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Delaying a Divorce Procedure Can Be Costly

November 17, 2016 By Marianna Barbowski

Delaying a Divorce Procedure Can Be Costly
Delaying a Divorce Procedure Can Be Costly

While you may have your own reasons for postponing the divorce process, “Delaying is costly, causes financial frustration and ruins mediations. …Time is money,” according to a Huffington Post article entitled “Delaying a Divorce Procedure Is Like Creating a Time Bomb.”

The longer you put off your divorce, the more hours the attorney, mediators and other professionals who are helping you will spend on continual meetings and phone calls, and the higher the bills. The continuing financial frustration can amplify the negative emotions around divorce procedures, and can damage the fairness of even the most caring spouses.

There are people who delay their divorces indefinitely—for a lifetime. Warren Buffett remained amicably married to his wife after they separated in 1977 until her death in 2004, although he lived with another woman for decades, reported the New York Times. “We understand the expeditious voyage from separation to divorce, the desire for a clear-cut ending that makes way for a clear-cut beginning,” wrote Pamela Paul. “But couples that stubbornly remain separated, sometimes for years? That leaves us dumbfounded.” She refers to them as “the un-divorced.”

Not surprisingly, the chief motive for separating but remaining married is financial. It can be very challenging for couples that have already agreed they are done with their marriage to navigate the financial complexities of joint taxes, rights to pensions, Social Security and health insurance. These issues can foster feelings of inertia that make it even harder to get on with a divorce.

Paul cited the case of a mother of two who had stayed separated for nearly two years. She and her husband were in new relationships, but when she thought about health insurance and the desire to avoid legal fees, she said, I feel like we could just drift on like this for years.”

One benefit of delaying divorce for some people is that staying married provides an excuse for not remarrying. Conversely, meeting a person you want to spend the rest of your life with can accelerate your decision to divorce.

The seasoned family law and divorce lawyers at the McGrath Law Firm, founded by attorney Peter McGrath, will walk you through every step of the challenging divorce process to address your concerns and achieve your goals as efficiently as possible.  From spousal support, child support, fault, and equitable division of property and debt to valuations, pre-nuptial agreements, and restraining orders, the experienced attorneys at McGrath Law Firm have a successful track record in all aspects of divorce law. Call us to schedule your consultation at (800) 283-1380.

Filed Under: Legal Updates Tagged With: “un-divorced, ” taxes, delay is costly, delaying divorce, drift on for years., financial frustration, health insurance, higher bills, indefinite delay, pensions, postponing divorce, social security

Women, Divorce and Insurance

October 24, 2016 By Marianna Barbowski

Worn out woman accounting

Women who are going through financially complex divorces are often in states of emotional distress and confusion about what the future may hold. If you are getting divorced from your spouse, you need to be sure to consult your attorney and the financial advisers who are working on your behalf. Your insurance policies are probably not uppermost in your mind. Your advisors will remind you, however, that insurance coverage for yourself and your children, if you have any, should not be overlooked in the final divorce agreement. It can be financially significant.

  • You can stay on your ex-husband’s health insurance using COBRA coverage, but COBRA lasts only 36 months. It’s a good idea to buy your own health insurance before it runs out.
  • If your ex is the higher earner and paying alimony and child support, these payments will end with his death. You would be wise to buy a life insurance policy on him in order to secure this important income. According to an adviser writing in Forbes, “If your husband refuses to cooperate in getting the required medical exam or if he is uninsurable due to health or other reasons, you need to know this before the divorce is finalized, so you can find an alternate way of securing your divorce settlement payments.”
  • Your ex’s social security is a form of insurance, and you can receive half of the payments if you are older than 62 and were married for more than 10 years. If your ex predeceases you, you are eligible for the entire benefit, as well as any of his children under the age of 18.
  • It’s a good idea for you to purchase disability insurance in case you become unable to work (or your ex, if you are relying on him for support). “If you are relying on employment income for yourself, or your ex-spouse for maintenance and/or child support, a disability policy can be essential should an employment income source no longer be available due to disability,” advises the Association of Divorce Financial Planners.
  • After one spouse moves out of the joint residence, that person is no longer covered for liability by her former homeowner’s or renter’s insurance. Be sure you are the “Named Insured,” and if you are not, you need to ensure that you are covered. When you purchase your own policy, you can reduce the cost by buying “replacement cost coverage” or increasing the amount of your deductible.
  • When you divorce, your vehicle is no longer covered by your ex’s car insurance. Be sure you have your own coverage. Women who have relied on their exes for taking care of their vehicle may want to be sure to purchase insurance for towing and roadside assistance.

The seasoned family law and divorce lawyers at the McGrath Law Firm, founded by attorney Peter McGrath, will walk you through every step of the challenging divorce process to address your concerns and achieve your goals as efficiently as possible.  From spousal support, child support, fault, and equitable division of property and debt to valuations, pre-nuptial agreements, and restraining orders, the experienced attorneys at McGrath Law Firm have a successful track record in all aspects of divorce law

Filed Under: Legal Updates Tagged With: alimony, child support, divorce, health insurance, homeowner’s insurance, life insurance, renter’s insurance, social security, vehicle insurance

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EDUCATION
Boston College Law School, J.D.
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