More couples prefer to divide their assets themselves rather than pay for a long legal battle. By David Migoya The Denver Post Kay Gilbert works at home as her 4-year-old yellow Labrador retriever, Hefton, looks on recently. Gilbert and her husband chose mediation to divide their property when their marriage ended. Helen H. Richardson, The Denver Post Keeping it on an even keel was about all Kay Gilbert hoped for when she saw her 30-year marriage unraveling. The consultant to budding nonprofits surmised that a protracted legal battle before a District Court judge would dissipate the resources and assets that she and her husband had acquired through the years. “We just didn’t want to spend more than what was necessary and go before a judge to take our chances,” Gilbert said. “We’d heard of mediation and decided it was the best plan to try. You have to get through the [...]
Divorce And Your Special Needs Child
By FPA Member Lili A. Vasileff, CFP®, CDFA™ Last Updated: December 5, 2011 There are few challenges more difficult than going through divorce and having a special needs child. As a divorced, single parent of a beautiful special needs daughter, I can tell you that you realize immediately that the burden of future planning, well-being, and protection fall squarely on your shoulders as a custodial parent. It is the daily living and ordinary moments that test your self reliance and capacity to parent alone. When there is a special needs child involved in a divorce, issues of child custody, visitation, and support and property division are significantly more complex to negotiate. As part of your divorce, make sure your attorney knows what your child’s needs are and walk them through a “day in the life” of you and your child. Special Needs “Special needs are often determined following categories that [...]
Divorce Across Borders
Article written by Lili Vasileff for Financial Planning Association Given the mobility enjoyed by individuals today, divorce across borders is becoming increasingly prevalent. It is also one of the most complicated areas of family law. If you live or move overseas, the challenges you face are many and varied. If things get to the breaking point in your marriage, contemplating how a divorce works in terms of legalities and finances can simply seem like another impossible hurdle to overcome. How does a foreign family law system work? “Divorce shopping” is a relatively new term to many and rarely will apply if you live in the US. However, the opposite applies if you reside abroad. Divorce shopping relates to when a divorcing couple researches where they might get the best deal before starting proceedings. This means that many countries “lack” harmony in their divorce laws. Some legal systems are not as [...]
Relocating With Children After Divorce
By FPA member Lili A. Vasileff, CFP®, CDFA™ Last Updated: September 5, 2011 In an increasingly mobile society, the idea of relocation after divorce has given rise to substantial case law and academic studies about the effects on children. Relocation may be a necessity or a fervent desire to take advantage of job opportunities, financial needs, or family support networks. It is estimated that 17 to 25 percent of custodial parents move out of the area within the first two years after divorce.1 Without a doubt, relocation cases — in which a divorced parent seeks to move away with the child — are among the knottiest problems facing family courts. The responsibility falls too often on the courts to somehow reconcile the competing demands of the aggrieved parents and children who want both parents close to them. There does not appear to be any credible evidence on the effects on [...]
The House Decision in Divorce
To Stay or Not to Stay — That is the Question By FPA Member Lili A. Vasileff, CFP®, CDFA™ Last Updated: August 1, 2011 The home is typically the largest marital asset. The decision to stay or not to stay in it is not just a financial one, but often a highly emotional one. You may have difficulty putting this decision into perspective, and making a sound, beneficial decision will require you to understand all the issues you face surrounding this asset. The starting point for this analysis is an accurate income and expense statement and cash flow projection. Related divorce topics, such as division of marital assets, should be discussed also in conjunction with this analysis. Your financial decision is three pronged: 1) sell the house, 2) keep the house, or 3) keep the house and agree to a future sale (and equity distribution). Sometimes, neither you nor your [...]
The Idea of Remarriage During Divorce and Estate Planning Complications
By FPA Member Lili A. Vasileff, CFP®, CDFA™ Last Updated: May 2, 2011 Looking beyond divorce is both hopeful and encouraging. Planning for a fresh start may include building and forging new family bonds with second marriages and blended families. Optimistically, one hopes that the children of the prior marriage are an integral and loving part of the new family relationship, maintaining harmonious interaction with both spouses as if they were their own children. Blended families now actually outnumber traditional nuclear families, according the U.S. Census Bureau,1 and the trend is expected to continue with longer life spans, together with steady divorce rates. The U.S. Census Bureau estimates that 1,300 stepfamilies are forming every day in America; and that more than 50 percent of American families represent a remarriage or re-coupling. According to the most recent U.S. Census Bureau data, a little more than half of divorced men and fewer [...]