Entries Tagged as 'Financial Planning'

Men and Alimony

Wives Who Earn More Than Husbands

More Men Get Alimony as Stigma Lessens

By Debra Cassens Weiss

As more men sacrifice their careers for their higher earning spouses, more are receiving court-ordered alimony. And more are willing to talk about it.

The percentage of men receiving alimony rose to 3.6 percent in the five years ending in 2006, compared to 2.4 percent in the previous five-year period, the Wall Street Journal reports.

Among those receiving alimony is actor John David Castellanos, who used to star in The Young and the Restless. He gets $9,000 a month. He claims he helped his wife move up in her career, until she began to make more money than him. Another alimony recipient is toilet salesman Joe Garnick, who quit his job to raise the kids and take care of the house. He received $50,000 a year for four years from his ex-wife, who was a global equity derivatives strategist for Merrill Lynch.

The story suggests alimony figures will rise based on 2005 data that shows wives made more money than their husbands in 33 percent of all families. Men often argue they sacrificed their careers or stayed at home to raise children for their spouses.

“Today’s men are shaking off the stigma of being supported by their ex-wives,” the story says. “Several agreed to talk on the record for this article, in part because they say the popular image of the male alimony recipient is unfair: He’s not always a slacker.”

The Divorce Team

Divorce can be a complex process that affects just about every aspect of your life, from financial to emotional, physical to legal.  Unless you have been married a short time and have no property, assets or kids, your divorce may be more complicated than you expect.  The central figure in your divorce (besides the obvious you, your spouse and kids) is your lawyer and her staff.  But assembling the best team to assist you through the process can help achieve your goals for the divorce more efficiently.

Financial planners (here’s one) can be useful in helping prepare budgets and examine the cash flow needed after divorce.  Accountants (here’s one) can help with tracing assets for characterizing as community or separate property and valuing business assets.  A therapist can help you with the emotional turmoil of divorce.  A litigation coach can help you navigate the waters of testifying and making strategic decisions.  Sometimes private investigators (check this out) are necessary to discover certain information.  And, forensic computer specialists may be useful to trace information contained on a hard drive.

Experienced family lawyers are familiar with the experts in these fields and can assemble the right team for your case.  If you are in need of a team that specializes in divorce, please contact us.

Texas Divorce Newsletter 03/01/2008

March 1, 2008
Welcome to The May Firm Newsletter!
As a service to our clients, we at The May Firm and Divorce Magazine are pleased to provide you with this monthly e-newsletter and hope that the information and articles contained within are helpful, supportive, and entertaining. Michelle May O’Neil is nationally recognized as a leader in family law. Her firm emphasizes high-quality representation in family-law matters, with a particular emphasis on child-custody disputes, complex marital-property litigation, and appeals of family-law matters. For more information, please click here: www.DivorceMagazine.com/TX/pro/may.shtml or view our website at: www.themayfirm.com.

If you wish to schedule an appointment to further discuss your situation, please contact us.

Useful Articles:
1. CHILDREN AND DIVORCE: Within a child’s heart
2. MEDIATION: A fair negotiation
3. DIVORCE RECOVERY: Full esteem ahead
4. RELATIONSHIPS: Sex and divorce
5. BUSINESS VALUATION: How will you find value?
6. FINANCIAL PLANNING/INVESTMENT: Charting your expenses
________________________________________
1. CHILDREN AND DIVORCE
Within a child’s heart
A glimpse into the journey one boy faced when his parents divorced.
http://www.divorcemag.com/articles/Children_and_Divorce/childsheart.html
2. MEDIATION
A fair negotiation
Negotiation skills will help you achieve your needs without alienating or angering the other parties. Here’s how to use negotiation to build better interpersonal relationships.
http://www.divorcemag.com/articles/Mediation/negotiation.html
3. DIVORCE RECOVERY
Full esteem ahead
Reclaiming your self-esteem after divorce is a critical part of the healing process. Here are some suggestions to help you on your way.
http://www.divorcemag.com/articles/Divorce_Recovery/full_esteem_ahead.html
4. RELATIONSHIPS
Sex and divorce
Coping with divorce and the prospect of new sexual relationships can be emotionally challenging, to say the least. Here’s a look at some of the pitfalls and opportunities up ahead.
http://www.divorcemag.com/articles/Relationships/sexanddivorce.html
5. BUSINESS VALUATION
How will you find value?
Many business owners realize the importance of having buy-sell agreements in place for their closely held businesses, but few realize the problems that can arise if these agreements have not been properly thought out.
http://www.divorcemag.com/articles/Business_Valuation/determining_the_price.html
6. FINANCIAL PLANNING/INVESTMENT
Charting your expenses
Here’s some help with the task of budgeting for your family’s past, present, and future expenses.
http://www.divorcemag.com/articles/Financial_Planning/chartexpenses.html

What is a Successful Divorce?

In my previous post, I discussed the difficulty in gauging a win or loss in divorce. Most people feel that there are never any winners in any divorce and mostly everyone loses, no matter the outcome. But, there are some ways to make any divorce a little easier.

Approach the divorce from a logical perspective.

It is often the emotion — hurt feeling and unmet expectations — that cause people to have difficult and messy divorces. Obviously, some divorces have issues that must be fleshed out and will be messy out of necessity. But other divorces can be made much easier if both parties can set their emotions aside and approach the issues involved in accomplishing the divorce from a logical perspective. Separate the causes of the divorce — who did what that made the divorce happen — from the issues such as division of property or sharing parenting responsiblities.

Shift your perspective from one of spouses to one of business partners.

You may no longer be able to have a loving, married relationship, but, if you have children, you will continue to be partners well into the future. After the marriage ends, approach your relationship with your ex-spouse as if you were in the business of raising children. Ignore things that do not directly relate to that business and focus on the task at hand. There will be many issues that need your cooperation, from discipline, dating and driving, to report cards, curfews, and colleges.

Educate yourself on your assets and debts.

Knowledge is empowering. No matter whether your marital estate is small or large, negative or positive, knowing the nature of your assets and debts will help you make smart decisions about a fair division. Each spouse may have different interests in what property and debts they have after the divorce. One spouse may value retirement assets more highly, where the other spouse may want disposable cash assets now. One spouse may be more interested in maintaining the house, and the other spouse may be more interested in taking a business interest.

Look at the divorce from the other spouse’s perspectivie.

Evaluate what interests your spouse may have in the divorce. Seeing things from a different perspective can provide a broader insight to creative solutions. Often, by seeing things through the other spouse’s eyes, you find that both have the same ultimate goal. Maybe both share a common goal of providing for the children’s college education — this can provide common ground for negotiation.

For assistance with your divorce in North Texas – Dallas, Collin, Denton, and Tarrant Counties — call The May Firm and schedule an appointment to discuss how we may be of assistance to you.

Divorce Advice from Hip Hop Artist

Kanye West, Hip Hop superstar and Grammy winner, gives advice to people wanting to get married: “If you aint no punk holla We Want Prenup, WE WANT PRENUP! Yeaah! It’s something that you need to have…” (From “Gold Digger” off of the Late Registration album (Roc-A-Fella/Def Jam 2005)) In other words, he recommends that everyone should get a prenup before getting married.

Jessica Simpson didn’t listen to this advice when she married Nick Lachey without a prenup.

But, Britney Spears did heed the warning. Apparently Britney even staged a fake wedding because Federline hadn’t signed the prenup in time. Britney’s prenup gave K-Fed $250,000 for each year of the marriage, which is rumored to have been increased to $500,000 per year during settlement negotiations.

Some celebrity prenups go far beyond the standard identification of assets owned before the marriage and what each party leaves the marriage with, including clauses like:

* Limiting the wife’s weight to 120 pounds or she must relinquish $100,000 of her separate property.

* Allowing a spouse to perform random drug tests, with financial penalties for positive results.

* Requiring a husband to pay $10,000 each time he is rude to his wife’s parents.

Infidelity clauses are common, where a spouse gets paid if the other is unfaithful. Michael Douglas agreed to pay Catherine Zeta-Jones millions should he stray, and Denise Richards made similar requirements of Charlie Sheen.

Custody of pets is another common concern, especially since most divorce courts will treat the pets like an item of property.

However, prenups are important for almost everyone planning to get married, regardless of celebrity status. A prenup can be as simple as defining who has what at the time of the marriage. It can also address how property acquired during the marriage will be treated upon divorce, which spouse will be responsible for payment of the marital obligations, and how the property will be distributed upon death of one of the spouses.

For assistance with a prenup or marital property agreement, please contact The May Firm for an appointment. But, don’t wait until the last minute, as prenups require plenty of planning and discussion.

Texas Divorce Newsletter 2/1/08

February 1, 2008
Welcome to The May Firm Newsletter!

As a service to our clients, we at The May Firm and Divorce Magazine are pleased to provide you with this monthly e-newsletter and hope that the information and articles contained within are helpful, supportive, and entertaining. Michelle May O’Neil is nationally recognized as a leader in family law. Her firm emphasizes high-quality representation in family-law matters, with a particular emphasis on child-custody disputes, complex marital-property litigation, and appeals of family-law matters.

For more information, please click here: www.DivorceMagazine.com/TX/pro/may.shtml or view our website at: www.themayfirm.com

If you would like to receive this newsletter by email, please contact us and request to be added to our list.To download a pdf of this newsletter, click here.

Useful Articles:

1. RELATIONSHIPS: Valentine’s Day tips from DivorceMagazine.com
2. CHILDREN AND DIVORCE: The single parent’s primer
3. DIVORCE LAWYERS: The “A” Team
4. DIVORCE RECOVERY: Divorce and Grief
5. HEALTH/WELL-BEING: Feel better now!
6. SEPARATION/DIVORCE PROCESS: Top Ten Tips
7. FINANCIAL PLANNING/INVESTMENT: Pensions and Divorce


1. RELATIONSHIPS
Valentine’s Day tips from DivorceMagazine.com
After years of collecting stories about how to handle divorce, our editors have decided to offer some of their best tips about divorce prevention — just in time for Valentine’s Day.
http://www.divorcemag.com/c/s3/?Relationships/divorcevalentine.html

2. CHILDREN AND DIVORCE
The single parent’s primer
Some hints, tips, and advice to help you face the challenges of parenting without a partner.
http://www.divorcemag.com/c/s3/?Children_and_Divorce/parentprimer.html

3. DIVORCE LAWYERS
The “A” Team
An introduction to the divorce professionals who can help you achieve the ultimate goal: a balanced, fair, and civilized divorce.
http://www.divorcemag.com/c/s3/?Divorce_Lawyers/the_a_team.html

4. DIVORCE RECOVERY
Divorce and Grief
A special interview with Russell Friedman, executive director of The Grief recovery Institute and co-author of The Grief Recovery Handbook.
http://www.divorcemag.com/c/s3/?Divorce_Recovery/divorce_and_grief.html

5. HEALTH/WELL-BEING
Feel better now!
Toxic relationships and experiences bring misery, make you feel stuck, and accelerate aging. You must identify and eliminate toxins from your body, mind, and soul to awaken your capacity for renewal and joy.
http://www.divorcemag.com/c/s3/?Health_Well_Being/feelbetternow.html

6. SEPARATION/DIVORCE PROCESS
Top Ten Tips
Here’s the inside scoop on how to save on legal fees in a divorce.
http://www.divorcemag.com/c/s3/?Separation_Divorce_Process/top_ten_tips.html

7. FINANCIAL PLANNING/INVESTMENT
Pensions and Divorce
http://www.divorcemag.com/c/s3/?Financial_Planning/pensions.html


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