Divorce Bank Account Blues - What Happens to Your Mortgage Debt During a Divorce

Debt, Credit, and Bankruptcy

We have referred to property as either marine or separate. The same classifications apply to debt. In general, both you and your spouse are liable for any debts incurred during the marriage - it does not matter who really spent the money. When the property is divided up during the divorce, the person who receives the asset usually also obtains the responsibility for any loans against it.

It's in both of your best interests to pay off as many debts as possible before or at the time of the final decision. To do so, use whatever liquid assets you have - bank accounts, money market funds, stocks, bonds, or cash values ​​from life insurance. It may make sense to sell assets to accumulate some extra cash. The most easily sold assets include extra cars, vacation homes, and excess furniture. (Do not expect to get much for used furniture without it has value as an antique or collector's piece.)

If you can not pay off the debts, then the decree must state who will pay which debt and within what period of time. There are generally four types of debt to consider: secured debt, unsecured debt, tax debt, and divorce expense debt.

Secured debt includes the mortgage on the house or other real estate, and loans on cars, trucks, and other vehicles. It should be made very clear in the separation agreement who will pay which debt. If one spouse fails to make a payment on a debt that is secured by an asset, the creditor can pursue the other spouse.

Unsecured debt includes credit cards, personal bank loans, lines of credit, and loans from parents and friends. These debts may be divided equitably. The court also considers who is better able to pay the debt.

For unsecured debt, any separation agreement needs to include a hold-harmless clause. This will indemnify the nonpaying spouse, which means that the paying spouse gives nonpaying spouse the right to collect not only all missed payments, but also damages, interest, and attorney's fees if payments are not made. Without a hold-harmless clause, the nonpaying spouse has the right to collect only the missed payments.

Often, the legal decision and the financial exit are very different things. This is a lesson Paul learned the hard way. Tracy and Paul were married eight years, during which time Tracy ran her credit cards to the limit with her compulsive spending. The court held Tracy sole responsible for paying the $ 12,000 in credit card debt. After the divorce, however, Tracy did not change her ways and was unable to pay off her debt. The credit card companies came after Paul, who ended up paying them off.

In a case like this, one solution would have been to pay off the credit cards with assets at the time of divorce or for Paul to have received more property to offset this possibility.

Tax Debt

Just because the dispute settlement is final does not mean you are exempt from possible future tax debt. For three years after the divorce, the IRS can perform a random audit of your last joint tax return. In addition, the IRS can question a joint return - if it has good cause to do so - for seven years. It can also audit a return whenever it believes fraud is involved.

To avoid surprises, the divorce agreement should spell out what happens if any additional interest, penalties, or taxes are found, as well as where the money comes from to pay for defending an audit. We know of countless horror stories where the unsuspecting spouse (usually the ex-wife) is all of a sudden obligatory for a huge tax bill and does not have a clue how it happened.

Divorce Expense Debt

Although it is not always clear who is liable for debts incurred during the separation, typically these debts are the responsibility of the person who incurred them. An exception would be if one spouse runs up debts he or she is unable to pay to buy food, clothing, shelter, or medical care for the kids. The other spouse is probably obligated to pay those expenses.

You will accrue other costs during the dispute process, including court filing fees, appraisals, mediation, and attorneys. Other less obvious expenses are accounting, financial planning, and counseling. The separation agreement needs language that states who is responsible for these expenses.

Divorce expenses may accrue after the decree, such as attorney fees for doing QDROs, title transfers, and tax preparation for the final joint tax return, mediation fees, and long-term divorce counseling for the parents or the kids. Who pays? You do, unless it is spelled out clearly so there are no doubts at a later date.

Dividing Marital Property and Debts

Many people try to divide each asset as they discuss it - your half of the house is $ 4,000, my half of the house is $ 4,000. Since you will rarely divide the house like this, this may not be the most useful way to go about it. It may be more practical to list each asset as a whole item under the name of the person who will keep it.

For example, in the wife's column, list the marital equity in the house if she is thinking of continuing to live there. List the entire value of the husband's retirement in his column, if that is your initial inclining. An advantage to this method is that it allows you to see the balance, or lack of it, of your initial plan as you develop it. If you want to know dollar values, you may need a third party, such as an appraiser, to help you determine them.

This is the time to have a real heart-to-heart discussion with your about-to-be-ex about the range of his or her sense of fairness. Ask:

• Is the only possibility for a 50-50 division of things by value? By number?
• Are you more interested in cash than in things?
• Will you take less than 50 percent if your share is all cash?
• Are you more interested in future security than in present assets?
• Are you willing to wait for a buyout of your share, such as house selling or retirement, and are you looking for more than 50 percent to compensate you for waiting?
• Are you interested in a "lopsided" agreement (more to one of us than the other) to compensate for the larger earnings made by you or your spouse?
• Do you want to be "made whole" - meaning ending up where you were at the beginning of the relationship?
• Do you need to be compensated "off the top" for some contribution you made to the acquisition of property?
• Is there a possibility that any assets or investments are hidden?

If you both can agree on a generic plan that meets each of your ideas of fairness, you will find you have an agreement that practically wrists itself. The bonus is that you save on lawyer's fees.

As you allocate the debts, decide first whether they are marital, separate, or a mix. Then agree who will pay off the balance of each. Remember that the problem of unsecured debts may be handled more easily as if it were a monthly credit card payment than a division of your property.

Think about the long-term effect of the division of assets and debts you are considering. For example, suppose you get all assets that appreciate slowly or depreciate, and which take money to maintain (home, car, furniture). Then suppose your spouse takes all assets that increase in value or produce income (stock, retirement accounts, rental home). Guaranteed, in a few years after the divorce, what in the short term appeared to be "fair" or "equal" will look quite different. Your spouse's net worth will far exceed yours - and the gap will just continue to widen.

The word bankrupt strikes fear in the hearts of many people - especially those going through divorce. You may be trying to decide whether it is better to ask for alimony or a property settlement note and are addressed in indecision. Perhaps your spouse has threatened either to leave the country if anyway is required or to file bankrupt if money is owed or a property settlement note is due. Let's look at some of the rules of bankruptcy as they apply in divorce situations.

Two types of bankruptcy are available: Type One allows you to develop a payoff plan over a three-year period and Type Two allows you to liquidate all of your assets and use the proceeds to pay off debts, erasing debts that can not be paid in full .

Type One bankruptcy may reserve the assets and allow the debtor to pay off all the secured debt, as well as a portion of the unsecured debt, and discharge the rest of the unsecured debt. The debtor needs to make payments under a plan that is approved by the bankruptcy court.

Type Two bankruptcy forgives all unsecured debts and requires the forfeiture of all assets over a certain minimum protected amounts. Creditors have the right to repossess their fair share of the assets. The net proceeds from the sale of assets are divided pro rata among the creditors.

Here are some things to remember:

• If a spouse files bankruptcy before, during, or after dispute, the creditors will seek out the other spouse for payment - no matter what was agreed to in the separation agreement.
• While you are still married, you can file for bankruptcy jointly. This will eliminate all separate debts of the husband, separate debts of the wife, and all jointly incurred domestic debts.

Caution - promissory notes or property settlement notes, especially unsecured notes, are almost always wound out in bankruptcy. Some secured notes, depending on the property that secures them, can also be discharged. Here's what happened to Cheryl: Sam and Cheryl divided all their assets. To achieve a 50-50 division, Sam still owed Cheryl $ 82,000. He signed a property settlement note to pay Cheryl the $ 82,000 over a ten-year period at 7 percent interest. After the divorce, Sam filed for bankruptcy and listed the property settlement note as one of his debts. Cheryl never received a penny of the money that was due her.

Note: Certain debts can not be discharged in bankruptcy. These include child support, maintenance, some student loans, and recent taxes.

How to Test Electrical Ring Main Circuits

The UK was the first and is now is probably the only country in the world which still uses the 30 amp ring system for wiring socket outlets in electrical installations. The ring main circuit has long been the subject of many a heated discussion between electrical experts, but as an electrician you'll no doubt need to test them in the course of your duties. Here is an overview of Ring Main inspection and testing procedures.

Warning- Please note that this is a 'dead' test so the distribution board, consumer unit or circuit must be isolated from the electrical supply. To begin with you'll need to carry out a Safe Isolation Procedure and get permission to turn off the supply.

Here's the testing procedure:

Insulation Resistance

Disconnect all appliances and accessories from the ring circuit and carry out insulation tests between the Line, Neutral and Earth CPC.

End to End Ring Continuity Test

Set your test meter to low resistance range and 'zero' the test leads. Measure the resistance of ring continuity of each of the live, neutral and earth conductor ring loops. Record these end to end readings for future reference and entering onto a test sheet. Note that where the earth conductors are smaller, the resistance will obviously be higher. For example for twin and earth cables 1.5mm will be 1.66 times higher than 2.5mm.

Super Loop Test L&N

Cross connect the live and neutral conductors from opposite ends of the ring and to form a super loop. If at first this sounds confusing, try drawing the live and neutral loops of a ring circuit on a piece of paper with the opposite ends connected. You'll see that it forms one big super loop.

Test resistance between the ends you have just connected together. The reading taken between the super loop ends should be about half that of your previous continuity reading. You can then verify the ring main wiring and connections by going to each socket outlet and testing between live and neutral. Where the socket is on the ring and the connections are 'good', your readings should be within 0.05 of your original super loop reading at the distribution board.

These readings are not normally recorded but will form the basis for your assessment of the ring main circuit connections.

High readings could indicate that the socket is on a spur from the ring, that connections need tightening or that the socket is faulty giving a poor connection to the plug and needs replacing. Where the readings are not consistent this could indicate that there are cross connections and the ring circuit has been bridged.

Super Loop Test L&E

Cross connect the line and earth conductors from opposite ends of the ring and to form a super loop. Test between the two sets of ends you have just connected together. The resistance reading should be about half that of your previous continuity reading. You can then verify the ring main wiring and connections by measuring the resistance at each socket outlet as for Live and Neutral described previously. Testing between live and earth at the sockets also checks for correct polarity.

Finding the Perfect Gift for an Individual

Everyone has given a gift to another person at some point in their lives. I have done it the wrong way until I discovered the right way. Now people around me always say, "Wow, you always seem to know how to give the perfect gift!" This statement is always followed by, "How do you do that?" So now, I will share my secret with anyone who is truly interested in learning how to give the perfect gift.

First I will tell you what NOT TO DO. DO NOT make the mistake of getting just any old gift card or giving cash. Giving a generic department store gift card or cash just says, "I really didn't want to give you anything but I felt like I had to". It would be better just not to give anything at all.

If you are serious about learning the art of giving the perfect gift consider first your motivation. Are you looking for a gift for someone because you want to or because you feel you have to? Everyone has experienced the have to situation in which you are expected to give a gift but you really don't know the person the gift is for and you have no idea what to give them. Usually people tend to just throw money at a situation such as this and trust me, the person who receives this kind of gift knows it. That results in a no win situation for everyone involved. My opinion is that this situation should be avoided no matter what and the only way to avoid it is to change your motivation. Most of us don't like being told what to do. Once we want to do something we usually can't be stopped. So, next time you have to give a gift, just decide you want to give the gift. Mentally flip that little switch in your brain and choose to give instead of being forced to give and everything will become much easier.

Once you are sufficiently motivated you must consider the occasion. Weddings, Wedding Showers, Anniversaries and Baby Showers require more specific gifts. Usually, the recipient will have registered with one or more department stores or gift shops. The gifts they would like to receive are on a list so all you need to do is contact the person giving the shower and they can direct you in purchasing the perfect gift for this person for this occasion. Other occasions such as Christmas, Birthdays, Valentines Day, "I love you" and "I'm sorry" gifts require a little more thought.

The next step to consider is the relationship between you and the "giftee". If you are an acquaintance then you would give a less personal gift then you would give a lover. Perhaps you are in a budding relationship and this gift would determine your attitude about the relationship. A not well considered gift would say, "I'm not really that interested" versus a thoughtful gift saying, "I really believe you are special and important to me and I want to be with you." There are quite a few people I have experienced that need to learn this simple rule. Many relationships end just because of a misunderstanding of this principle so please, carefully consider what feeling you are trying to express with this gift and act accordingly.

Now since you are motivated, you know the occasion and have an idea of what feeling you want to express you must consider the person or persons the gift is to being bestowed upon. Some people don't care how much the gift costs, monetarily speaking, so the more thoughtfulness you put into the gift the more it will be appreciated. The other type of person measures your love and sincerity with $$. If you are not sure which type of person you are dealing with then do a little research and ask your friends and family members their opinion of what gift would be appropriate for this particular person.

Based on the type of person or persons your gift is for, do you express your thoughtfulness in time or dollars? If the giftee is not motivated by $$ perhaps a gift you make yourself or just the gift of time is the most appropriate. Many moons ago, one of my friends from high school was getting married and I didn't have much money so I gave her my time. I took time off from my life (husband and 3 kids) to spend the entire wedding day with her helping her however I could. I was available to run errands, put out fires or just give words of encouragement.

If the recipient is someone you care about but don't get to spend much time with then just take a few minutes to think about the time you have spent with them. What did they talk about? If you visited their home, did you notice how they decorated or if they collected anything in particular? Where do they like to shop for clothes? Is there any specific food they like to eat? Do they have a specific hobby or interest? What do they talk about or vote for on Facebook or Twitter? When you find answers to these questions you will almost always discover your options for buying them something they will love and they will know you really thought about them and will always remember your thoughtfulness. An example I love to remember is this past Christmas when my daughter was shopping for gifts she called me to ask what my husband, her stepfather, might like as a gift. I told her he shopped regularly at a local department store and loved their selection of chocolate candy. So she went to that store and spent about $15 and bought him a variety of chocolates. My husband was so excited and happy when he opened his gift. This gift made him feel like she really cared about him. It wasn't an expensive gift but she achieved an optimal result in demonstrating her thoughtfulness and affection.

However, we all know that there are people in our lives that evaluate our love for them with $$. You could give them an entire month of human servitude and they still wouldn't appreciate it. This type of giftee requires dedication on the part of the giver but remember they will never know if you bought their present at full price or at 75% off. A little planning will result in spending your time instead of your money. Consider how they spend their time and money and use online research, holiday specials, closeout sales, store liquidations or Craig's List to find these items they desire. Planning ahead can give you the optimal result without a huge monetary sacrifice.

If, after you carefully apply these principles I have described, you still can not decide on a gift then a gift card may be your best bet. When determining what gift card to give consider whether the object of your gift giving collects certain items, such as fairies for example. Since they collect fairies do some research and give them a gift card from a shop that specializes in fairies. Other gift card considerations would be their favorite restaurant or their favorite store where they buy their clothes. Just a little bit of thought and planning can go a long way in giving the perfect gift every time. For more information, please visit this articles web page.

What Is the Relevance of Technology?

"Technology in the long-run is irrelevant". That is what a customer of mine told me when I made a presentation to him about a new product. I had been talking about the product's features and benefits and listed "state-of-the-art technology" or something to that effect, as one of them. That is when he made his statement. I realized later that he was correct, at least within the context of how I used "Technology" in my presentation. But I began thinking about whether he could be right in other contexts as well.

What is Technology?

Merriam-Webster defines it as:

1

a: the practical application of knowledge especially in a particular area: engineering 2 <medical technology>

b: a capacity given by the practical application of knowledge <a car's fuel-saving technology>

2

: a manner of accomplishing a task especially using technical processes, methods, or knowledge

3

: the specialized aspects of a particular field of endeavor <educational technology>

Wikipedia defines it as:

Technology (from Greek τχννη, techne, "art, skill, cunning of hand"; and -λοί¯α, -logia [1]) is the making, modification, usage, and knowledge of tools, machines, techniques, crafts, systems , and methods of organization, in order to solve a problem, improve a preexisting solution to a problem, achieve a goal, handle an applied input / output relation or perform a specific function. It can also refer to the collection of such tools, including machinery, modifications, arrangements and procedures. Technologies significantly affect human as well as other animal species' ability to control and adapt to their natural environments. The term can either be applied generally or to specific areas: examples include construction technology, medical technology, and information technology.

Both definitions revolve around the same thing - application and usage.

Technology is an enabler

Many people mistakenly believe it is technology which drives innovation. Yet from the definitions above, that is clearly not the case. It is opportunity which defines innovation and technology which enables innovation. Think of the classic "Build a better mousetrap" example taught in most business schools. You may have the technology to build a better mousetrap, but if you have no mice or the old mousetrap works well, there is no opportunity and then the technology to build a better one becomes irrelevant. On the other hand, if you are overrun with mice then the opportunity exists to innovate a product using your technology.

Another example, one with which I am often familiar, are consumer electronics startup companies. I've been associated with both those that succeeded and those that failed. Each possessed unique leading edge technologies. The difference was opportunity. Those that failed could not find the opportunity to develop a meaningful innovation using their technology. In fact to survive, these companies had to morph oftentimes into something totally different and if they were lucky they could take advantage of derivatives of their original technology. More often than not, the original technology wound up in the scrap heap. Technology, then, is an enabler which ultimate value proposition is to make improvements to our lives. In order to be relevant, it needs to be used to create innovations that are driven by opportunity.

Technology as a competitive advantage?

Many companies list a technology as one of their competitive advantages. Is this valid? In some cases yes, but In most cases no.

Technology develops along two paths - an evolutionary path and a revolutionary path.

A revolutionary technology is one which enables new industries or enables solutions to problems that were previously not possible. Semiconductor technology is a good example. Not only did it spawn new industries and products, but it spawned other revolutionary technologies - transistor technology, integrated circuit technology, microprocessor technology. All which provide many of the products and services we consume today. But is semiconductor technology a competitive advantage? Looking at the number of semiconductor companies that exist today (with new ones forming every day), I'd say not. How about microprocessor technology? Again, no. Lots of microprocessor companies out there. How about quad core microprocessor technology? Not as many companies, but you have Intel, AMD, ARM, and a host of companies building custom quad core processors (Apple, Samsung, Qualcomm, etc). So again, not much of a competitive advantage. Competition from competing technologies and easy access to IP mitigates the perceived competitive advantage of any particular technology. Android vs iOS is a good example of how this works. Both operating systems are derivatives of UNIX. Apple used their technology to introduce iOS and gained an early market advantage. However, Google, utilizing their variant of Unix (a competitiveness technology), caught up relatively quickly. The reasons for this lie not in the undering technology, but in how the products made possible by those technologies were brought to market (free vs. walled garden, etc.) and the differences in the strategic visions of each company.

Evolutionary technology is one which incrementally builds upon the base revolutionary technology. But by it's very nature, the incremental change is easier for a competitor to match or leapfrog. Take for example wireless cellphone technology. Company V introduced 4G products prior to Company A and while it may have had a short term advantage, as soon as Company A introduced their 4G products, the advantage due to technology disappeared. The consumer went back to choosing Company A or Company V based on price, service, coverage, whatever, but not based on technology. Thus technology might have been relevant in the short term, but in the long term, became irrelevant.

In today's world, technologies tend to quickly become commoditized, and within any particular technology lies the seeds of its own death.

Technology's Relevance

This article was written from the prospect of an end customer. From a developer / designer standpoint things get murkier. The further one is removed from the technology, the less relevant it becomes. To a developer, the technology can look like a product. An enabling product, but a product nonetheless, and so it is highly relevant. Bose uses a proprietary signal processing technology to enable products that meet a set of market requirements and then the technology and what it enables is relevant to them. Their customers are more concerned with how it sounds, what the price, what's the quality, etc., and not so much with how it is achieved, so the technology used is much less relevant to them.

Recently, I was involved in a discussion on Google+ about the new Motorola X phone. A lot of the people on those posts slammed the phone for various reasons - price, locked boot loader, etc. There were also plenty of knockouts on the fact that it did not have a quad-core processor like the S4 or HTC One which were priced similarly. What they failed to grasp is that the manufacturer used 1, 2, 4, or 8 cores in the end makes no difference as long as the phone can deliver a competitive (or even best of class) feature set, functionality, price, and user experience. The iPhone is one of the most successful phones ever produced, and yet it runs on a dual-core processor. It still delivers one of the best user experiences on the market. The features that are enabled by the technology are what are relevant to the consumer, not the technology itself.

The relevance of technology therefore, is as an enabler, not as a product feature or a competitive advantage, or any myriad of other things - an enabler. Looking at the Android operating system, it is an impressive piece of software technology, and yet Google gives it away. Why? Because standalone, it does nothing for Google. Giving it away allows other companies to use their expertise to build products and services which then act as enablers for Google's products and services. To Google, that's where the real value is.

The possession of or access to a technology is only important for what it enables you to do - create innovations which solve problems. That is the real relevance of technology.

How to Save Money on Beauty Products

One look at the makeup aisle and you find yourself automatically drawn to the mystical fragrances and vibrant packaging. Before you know it, you are walking out with new products and a hefty bill. We know you love your beauty products and deserve to be pampered. But do not worry here are some tips that let you be the beauty queen without breaking the bank!

1. Watch out for Sales!

Black Friday deals are great, but you can find huge discounts on your favorite brands all year long! Most of the stores have a newsletter in which they announce discounts and sales, often giving you a special online discount that's not available in the store. So go to your favorite beauty store's websites and sign up for their newsletters.

2. Let your multi-tasking talents shine

You may not realize it but most of your beauty products can serve more than one purpose. Dab your liquid lipstick on cheeks and blend to save money on the blush. Instead of pressed highlighters invest in liquid highlights, mix a few drops with your foundation or bb cream for dewy finish when the matte finish is out of style. Get creative and save money. This is the perfect gift for girls.

3. Go to the drugstore

To someone who's addicted to high-end brands buying makeup and skincare at a drugstore may sound horrible, but most of the drugstore brands are priced at a fraction of your beloved high-end brands and offer products with amazing quality. Avoid investing in high-end products which you must replace very frequently like mascaras, eyeliners, and compacts, or products you want a lot of variety in like lipsticks.

4. Get beauty box subscriptions

You can save a ton of money with beauty box subscriptions especially if you opt for the ones who offer full sized products instead of samples. Samples boxes can not provide you with the same value for money as boxes with full sized products can.

5. Use Coconut as makeup remover

No need to waste your money on expensive makeup removers and wipes. Coconut oil can remove the stubborn waterproof makeup easily. It's not only a pocket-friendly option but is also good for your skin, eyebrows, and lashes.

We hope these tips help to give your wallet some TLC and make you look as glamorous as ever without going north of your budget plans. Subscribing to a beauty subscription box is the way by which one can get all the products in a very small amount. This is perfect for those girls who do not want to use one product for many uses.