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Three Things Divorced Parents Need to Know About College

Figuring out how to split childcare costs when you’re divorcing is not easy, but it can be like remedial math compared to deciding who pays what for your children’s college education.

There are countless issues that can come up, but if you’re divorced and have visions of your children someday showing you their college diploma, there are three things you need to know.

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How to Talk With a Three Year Old About Moving After a Divorce

A challenging aspect of ending your marriage is discussing divorce with your 3-year-old child, according to the American Academy of Child and Adolescent Psychiatry. Talking to your young child about divorce requires preparation and the use of appropriate language understood by your youngster. Explaining divorce requires cooperation between you and your spouse and a reasonable attempt to set aside your differences for the sake of your child, at least during the conversation itself.

Click here to learn more.

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Know the Financials Before Divorce

Thursday, the Florida Senate passed alimony reform legislation (SB 718) by a 29-11 margin. The Senate sent a strong message to Floridians that current alimony laws will change. If proponents succeed in the House next week, permanent alimony will be harder, if not impossible, for spouses in long-term marriages to get.

The bill allows existing agreements to be modified to reflect the new law.

The ramifications of such a drastic move would be far reaching for everyone — payers, alimony recipients, children of divorced parents. Although there have surely been abuses under current law, rather than reform, the bill is a complete overhaul of a system that works — albeit not perfectly. Many divorces are handled through mediation, which is now required by law.

Divorcing couples are also opting for collaborative divorces in an effort to avoid a court battle, exert more control over the process and craft their own settlements. Click here to find out how the Divorce Without War® approach can work for you.

Written as a remedy for a minority of men and women, the bill leaves the majority of alimony recipients at risk.

Click here to continue reading the original article from The Miami Herald.

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Dividing credit card debt in divorce

You can divorce your spouse, but unless you take extra steps to protect yourself, ditching debt from jointly held cards is more difficult. Credit card companies aren’t bound by divorce decrees, so they can go after you for jointly incurred debt if your former spouse doesn’t pay.

This is why divorce attorneys, financial planners and credit counselors recommend that you leave your marriage with no joint debt. By either paying off the joint cards together or dividing up the debt on joint cards and transferring it to cards in each partner’s name, the goal is to remove your liability for your partner’s debts. It’s also important to inventory your wallet and make sure all joint credit cards are canceled during the divorce process.

The consequences of going into your newly single life with jointly held debt are potentially painful: Should your ex file for bankruptcy or just not pay what he or she is supposed to pay, your creditors can go after you for the full amount of the debt, plus interest and penalties. You can include provisions in the divorce agreement to force your ex to pay up, but going back to court is expensive and time-consuming.

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