Financial Statements

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Categorize Your New Budget

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Financial Statements

Financial Statements

01

2015

Financial statements for businesses are based on book value. The assets are listed at the price they were purchased for and any depreciation. The difference between the amounts is known as book value. This may or may not reflect fair market value. For example if a piece of land is valued at $10,000 that paid two years ago the price may be different today. The land may now be valued at $250,000. For a divorce the value will be determined […]

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Categorize Your New Budget

30

2015

When you separate from your spouse, you will have to have a close analysis of your budget. When you look at your budget, you will have to take into close consideration what house bills will add up to each month. It helps if you divide up your budget by categories. The first category to look into is your house mortgage or rent. And the second category is your utility bill. The first category is your mortgage or rent. If you […]

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Your Insurance Provider Can Make The Law Work For You

Having good insurance coverage is very important, but when it comes to filing an insurance claim, being able to depend on your provider becomes critical. It can save you thousands of dollars in cost and deductibles in then future. When a insurance claim has to filed, it means that your out of some monetary or physical lost and a claim is filed to recover damages. Often times, the hassle comes from the opposing insurance company and never your provider. It […]

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Settlement – Collaborative Divorce – How It Works

What’s the Divorce Proceeding known as Collaborative Divorce? How does a collaborative divorce process actually work? The concept of collaborative divorce involves mutual, voluntary and free exchange of information, climate of civility with respect to all individuals involved. Each of the parties hire their own counsel to provide accurate advice and offer them representation, but parties’ intention is to negotiate for the settlement treating every one fairly. In fact, the lawyers for each party commits to exercising their best effort […]

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Emotion – Job, Personal Relationships, Friends

Tips for Weathering that Storm Be sure to give yourself some time. You’re going through serious stuff right now, it’s going to take time for you to recover. Don’t let anyone tell you to get over it. You will get over it when you do. Most people recover in a year, while some require longer. If you find you can’t function at the job or being parent, it’s time for help. Protecting your job. Your job is much more important […]

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Sale of a Residence

06

2015

During a divorce if both parties want the residence then it may be a wise idea to sell it. The parties may agree to split the profit from the sale equally. This can then be entered in a valuation summary. if the sale is going to be split in any other way then 50/50 it is best to estimate the expected profit from the sale of the house and use a math equation to find out the profits for both […]

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Excluding Children

Children And The Divorce At times, children are used as collateral during a divorce. One parent wants to get something from the other parent, and the children are put in the middle. Most courts will treat the children as details of the divorce unless they are in physical danger. The children should be the most important priority of the parents. The lives of citizens are held to be the most valuable, and children are the most valuable thing that a […]

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Payment Hierarchy

When determining what expenses to pay first look at the hierarchy of needs. They go in this order First: People Second: Possessions Third: Credit Rating It is important to take care of emotional, physical, medical, and mental needs of people especially children first. Food, shelter, clothing come before anything else. Possessions are after people. They include mortgage and car payments. Creditors come last including credit card bills. This can be challenging to put into action. People that pay bills on […]

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Modifying Your Budget After a Divorce

Going through a divorce can be a complicated process, and changing your budgeting habits can be even more complicated. This is especially true in the areas of leisure activities and loan repayments. In rare cases, both parties come out of the divorce with their personal finances unaffected, but this is not typical. Most of the time, one or both of the people involved have to make drastic changes to their spending to compensate for increased expenses on housing, bills and […]

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