Tuesday, August 20, 2013

The Biggest Mistake Clients Make Is….

The biggest mistake divorce clients make is to not consult with a financial advisor after getting their divorce.  I am not a financial expert so I don’t give financial advice beyond the basic tax/penalties of retirement transfers and alimony payments.

Some of my clients receive a lot of money when they get divorced, money that comes in different forms: alimony, child support, retirement, pension, social security, etc.

I advise every client who gets a decent amount of money out of their divorce to seek the advice of a professional.  Why would you go through the hassle of paying an attorney to get you thousands of dollars, get advised to see a financial advisor and then not follow that advice?  Why?  That is foolish!

Don’t be foolish.  Most financial advisors will talk to you for free so you have nothing to lose.  You have the ability to maximize your dollar and minimize your tax liability and penalties on the money you get from your divorce if you manage your money properly.

Take my advice.  Talk to a financial expert.

And finally, don’t plan your budget on anticipated payments of child support, alimony, etc.  If you plan your budget as though you have that money in your pocket and your ex-spouse doesn’t pay you, you will suffer badly.  Sure, you can always file for contempt but that doesn’t pay the rent or the car note.  That doesn’t prevent foreclosure or repossession.  That doesn’t stop credit companies from raising interest rates for late payments and making your debts impossible to pay off.

Don’t make these mistakes.  Be smart with your money and your budget.  Talk to an expert.  Plan your financial future as much as possible.  If you can, set up a contingency plan in case your ex-spouse doesn’t pay you what is ordered by the court.  Trust me, you will be glad you did.

Don’t make yourself dependent upon someone else fulfilling their responsibilities, especially when that ‘someone else’ is the very person you couldn’t trust or depend on when you were married to them. That makes no sense.  No pun intended.

Friday, August 16, 2013

Can I Modify My Parenting Plan?

Parenting Plans can be modified.  You have to show that a material change in circumstances has occurred.  It is possible that the other parent’s failure to abide by your current parenting plan may constitute grounds to prove that a material change in circumstances has occurred thereby justifying a modification of your current parenting plan.

Tennessee law provides, “If the issue before the court is a modification of the court's prior decree pertaining to custody, the petitioner must prove by a preponderance of the evidence a material change in circumstance. A material change of circumstance does not require a showing of a substantial risk of harm to the child. A material change of circumstance may include, but is not limited to, failures to adhere to the parenting plan or an order of custody and visitation or circumstances that make the parenting plan no longer in the best interest of the child.” T.C.A. 36-6-101(a)(2B).

Is your child’s other parent following your parenting plan?


The information you obtain from this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information to me until such time as an attorney-client relationship has been established.
© 2013, Ryan D. Hanzelik. Powered by Blogger.