Sweetwater Reporter (Sweetwater, Tex.), Vol. 113, No. 060, Ed. 1 Sunday, January 23, 2011 Page: 5 of 16
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Business & Ag
Sweetwater Reporter
Sunday, January 23, 2011 ■ Page A5
Roses are forever at Lati's!
Jason
Alderman
PRACTICAl HOMEY SOU FOR LIFE
The financial
challenges of divorce
Even in a strong economy, divorce is often difficult
and costly; but in a prolonged recession, it can be finan-
cially devastating. For example, suppose that:
* Neither spouse can afford to buy out the other and
you're forced to sell the house at a loss - or even go into
foreclosure.
* One of you has been unemployed for a prolonged
period and you've run up major debt.
- One or both of you have difficulty finding indepen-
dent, affordable health insurance.
- The retirement and investment accounts you've
accumulated together and now must divide have lost
significant value.
Even in an uncontested divorce, recovering from any
of these scenarios would be difficult. But if your divorce
is acrimonious, additional legal fees could leave you
further in the hole.
Here are some important financial issues to consider
when you separate:
Do-it-yourself divorce kits are widely available, but
even couples with few assets who part amicably still
need capable representation. That may mean hiring an
attorney who specializes in divorce to
at least review your paperwork and
make sure you haven't overlooked
anything you might later regret.
To avoid a conflict of interest, you
should each have your own attorney.
Ask friends for recommendations,
including those who have recently
divorced. Ask attorneys you know who
specialize in other areas if they can
recommend a good divorce attorney.
Another resource is the American Bar
Association (wvw.abanet.org under
"Public Resources"), which has a
state-by-state search engine for find-
ing legal help.
You may also want to consult a
financial planner for advice on how
to fairly divide property whose value
has escalated (or plummeted), calculate child support
and ensure you're sufficiently insured, as well as explain
Social Security and retirement plan implications.
A good financial planner could save you money in the
long run by helping to avoid prolonged court battles
an mapping out a plan for future financial security. If
you don't know one, good resources are the Financial
Planning Association (www.fpaforfinancialplanning.
org) an the Institute for Divorce Financial Analysts
(https://www.institutedfa.com.)
To protect your credit status, close joint bank or credit
card accounts and open new ones in your own name;
otherwise, an economically struggling or vindictive ex-
spouse could amass debt in your name and ruin your
credit. Be sure all closed accounts are paid off, even if
you must transfer balances to your new account and pay
them yourself. That's because late or unmade payments
by either party on a joint account - open or closed - will
damage both of your credit scores.
Check your credit reports before, during and after the
divorce to make sure you're aware of all outstanding
debts and to ensure that all joint accounts were prop-
erly closed. The three major credit bureaus, Equifax,
Experian and TransUnion, don't always list the same
accounts, so to be safe, order reports from each. You can
order one free credit report annually from each through
WWW.annualcreditreport.com or more frequently for a
small fee from each bureau.
For additional financial considerations related to
divorce, visit Practical Money Skills for Life, Visa Inc's
free personal financial management site at www.practi-
calmoneyskills.com/divorce.
Don't get caught up in the emotional turmoil of divorce
and forget to protect your future financial interests.
This article is intended to provide general informa-
tion and should not be considered legal, tax or finan-
cial advice. It's always a good idea to consult a tax
or financial advisor for specific information on how
certain laws apply to your situation and about your
individual financial situation.
About Jason Alderman
Jason Alderman is a senior director at Visa Inc. and
runs the company's global financial literacy initiative,
which includes the award-winning Practical Money
Skills for Life and What's My Score? programs. As part
of his work at Visa, Mr. Alderman writes a weekly per-
sonal finance column that is carried in over 500 com-
munity newspapers throughout the U.S.
Prior to joining Visa at the start of 2006, Mr.
Alderman handled communications for Pacific Gas
and Electric Company, one of America's largest utili-
ties. Mr. Alderman's career also included service as
a Congressional staffer in Washington, D.C. on the
House Appropriations Committee and as the legisla-
tive director )r the late Rep. Sidney Yates of Illinois.
In that post, he helped oversee the multi-billion dollar
budgets for the U.S. Department of the Interior and the
Smithsonian Institution.
Mr. Alderman sits on the board of the JumpStart
Coalition for Personal Financial Literacy and is the
founder of the Bay Area Center for Voting Research.
Lati's is ready for Valentine's Day with beautiful metal
roses.
You can't help but to fall for the cute lady bug couple
with their little facial expressions and curly antennas,
surrounded by yellow flowers. Wait until you turn them
around and see there bright red wings!
If lady bugs aren't your thing, the adorable 'Mouse
In Lov " with huge ears holding a flower just for your
special someone would be perfect .
The roses at Lati's are beautiful and are available in
several sizes to choose from. Place them in your home
or outside. Come by and see how real they look. Hours
are Monday through Saturday from 10 a.m. to 6 p.m.
and Sunday from 1-5 p.m. Lati's Pottery Pig is located
between Sweetwater and Roscoe on the south side ser-
vice road.
E!E C® GGEfflfe
Jimesha Smith
ITI^ f^T?^r[?t:rTiiT^ ITFI JHTiTTR-qrp
Thank on to all who helped us with our Angel Tree.
We especially want to thank Wal-Mart for
partnering with us on our tree.
Your generosity made Christmas joyous for many
children and their families.
!{/*
%
C- West Texas ^
Children's Advocacy Center
Serving Nolan, Mitchell, Fisher, Scurry & Borden Counties
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Sweetwater Reporter (Sweetwater, Tex.), Vol. 113, No. 060, Ed. 1 Sunday, January 23, 2011, newspaper, January 23, 2011; Sweetwater, Texas. (https://texashistory.unt.edu/ark:/67531/metapth229376/m1/5/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Sweetwater/Nolan County City-County Library.