Copyright 2006 The Divorce Center P.A.
There is one asset that is common in thousands of divorces: the marital home. The marital home is frequently the largest asset a couple owns. Many times, the marital home is the one and only asset a couple owns. And as the major or sole marital asset, special attention should be devoted to this issue during a divorce.
In divorce, one of the major challenges is to fairly divide assets acquired during the marriage. Real estate presents a unique challenge. Because of recent changes in the market, real estate has dramatically increased in value. This rapid increase created large amounts of equity for many couples. Large amounts of equity translate into large amounts of money. More important – large amounts of money make it possible for divorcing spouses to create a new life. Potential uses for the money include: the purchase of a new home, moving out of the area, going back to school, or to repurchase lost possessions. Money makes it possible to become "normal" again. That is why the division of the marital home is such a critical challenge that both spouses must solve.
Most divorce decrees require the sale of the marital home, with the proceeds divided equally by the divorcing couple. This scenario is the simplest solution. A properly written divorce agreement for the sale of a home must address the following issues: A deadline date for placing the home on the market, who will occupy the house until sale, which spouse will pay expenses of the home until sale, how the house will be listed for sale, and how the sale price will be selected. Unless the divorce decree addresses all issues there is potential for argument and lost money long after the divorce is finalized.
Even though each divorce is unique, there are some common things you can do to make the sale of the marital home a more predictable and smooth experience. If there is more than five thousand dollars in equity, always invest in a licensed appraisal report. A licensed appraisal report is done by a professional appraiser – not a real estate agent. Expect to pay between $300 and $700 for the report. If there are simple, cosmetic things you can do to boost the value of the house – do it now. Everything you do to increase the value of the home will benefit you financially and increase the chance of a smooth divorce. Always list your home with a licensed real estate agent. Pick one that both you and your spouse can trust. Now is not the time to do a "for sale by owner" or use a "friend of a friend." An independent, licensed real estate professional that arranges a sale based on the report of a licensed appraiser is a transaction that is difficult to attack. And when things go bad in a divorce people frequently look for something to attack.
If you are faced with divorce and can agree to sell the marital home, both spouses have the opportunity to walk away with cash. And cash makes it possible to start new lives. Based on observation of many divorces, the chance of walking away without a bitter fight gets better when each spouse has the opportunity to begin a new life. Finally, if selling is a possibility, do it the smart way. Sell at the proper market price and do it in a way that does not lead to argument. You will have less stress and a better "second life."
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Howard Iken is a Divorce Attorney.. He represents divorce clients in Tampa, Clearwater, St. Petersburg, New Port Richey, Pinellas, Pasco, and Hernando County, Florida. You can contact Howard Iken at 1-888-4My-Divorce (1-888-469-3486) or visit http://www.18884MyDivorce.com More information on property division in a divorce can be found at http://www.18884mydivorce.com/pub/Property/equitable-distribution-map.htm
How Judgment Recovery Works for You
You (the plaintiff) brought a small claims or civil suit against a debtor (the defendant) and were awarded a judgment. You, as the judgment creditor (winner) have a right to judgment recovery from the judgment debtor (loser).
But, the judgment is merely a piece of paper filed in the courthouse. It is delivered to both your and the debtor. But the court completed it's job after deciding your case. It takes no enforcement action.
How do you enforce the judgment to ensure the judgment recovery is complete?
The first thing to do is to discuss payment with the debtor. Money judgment recovery payments are sometimes made on the day of the court hearing or over a period of time.
If you do not receive the money that you are owed, the court and court officials can assist you in several ways to complete the judgment recovery.
=== Judgment Recovery Through Public Sale ===
An "execution" allows a court officer to seize property belonging to the defendant which can be sold to pay your judgment. You are responsible for identifying the debtors personal property that can be used to help fulfill your judgment recovery. Court officials can seize these items and offer them at a public sale. Items such as office equipment (computers) and automobiles are typical items court officials can seize.
You can also file a petition with the court indicating the amount the debtor owes you and request the court to issue an order for discovery of assets. This order can be issued to anyone who has knowledge regarding the assets of the debtor.
=== Judgment Recovery Through Seizure of Bank Assets ===
You must determine where the debtor's savings or checking accounts are located and the account numbers, if possible. The court official can levy or freeze these accounts. Once frozen, you must then file a motion with the court for the funds to be turned over to you. Once this motion is granted, the court officer will deliver the order to the bank and the funds can be released to you.
If you are unable to locate the debtor's bank, you can obtain an information subpoena from the court that contains questions about the debtor's assets. You can then serve (deliver) the information subpoena to the debtor. The debtor must answer and return the information subpoena.
=== Judgment Recovery Through Wage Garnishment ===
A garnishment allows you to collect your judgment by garnishing the defendant's wages, bank accounts, or other sources such as income tax refunds. You must identify the debtor's place of employment and send a notice to the debtor requesting garnishment of wages. If the debtor agrees (or disagrees and the court so orders) a notice of wage execution is delivered to the employer by the court officer. The employer will withhold the specified amount and send it to the court officer who will then send it to you.
=== Interest on a Judgment Until Recovery is Complete ===
When you receive a money judgment you are normally entitled to add interest to the unpaid balance until the recovery is complete. The interest rate is typically set by the state legislature or the state's department of treasury. For example, in Michigan the interest rate defined by the Department of Treasury is "calculated from the date of filing the complaint at a rate of interest which is equal to 1% plus the average interest rate paid at auctions of 5-year United States treasury notes during the 6 months immediately preceding July 1 and January 1, as certified by the state treasurer, and compounded annually."
So, your unsatisfied judgment is probably becoming more valuable as it ages.
=== Problems With Completing Judgment Recovery ===
Debtors often try to evade attempts to collect judgments. There are standard tactics debtors use to elude collection such as:
- Hiding assets and bank accounts
- Fraudulent conveyance of assets
- Moving to another state
- Moving to another area within the same state
- Changing their name
Because most judgment creditors lack knowledge in tracking down the debtor, locating assets, and knowing how to collect, it is estimated that 80% of all judgments go uncollected. Most people understand that hiring an attorney at $100 to $200 an hour will quickly eat up their judgment award, so they do nothing.
You can, however, do everything necessary to collect your judgment award if you are willing to learn. There are judgment recovery courses in the $100 to $200 range, complete with online resources, that will teach you everything you need to know. Do a search for "judgment recovery" to find a number of sites offering these courses. Though they often advertise that you can make money helping others, you can also simply use the knowledge to recover your own money judgment.
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Bob Sherman is the owner of http://www.bobshermancredit.com/ with information about credit, debt, wealth building, and other financial topics. His free ebook "How to Free Yourself From Credit Card Debt" is available on his site.
Mississippi Child Support Laws The Magnolia State
Mississippi Child Support Laws
The child support enforcement office is able to assist custodial parents in locating a non-custodial parent, enforcing child support, establish paternity, and any other assistance the custodial parents may need.
When applying for Mississippi child support services, the first step you need to take is to call or visit your local county child support office. Custodial parents who are on programs such as TANF or any other state or federal assistance will be referred to a child support office for services. Parents who are not on these programs can apply for child support services through their local county office. A one-time application fee of $25.00 will be charged for parents who are not receiving federal or state assistance.
When determining the amount of child support that will be paid, the laws will go by the child support guidelines. These guidelines will determine the amount of child support by calculating a percentage of the non-custodial parent's gross income. This percentages is also calculated by the number of children, and the needs of the children.
Mississippi Child Support Enforcement
Some parents fall behind or just will not pay child support. We label these people as dead beat parents. In the state of Mississippi, there are methods to collecting unpaid child support. Theses methods include income withholding, tax offset interception, unemployment compensation interception, contempt actions, etc. These action were created for the purpose to enforce child support payments.
Establishing Paternity
If a child is born out of wedlock, the custodial parents must first establish paternity in order for the courts to establish a child support order. By establishing paternity, the child will know who his or her parents and their medical history. Paternity can be established when both parents sign an acknowledgement of paternity form and return it to a hospital staff member when the child is born. There will not be a fee for this method. Another method to establish paternity, is to have a genetic test performed on the other parent to see if he is the father of the child/children. Establishing paternity is very important when applying for child support. It is also important to locate and make sure you have proof that the alleged father is the real father of you child/children.
For more information on Mississippi child support laws click the links below
http://www.child-support-laws-state-by-state.com
http://www.child-support-laws-state-by-state.com/mississippi-child-support-laws.html