Good on you! You’ve managed to buy a house. Your initial thoughts are to become a property investor where you can build up the equity in your home and use that equity to leverage yourself into other properties and increase your wealth steadily over time.

At the time you purchased your house, a family trust was not at the top of your mind. Protecting your assets seemed boring and something you could get to ‘later’.

But the fact is, that life events like a relationship split can not only be emotionally damaging, but financially damaging too.

Look at this story below to illustrate.

Samantha hadn’t had an easy time of it lately. Both her parents had died in the last couple of years and she felt quite alone. The only silver lining in the black cloud was that she no longer had to worry about money.

Her parents had left her their house and their life insurance had paid off the mortgage so she had a pretty good start in life.

Black clouds don’t last forever. Samantha finally met the love of her life and she felt like the luckiest girl in the world when David asked her to marry him. Things went well over the next few years for them. They had two lovely children and sold Samantha’s old family home and bought a new one for them all to live in.

Then events started to unravel. First, David lost his job. Then when he got another job he seemed to work really long hours. Things became strained between them. Finally, David told Samantha he was leaving. If that wasn’t bad enough, David wanted the house sold and half the sale proceeds so he could purchase a home for himself.

Samantha didn’t think this was fair. The home they now had was mainly paid for by the sale proceeds she’d got when she sold her parent’s old home. David didn’t see it that way and the battle between the lawyers began.

Eventually, Samantha and David settled their differences in Court. The Judge ruled their home had to be sold and the sale proceeds had to be split 50 / 50.

The Judge said that Samantha had ‘intermingled’ the sale proceeds she’d got from her parent’s old home to the point where those proceeds had become ‘relationship property’, which was to be split evenly between them.

The result of this sorry story was Samantha not only lost her marriage but in effect lost her matrimonial home and her inheritance from her parents.

How could this awful outcome have been avoided? Well we aren’t in the business of marriage guidance but we do know that taking good asset protection advice and putting in steps to protect her parents’ home and the resulting sale proceeds would have saved Samantha’s inheritance.

That means setting up a family trust.

The small cost of doing this and the tiny amount of time required each year to administer a trust is small compared to the risk and possible life events that can occur and affect your life for the worse.

Paul Easton is an Online Marketer working with Gillgan Rowe + Associates from http://www.FamilyTrusts.co.nz/ . They are recognised Family Trust and LAQC expert in New Zealand leads the Trusts and Estate Planning and advice. Want to protect your assets and grow your wealth? Get your Free Family Trust Report: “The 9 Deadly Sins of Setting Up a Family Trust”

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Copyright (c) 2010 Lucille Uttermohlen

There are things you should think about before going after custody modification. Too many times, people ask the court to change custody of a child, and only end up frustrated and broke for their efforts. Here are some questions you should ask before you proceed.

1. How long has it been since your divorce?

If your divorce was recent, it is unlikely the court will change its previous order. Unless the custodial parent has done something terrible, like commit a crime, it is doubtful that the judge will find the kind of change in the child’s situation he / she must find to order the child to live elsewhere.

Even if the custodial parent has broken the law, it may not be enough to convince the court that the child would be better off with the other parent. If, for instance, the other parent committed his / her first DUI on a weekend when the kids were gone for visitation, the court may not feel s/he put them in any danger, and hence may not make them move. The same would be true if the custodial parent was arrested for writing a bad check, or forgetting to pay a speeding ticket.

2. Why do you think the child should live with you?

You may not be happy that the child has to share a bed room with a step-brother or sister. You may find your ex’s significant other to be an obnoxious creep. You may not approve of the movies your ex lets your child watch, or the religious training your child is or isn’t receiving.

These things can all be frustrating to a parent who is forced to watch the child’s life on an every other weekend basis. It is only natural to want your child to grow up with the same values you have, and it is aggravating, sometimes scary to see that he / she is not getting the training you think is important.

Unfortunately, a judge doesn’t have the authority to act in some situations, even if he / she agrees with you. The child’s best interests aren’t based on whether one of the parents has better ideas or morals. It is focused on the child’s needs at the time the decision is made. The parent who has provided more physical care to the child usually has a leg up in a custody decision. Unless the actual care of the child is suffering, the court cannot justify moving the child to a new home, just because that home may boast an environment the court finds more appealing.

3. Who wants the custody change?

In too many situations, it is the child who gets the custody modification ball rolling. He / she complains to the other parent about something in the custodial home, and asks to live with the non-custodial parent. Sometimes, the child’s complaints are legitimate. Being forced to live with a step-sibling the child can’t stand or deal with the custodial parent’s 4th or 5th significant other can be damaging to a child’s sense of security. However, you should still be careful before deciding to invest the time and money in a custody fight.

Make sure that the child is telling you the whole story. He / she may have had a disagreement with a step-brother or sister with whom he / she is usually close. The 4th or 5th significant other may be an exaggeration or even a figment of the child’s imagination.

It may not be pleasant, but talk to your ex before deciding what to do. In a non-confrontational manner, let him / her know what the child has been saying, and ask him / her to shed any light he / she can on the complaint. After all, you don’t want to invest in a custody modification hearing if the kid doesn’t have a legitimate gripe. Being used is being used, whether it is by a business partner with less than stellar morals, or by a child whose current disagreements with his mother or father may be inspiring him / her to take an opportunity to get even by playing on your natural sympathies.

For good clear information about divorce issues, visit Lucille Uttermohlen at http://www.couple-or-not.com Send your legal and relationship questions to lucille@utter-law.com for a quick, thorough response.

Article Source: ArticleSpan

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Mistake 1 – Trusting that your spouse will cooperate and treat you fairly

Most people facing a divorce are emotionally vulnerable and upset, and many are in a state of denial. "My spouse would never treat me this way" is something solicitors often hear. Whilst a good divorce solicitor will do everything they can to avoid disagreement and promote co-operation, this is always not possible.

Our advice – be aware that your spouse may be looking out for number 1. Once you are involved in a court case, you are part of an adversarial system. You may wish to adopt an attitude of lower expectations, expecting the worse and be surprised. However if yours is the sort of marriage where you think you can sensibly negotiate with your spouse, where you are both thinking realistically and are prepared to compromise to reach a reasonable settlement, we recommend you give serious thought to the collaborative law process.

Mistake 2 – Having totally unrealistic expectations or demands on what you are gaining from a divorce

Too many people start divorce proceedings expecting that they will get everything they want. Often those demands are exaggerated. Since finances, children, property, a business or a pension are in dispute, you will need to make your demands reasonable and not expect that you will get everything.

Our advice – the key in approaching divorce is to have realistic expectations, focus on problem solving and do everything you can to help your own case.

Mistake 3 – Withholding information from your divorce solicitor

Some people do not trust their solicitors, even though the solicitor is representing them. By withholding information about their future plans or financial assets, they try to maintain control over the situation. Some try to pull the wool over their solicitors’ eyes but most end up fooling themselves.

Our advice – you need to present a clear slate of what your motives are and if you want your solicitor to do an effective job, they need the whole truth.

Mistake 4 – Allowing emotions rather than logic to rule your legal decisions

Many people going through divorce are emotionally distraught, or they think they are right 100% of the time and they are being victimised by some evil person. If you let your emotions gain control rather than reason and logic, you will undermine your own case.

Our advice – become reflective rather than reactive. Anxious people often don’t hear what is said correctly nor do they express themselves well.

Mistake 5 – Not asking appropriate questions or signing documentation without asking questions

Many people are intimidated by the divorce process and even sometimes by their own solicitors, and instead of asking questions accept everything in blind faith. That doesn’t work. Instead make sure that you ask as many questions about your settlement as you would if you were buying a car or a house. Be thoughtful and analytical.

Our advice – ask your solicitor for an honest view of what your chances are to obtain assets, home and money. Decide what it is that you really want, and then ask questions of your solicitor to make sure you do everything to get what you realistically want.

Mistake 6 – Expecting the legal system to be fair and the court will see things from your point of view

No matter how much you think you are right, the judge can see issues from another viewpoint, not always yours. Furthermore because of procedural rules, judges often rule on limited information. They don’t care if you are nice.

Our advice – don’t expect that your viewpoint, no matter how fair and reasonable, will prevail. The more skeptical and balanced you are, the better you can solve problems and obtain the most favourable outcome.

Mistake 7 – Not checking facts or figures given to you

Contrary to popular belief, solicitors are human. They make mistakes. Equally your spouse may not have given the correct information or be withholding information.

Our advice – although many people are intimidated by complicated court forms, or simply want the divorce sorted as soon as possible, you must read all documents to ensure accuracy. Once something enters a judges’ memory, or worse still, is incorrectly recorded in a court order, it may be too late to correct.

Mistake 8 – Allowing too much time to pass

Understandably too many people going through divorce proceedings don’t want to be bothered by rules and court deadlines. They might just ignore the problem and hope that it will disappear.

Our advice – although you should never be rushed into anything by your solicitor, don’t unnecessarily postpone decisions or put off providing requested information. Especially don’t delay providing information ordered by the court. Equally if the court order is made and you need to enforce it, don’t allow too much time to pass.

Mistake 9 – Not taking independent financial advice

divorce proceedings involve all your assets, including property and pension, all of which have tax implications.

Our advice – make sure you understand the consequences of divorce. Do you know whether child maintenance is tax deductible? Likewise the best method of handling your new financial situation? Do you have the correct life assurances and the best pension plan for your new life?

Mistake 10 – Not knowing your own financial position

Many people in a divorce, especially woman, have no idea what they really have financially.

Our advice – you need to make sure that you are aware of every asset and investment, from pensions through to life assurance, and make sure you have full documentation. Make sure that you have copies of all relevant materials – this information will put you in a better negotiating position and should save you money as your solicitor won’t have to bill you for time spent down-tracking down the documents. Read every financial statement and make sure you understand them – if not make sure you ask.

Mistake 11 – Don’t assume that you know what your future financial position will be

Many people assume that there is a straight 50/50 split of the family assets. Whilst this may well be appropriate in long marriages where there are no dependent children, it may not be appropriate in other cases – eg. short marriages, cases with dependent children or where the parties earning potential are significantly different. An equal division of family assets is not necessarily fair.

Our advice – Don’t assume your spouse will act in a certain way, and don’t agree something with them without first taking legal advice from a specialist family law solicitor.

Trying to deal with any relationship break up in a friendly fashion as possible should always be the aim; but equally you do need to make sure that you are safeguarding your future financial position.

Bonallack & Bishop (http://www.bishopslaw.co.uk ) is a firm of Dorset and Wiltshire Solicitors with a large number of specialist divorce Solicitors. Tim Bishop is senior partner at the firm, and has led its growth by 1000% in the last 12 years. He is responsible for all major decisions, and sees himself as a businessman who runs a law firm.

Article Source: ArticleSpan

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divorce is never easy. Any two people who had once wowed to be together ’till death do us part’ must have come upon some really depressing times to have to actually file for divorce. But now that it has happened there is nothing worse than making the situation poorer by not paying attention to the divorce proceedings.

Believe it or not divorce is not always the answer even in circumstances where trust has been broken. There are many reasons for couples to find themselves thinking about divorce from the smallest reasons such as the proverbial toothpaste issue of squeezing from the bottom and onto more serious issues such as losing trust.

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