Why Divorce with a Special Needs Child is More Challenging

The stress of caring for a special needs child often takes its toll on families. In fact, families who have a special needs child have extraordinarily high divorce rates, which have been reported as high as 90%. When parents of a special needs child decide to terminate their marriage, the issues of custody, support and property division become significantly more complex to negotiate. Here are just a few of the challenges families with a special needs child must address in the divorce process:

Visitation Schedule

The standard visitation schedules used in most divorces may not be appropriate for families with a special needs child. Special needs children often lead structured lives. They need consistency and predictability in their daily schedules. Transitioning can often be very challenging for special needs children. It is also important for the visitation schedule to address whether the child needs special equipment to assist with their disability. Often, this equipment is only available at the primary caregiver parent’s home as it is too expensive to maintain at two households.  The need for flexibility and cooperation is paramount.
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Posted by Tracey Manzi

Don't Forget These Hidden Assets in Your Divorce

The first step in any divorce engagement is to identify the marital assets.  If you’re like most divorcing individuals it’s easy to start with the most obvious assets – your house, bank  and retirement accounts.  However, it is very common for people to overlook some assets that may have substantial value. I have listed below some of the most common “hidden” assets divorcing individuals forget to include when compiling their list of marital assets.

1. Frequent-Flyer Points – If you have a spouse that travels a lot for business, chances are they could have racked up literally hundreds of thousands of miles.  These miles are not company “owned” – they are simply a perk of business travel.  As such, the accumulated airline miles your spouse earns during the marriage should be divided like another other asset in your divorce settlement.
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Posted by Tracey Manzi

Are Legal Supermarkets Coming to America?

As the investment community watches closely LegalZoom.com’s since they announced to a source at VentureBeat they are in the early stages of preparing to file for an initial public offering, I began to wonder if the so called “legal supermarkets” or maybe even a legal revolution is coming here to the United States?

Legalzoom.com, the L.A. based online legal document preparation company, which was founded ten years ago, continues to defy every opponent (mostly legal) who gets in their way. In 2007, LegalZoom raised an undisclosed round of institutional capital from Polaris Venture Partners to expand its business. According to VentureBeat, LegalZoom.com raised $2 million in an early seed round and another $46 million from “Polaris-Backed” Venture Partners and mezzanine investor Kayne Private Investors. That’s a lot of cash! Since 91% of all U.S. legal firms have less than 10 employees (approximately 4 attorneys) and many are structured as solo practitioners, how can these small firms compete with such an enormous amount of capital? It’s like the legal equivalent of the local t-ball club trying to compete with the spending of the New York Yankees.
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Posted by Timothy McNamara

Ten Reasons Why You Should Avoid Family Court

The divorce process is frustrating, slow and fraught with uncertainty, particularly when couples choose to resolve their differences in court.  After a recent trip to the Family and Probate Court on a divorce case that is still ongoing after four years, I am reminded of all the things wrong with the legal process of divorce.  Before you decide to hire a lawyer to represent your best interests in court, here are ten reasons why you should think twice before choosing this route:

1. Legal fees are very expensive - I would go as far as saying the majority of the expenses you will incur in the divorce process are a complete waste of your marital assets. You may not know this, but according to Forbes Magazine the average cost of divorce in the U.S. ranges from $15,000 to $30,000 per person. In my experience, their estimates are simply too low. If you have highly contested custody or financial issues, you can easily spend over $250,000 and sometimes up to $1 million (per person) on your divorce. Don’t fool yourself into thinking these astronomically high legal fees only apply for celebrity divorces -  they happen to normal people too!
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Posted by Tracey Manzi

How Not to Let Your Emotions Get the Best of You in Your Divorce

When going through a divorce, it is understandable to feel stressed and not be at your best emotionally. After all, life as you knew it is about to change. One of the most challenging aspects of your divorce will be learning to control your emotions so they don’t get the best of you. Here are some tips to help you avoid falling into this trap so you can steer yourself in a better position.

1. Think before you react – Couples experiencing a breakdown in their marriage often find that communicating with their spouse can be difficult, awkward and strained. If you are going through a divorce, communicating with your spouse is going to get more difficult. When faced with intense emotions of anger or bitterness, you may find yourself tempted to say or do things in the heat of the moment. If you find yourself in a tricky situation, take a deep breath and think about the consequences of your actions before you react. Your reaction could have long-lasting effects on your children, co-parenting relationship and total cost of your divorce.
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Posted by Tracey Manzi

5 Things to Consider Before Getting a Divorce

There are many things you need to consider before making the decision to get a divorce.  To help you get started, here are five questions we routinely get asked from individuals contemplating a divorce.

1. What Should I Expect My Divorce to Cost? The first thing anyone considering a divorce wants to know is how much my divorce will cost. Costs and fees for a divorce can vary greatly depending on the legal, financial and emotional complexities of your case and the process option you choose. According to Forbes, the average cost of a divorce in the U.S. ranges anywhere from $15,000 to $30,000.  Based on my own experience working in the legal industry, I think their estimates are quite low. According to Judge Marjorie S. Steinberg of the Los Angeles Superior Court “It’s nothing for us to see $50,000 spend on each side and sometimes $1 million on each side. When I see someone with only $25,000 in atttorneys fees I think that’s pretty cheap.” Divorce is a painful process that can be very expensive, but it does not have to be that way.
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Posted by Tracey Manzi

Divorce and Remarriage – Don’t Make these Classic Money Mistakes

Financial stress is one of the leading causes of divorce.  While money issues can cause serious problems in all relationships, financial issues in second marriages are often much harder to deal with.  This typically happens because one of the partners enters the marriage with accumulated assets, debts or financial obligations to a prior relationship.  Since divorce rates are often higher in second marriages, couples must get a handle on their finances before they get remarried.  In my experience, the most common money mistakes people make are:

1. Failing to consider a pre-nup – I typically get a lot of flak for bringing up this thorny issue, as few couples are eager to discuss what will happen if they get a divorce before they are even married.  While I appreciate the emotional aspects of raising this issue with your soon-to-be spouse, my advice comes purely from a financial perspective.  If you are bringing substantial assets into your marriage, have a business you want to protect or expect to receive an inheritance, then getting a pre-nup is essential.  Think of it this way -  if you are not able to sit down next to your partner and rationally discuss your finances when your relationship is good, what do you think is going to happen if your relationship sours?
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Posted by Tracey Manzi

Money Tips for Divorcing Couples over 50

More couples over 50 are choosing to get divorced.  While the news of Al and Tipper Gore’s divorce seemed to shock the nation, the reality is late-life divorces are extremely common these days.  In my experience, couples facing divorce later in life face a number of unique financial challenges that younger couples can often defer to a later date.  To help guide you, I have created a few money tips for you to follow:

1. Create an Accurate Budget – Make sure you accurately document your living expenses.  You must know how much income you will need each month to cover your necessary and discretionary expenses.  Be sure to consider all the categories of expenses you will have when creating your budget, as you want it to be as accurate as possible.  Since your ability to earn income later in life is often limited, you don’t want any surprises.  If you didn’t handle the family finances in your household, a great tool to help you get started is available for free at www.mint.com.
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Posted by Tracey Manzi

Tips for Negotiating Your Divorce Agreement

Negotiating your separation agreement is going to be challenging.  Here are a few basic strategies you can use that will help you improve your chances for getting what you want in your divorce agreement.

1. Set realistic expectations -  Many individuals enter divorce negotiations thinking they will get everything they want.  Too often, these individuals start negotiation from extreme positions with the intent of backing down later.  While some may think this is a strategy, my experience confirms this usually increases the overall level of conflict during the process.  Before you begin the negotiation phase, make sure your expectations are reasonable.  It is far better take a problem-solving approach to resolving key issues surrounding your children and finances.
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Posted by Tracey Manzi

Why The Legal Industry is Like a Dinosaur

I went to the mall the other day for the first time in almost a year.   The truth is… I’m not much of a shopper, but when I need to buy something, I usually fire up my laptop, open up Google and a few days later – whala!  Everything I need miraculously arrives at my door.  No hassles, no travels, no waiting in line – convenience at its best!   However, this past weekend I made an exception.  Sure, I can purchase everything I need online these days – including a bed, a house, and a car or just about anything else I can dream of.  But, I have been looking for a new bed for my daughter and she wanted to see it before making a decision.  So this time, we hopped in our Zipcar and drove to the mall.

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Posted by Timothy McNamara