected to face. This is especially difficult for those of you who once had a clear and firm plan for your financial future. You took the time to work with your spouse to ensure that the both of you and your children would be financially secure.
Now everything’s changed.
No matter whether the divorce was your idea or something thrust upon you, you now are wondering what tomorrow will look like – much less the rest of your financial life. You might be tempted to accept the first settlement proposal suggested by your divorce attorney or by your spouse’s attorney just to get things over with. As tempting as this may be, you should take your time with making these critical decisions because, for the most part, they cannot be undone.
Getting through the financial issues is often the toughest part of a divorce. But it doesn’t have to be this way. Meeting with a Divorce Financial Strategist™ (a Certified Divorce Financial Analyst [CDFA™] with advanced training in divorce financial planning strategies and asset protection) can ensure your financial protection now and in the future by helping you fully understand the financial and tax implications of your proposed divorce settlement.
Here are some of the ways a Divorce Financial Strategist™ or Certified Divorce Financial Analyst can help you:
- Planning – A divorce financial analyst can help by developing a short-term and long-term financial plan so that you can make sure that the decisions you make today won’t negatively impact your financial future.
- Researching – A divorce financial analyst traces and illustrates assets, debts, income and expenses as well as assesses tax consequences and prepares reports showing alternative settlement options.
- Strategizing – By developing and analyzing multiple financial scenarios, a divorce financial analyst can help you understand the immediate and long-term implications of each proposal.
- Reviewing – A divorce financial analyst can review settlement proposals, prepare schedules to compare alternative outcomes, and provide an objective second opinion to help you make more informed decision.
If you would like to see how one of our Divorce Financial Strategists™ can help you clarify the financial details of your divorce and get you a better settlement, please call us at (917) 602-6977 or email us at email@example.com to schedule a free, no-obligation, half-hour consultation.
Picture this scenario…
Mary and John have been married for many years. Mary stayed home and raised three children and helped John build his career. Mary went back to school without any financial help from John and then became a lawyer and built a successful law practice. John fell hard for his secretary and filed for divorce. John sued for half of the value of her law practice – and got it.
Oddly enough, the system of equitable distribution came about largely to protect women. Several years ago many states adopted this model to protect the dependent homemaker who raised children and helped her husband build his career only to find herself with little or nothing when the marriage ended. The idea was to make sure that the woman had an equitable share of the family’s assets even though her contribution was not financial.
The very rules meant to protect women are now working against them. This is why all women business owners should consider divorce-proofing their business or professional practice, even if they don’t anticipate a divorce.
Here at Bedrock Divorce Advisors, we have developed an easy two-step process. First, one of our Divorce Financial Strategists™ (a Certified Divorce Financial Analyst [CDFA™] with advanced training in asset protection and divorce financial planning strategies) will analyze potential risks you and your business might face in the event of a future divorce. Second, the Divorce Financial Strategist™ will recommend immediate steps you should take to guard against those risks. This two-step process will put you in the strongest possible financial position to deal with and recover from any possible future divorce.
While some may wonder why they need divorce-proofing if they are still single or happily married, we know from experience that divorce-proofing should be part of every woman business owner’s normal financial planning and risk management, regardless of her current marital status.
To find out how divorce-proofing can help you and your company, please call (917) 602-6977 or email us at firstname.lastname@example.org to schedule a free, no-obligation 20 minute phone consultation.