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Saving More Than Money

April 5, 2011 By admin Leave a Comment

During these troubling economic times, everyone is looking for ways to tighten their belts. This may be especially true for those facing legal issues such as custody, divorce or adoption. Taking a look at your complete budget, you will note that one of your biggest expenses is your monthly auto payment. For this reason, taking the time to understand how car refinance loans can change your monthly payment can help you adjust your budget.

More Than Cost Savings

The process of adjusting your auto loan almost always saves the loan holder money. It can offer additional benefits as well. For example, a refinanced car loan will change the term of your loan and adjust your interest rate. Obviously these two factors play a huge role in lowering your monthly auto payment. Those who have other large monthly expenses such as legal bills for an open divorce or a custody case will appreciate the extra money. A car refinance loan can make it financially beneficial long-term, and easier to pay all of your expenses.

When You Apply Matters

Obviously it is important to apply for refinancing before you have paid the majority of your loan off. This not only make sense financially, but the longer you wait, the less likely you are to get approved. Discuss your options with your agent as soon as possible in order to ensure you can use one of their car refinance loans to adjust your payment.

If you struggle each month to make all of your payments, or you’re facing legal actions, ask if your lender offers car refinance loans – it can certainly lighten your load.

Filed Under: Financial Tagged With: , ,

Communicating About Bankruptcy With the Family

January 12, 2011 By admin Leave a Comment

After understanding bankruptcy laws, there are many reasons why families come to decide that declaring bankruptcy is the right decision for them. These reasons alone can provide a large amount of stress for any one individual or couple, but the decision is even more difficult with a family because it affects family as a whole. While there are certain aspects of the bankruptcy that will only pertain to the adults, it is a good idea to involve the children in certain conversations in order to make sure that they understand the situation and know that they are still physically and emotionally safe.

How you choose to communicate with your children will vary largely on their ages, personality types and maturity levels and you may find that it is best to speak with each separately in order to talk with them at the level, and in a way, that will work best for each of them as an individual. For example, a more analytical child may want more details about the process of bankruptcy and what it means, whereas a more artistic child may be more interested in how the bankruptcy will affect their day to day lives. When communicating with children, perhaps the most important thing to keep in mind is that children, regardless of age, will react more to your emotions and state of mind than your words, so choosing a time when you are calm and confident will go a long way towards creating the same reactions in your children.

Above all, assure them that you love them and that everything will be fine. This is a good reminder for you as well. Continually remind yourselves that even though bankruptcy seems overwhelming, it is merely a temporary condition. Keeping this in the forefront of your mind, will help put the situation in perspective and keep hope alive for both you and your family.

Filed Under: Financial, General

Post-Divorce Tax Filings

January 5, 2011 By admin Leave a Comment

Filing your annual income taxes can be complicated enough, but a recent divorce can make it even harder. If you were granted a divorce in the prior year, now is the time to get your affairs in order to make your actual filing a little bit easier. Let’s take a look at how a divorce can affect your taxes.

Filing Changes

These are the most common changes a divorce means to most tax payers:

  • Filing Status – Your marital status on December 31 determines your filing status. If your divorce is final prior to this day, you can file as single or, if you have custody of the children, as head of household. Ifthe divorceis still pending, either file together on a joint return or use the married filing separately designation.
  • Dependents – The custodial parent has the right to claim the child as a dependent unless they file a waiver allowing the other parent to do so.
  • Medical Expenses – Claim any medical expenses you have paid for the children in the past year regardless of custody.
  • Tax Credits – The parent who claims the child as a dependent can also file for the child tax credit and educational credits. If you pay for childcare, you can claim this deduction even if you can’t claim the child as a dependent.
  • Alimony and Child Support – The ex-spouse paying alimony can deduct this from their taxes, and the one receiving it must report it as income. Child support is not deductible or reportable on your taxes.

Easy and Free Help is Available

Because this process can get a little complicated, take advantage of the free tax help that’s readily available online. You can even find a free tax calculator to give you an idea of your refund amount or how much you’ll owe by April 15.

Don’t wait until the last minute to prepare for filing your taxes after a divorce.

Filed Under: Family Law, Financial