January 11, 2016

Social Security & Divorce: Timing IS Everything! – Did you quit your job and become a stay-at-home parent for years while the kids were growing up? Or, perhaps you have always worked, but never earned anything near the salary your spouse made.

Mortgage deals are going, going, but not gone: Why it may not be time to lock in just yet – Banks have started shaving the discount available on variable rate mortgages, but that doesn’t mean it’s time to lock in your mortgage just yet.

Foreclosure Starts Steadily Fall, Drop 10% in October – Foreclosure starts indicate future housing supply and pricing

10 things you should know about reverse mortgages – You’ve probably seen the commercials: Actors tell older adults that they can use a reverse mortgage to access the equity in their homes and live a more financially carefree lifestyle. They say the reverse mortgage will eliminate seniors’ monthly mortgage payments, freeing up that money for other expenses.

College Loan Debt: How Much Is Too Much? – Most students today will graduate with some debt. The key is not taking on more than you can shoulder.

January 6, 2016

10 Tips for Handling Investments and Divorce – Is the end of a marriage the start a financial showdown? Not if you follow these steps.

Family finances: The mortgage outlook for 2016 – Mortgage credit is still tighter today than it was during the lead-up to the housing bust, but it has loosened a little every year since 2009.

Best Debt Bet You Can’t Make – While the latest debt selloff may yield another boom in energy values, many companies will go out of business along the way. If investors buy bonds of the wrong company, or purchase debt that’s too low in a company’s capital structure, they may get wiped out completely, even if oil prices recover eventually.

December 28, 2015

Current Mortgage Rates Roundup for December 28, 2015: What to Expect from the Week Ahead? – Mortgage rates drifted slightly lower late last week, while U.S. treasury bonds strengthened, as buyers stepped in and flocked into ultra-safe haven assets.

3 Consequences of Declaring Bankruptcy That You May Not Be Aware Of – Before you consider bankruptcy, here are three things you need to know about it.

Utilize Credit Without Accumulating Holiday Debt – First of all, you should never feel obligated to go into debt in order to purchase material goods for others, no matter what time of year it is. Your financial situation may not allow for you to buy gifts for everyone in your family, all of your friends, each coworker in the office, and more.

December 21, 2015

10 New Year’s Resolutions to Make After Divorce – So you did it, you finally got divorced (or separated). 2015 may have been your worst year ever, especially if you just signed the divorce papers. And now a new year is upon you, and perhaps this is the first New Year where you feel hopeful.

Can foreclosure of inherited property over unpaid taxes affect credit score? – There is quite a big difference between a lender-initiated foreclosure on a loan you took out and a real estate tax foreclosure.

Week Ahead in Bankruptcy: Dec. 21, 2015 – Here are some of the major events scheduled in U.S. Bankruptcy Courts this week. All times are local.

December 18, 2015

The Surprising Way to Build a New Life After Divorce – Your divorce is over. You have separated your finances and divided the furniture. You are officially done with lawyers and judges and the whole divorce system. You know that it is time to let go of the past and start a new life (and just in case you forget, your friends and family seem only too happy to remind you of that fact). But after having been married for years, how are you supposed to build a new life after divorce?

Freddie Mac: Mortgage rates will stay near historic lows next year – Mortgage rates were little changed this week, and Freddie Mac doesn’t see rates rising much next year despite the Federal Reserve’s decision to raise its benchmark rate.

Deciding on bankruptcy to solve your debt – If you have a regular source of income, you need to determine how much monthly excess income you have to dedicate to credit card payments

Marital Property 101

Marital property is defined under state law.  The principles of which spouse owns which property are primarily determined by whether the spouses live in a common law property or a community property state.

Common Law Property State

The vast majority of states follow common law property principles.  These states presume that property earned or acquired during the marriage is marital property.  There are several exceptions.  For example, if the parties enter into a valid prenuptial or postnuptial agreement, this default rule does not apply.  Additionally, property owned before the marriage, received as a gift or inheritance, personal injury awards, property acquired by one spouse by using only separate property with the intent to keep it separate and property acquired during the marriage by one spouse that is deeded in only one name and not used for the benefit of the marriage are usually considered separate property.   Upon divorce, the court can consider a number of factors to determine how to equitably, but not necessarily evenly, divide the marital property.

Community Property States

The remainder of states uses the community property system.  This system is based on the idea that all assets acquired or earned during the marriage are community property to which each spouse owns 50/50.  Marital property in these states includes income, property bought with the earnings of the marriage and debts incurred during the marriage.  Property acquired prior to the marriage is considered separate property.  Gifts or inheritances to one spouse are usually considered separate property.

Personal injury awards provided to a spouse in a community property state are usually considered community property, but they are considered separate property during the divorce.  Courts usually divide the property 50/50 in the event of divorce.  There are exceptions to this general rule, such as if one spouse misappropriated community property.