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Co-parenting is often the most difficult thing facing the newly divorced. Single mom and dads face numerous challenges including emotional issues, chaotic schedules, new partners, and shared custody agreements. Experts recommend the following 8 steps towards better post-divorce co-parenting. Acknowledge concerns: Divorce is hard on children so acknowledge their emotions and be prepared to recast these concerns in a positive light. Think quality over quantity: Focus on making the time you have with children exceptional and don’t base your happiness on the number of hours you have during a given period. Keep reviewing logistics: Be prepared to renegotiate the details of your co-parenting agreement as circumstances in the lives of both parents will always change. Cope with loneliness: Take care of yourself during the time you are apart from children. This is a great time to see friends, exercise, pursue hobbies, and rest. Learn to work with your ex: Sometimes it helps to handle an ex like a colleague. Focus on solving problems together for the benefit of your kids. Tame your temper: Never disparage your ex around your children. Take a pause before reacting and understand how your child’s feeling are impacted by your anger. Befriend the new love: It can be scary to have a new spouse or partner interacting with your child. Try to build a rapport with this new person as it will make your children happier in the long run. Stay hopeful: Post-split your relationships with your ex and kids will most likely improve over time. Never lose sight that things will get better. Click here to read the full Parents magazine article by Carlin Fiora.

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More and more millennials are changing marriage, signing prenups, and ultimately staying together longer than past generations. Want to know why? Many millennials are subjects of divorce and with their experience growing up with divorced parents, they don’t want to make the same mistakes. So, they’re being strategic when it comes to love. They aren’t in a rush to find their partner and when they do, they’re both signing prenups to protect their assets. And we applaud the smart millennials because as a result, they are bringing the divorce rate down. Here’s how millennials are being strategic about marriage: 1. Millennials are fueling a declining divorce rate According to Hillary Hoffower at Business Insider, she reported, “millennials are driving what experts have estimated is a 24% decline in the US divorce rate since the 1980s,  Hannah Smothers reported for Cosmopolitan ” What’s their secret? Many millennials fear breakups, so they are waiting for their perfect significant other instead of jumping headfirst into a marriage. They also are waiting to feel financially secure, before legally committing to their partner. 2. Millennials are marrying at a later age Due to millennials taking more time to find the right partner and prioritize financial success is causing many millennials marry later in life compared to previous generations 3. Millennials are cohabitating and even buying homes together before marriage Millennials are also buying homes together before getting engaged. This represents the generational shift that economic conditions are a higher priority than marriage. 4. More millennials aren’t marrying at all And some millennials aren’t marrying at all! Many millennials are finding marriage less important. 5. More millennials are signing prenups Prenuptial agreements which prior to millennials were exclusive for the wealthy to create a division of assets and finances in the event of a divorce. However, millennials are seeing prenups are a smart investment for marriage, in case their fear comes true and the marriage doesn’t last forever. With a prenup, they can protect their interests, finances, and assets. Learn more about millennials are changing marriage  by reading the full article here. Interested in a prenup for you and your significant other?  Contact  David Veliz at Veliz Katz Law today.

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According to the Social Security Administration (SSA), 96% of American workers are covered under Social Security. If you’re one of the many who are eligible to collect Social Security benefits in retirement, it’s important to understand how the system works. If you’ve been married, spousal benefits can be a vital portion of Social Security. Even if you weren’t a busy bee, hard at work, or had low earnings you can still receive up to half of your spouse’s Social Security benefits. If you’re marriage ended in divorce , you don’t lose that benefit. It’s important to know your rights even after a marriage has ended. You could be missing out on Social Security benefits without becoming educated. Here are a few considerations to keep in mind if you’re divorced and looking at your Social Security benefits: 1 . You’re Still Entitled to Your Spousal Benefits if Certain Conditions Are Met Did your marriage last 10 years before you and your former spouse cut ties? If a marriage lasted at least 10 years, you’re in the clear. You can still collect benefits on your ex-spouse’s record, even if he or she has remarried. However, keep in mind the following conditions must be met: You’re unmarried Your age is 62 or older Your ex-spouse is entitled to Social Security benefits (retirement or disability) Your benefit is less than your spouse’s benefit 2. Changes to Your Eligibility for Spousal Benefits if You Remarry If you decide to remarry, you’re typically forfeiting your rights to collect Social Security on your ex-spouse’s record. This is valid, but you might be able to collect your new spouse’s benefit if you’re at least 62 years of age and your spouse is receiving Social Security benefits. 3. If You Qualify for Retirement Benefits on Your Own Record, the SSA Pays Your Benefits First If you meet the earnings requirements to qualify for Social Security benefits, the Social Security Administration will always pay your benefits first. This always means you’re still entitled to your ex-spouse’s benefits if his or her earnings are higher, and other conditions stated previously are met. If this is your scenario, you’ll receive an additional benefit payment on your ex-spouse’s record. The combination of benefits is equal to the highest amount you’re eligible to collect. For more information about Social Security benefits after divorce, read the full article,  “Social Security After Divorce, ” by Catherine Schnaubelt at Forbes now. Make sure your Social Security benefits are safe by  contacting our firm today !

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In the last 30 years, courts have increasingly encouraged and supported mutual agreements of shared parental custody. Dads who wanted to share custody of their children almost never received this verdict in the past. Courts sided almost always with the mothers, awarding them full custody. But now, this is far from the case. There are two types of child custody. Legal custody controls decisions around a child’s well being, such as education, religion and health care, and there’s physical or residential custody. Although divorce laws vary by each state, courts today start with a presumption of joint legal custody, and are open to and encouraging of shared residential custody. Equal splits of residential custody are uncommon for logistical reasons, since shuttling a child back and forth on school nights is hard for working parents, and residential custody does still split in favor of the mother. However, times are changing and joint custody is at an all time rise. For more information about joint custody,  read the full article by Aaron Stern on Fatherly. Learn more about why joint custody is more likely than it used to be by contacting David Veliz at Veliz Katz Law.

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Many parents will split their inheritance 50/50, but what happens if one of the heirs passes away? Who does the IRA money go to? If your children are alive when you die and you designated 50/50 outright beneficiaries, they will each get half the funds. They can do as they please including taking the funds in an Inherited IRA account and naming anyone they want as beneficiaries. However, if either child passes away before you do then this could raise a few questions. If this occurs and you have not updated your beneficiary designation before you die there are two common default arrangements built into account forms for IRAs, retirement accounts, life insurance policies, annuity contracts and “transfer on death” arrangements available in some states. The first default arrangement is per capita If one child is deceased at the time of your death and still listed as a 50% beneficiary, their share will go to 100% to your surviving child. The second common arrangement is per stirpes Under per stirpes, instead of the predeceasing child’s share going to their surviving sibling, the share goes to the deceased beneficiary’s children. For any IRA arrangements, you should get a copy of what you filed for your beneficiary designations to ensure it aligns with your wishes. However, if you want your assets to flow differently you should contact an attorney about drafting your own personal beneficiary designation. For more information about who gets your IRA when you die,  read the full article by Dan Mosiand at Market Watch  and contact David Veliz at Veliz Katz Law today.

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We commonly throw the word “estate” around for the top tier wealthy class, however, estate planning isn’t reserved just for the rich. Everyone, regardless of family dynamics or financial status can benefit from having an estate plan – a collection of documents that specify how you want your assets distributed. End-of-life planning seems morbid, but having an estate plan in place can protect you and your assets not just after you die but during your life as well. Here’s a few tips when to start your estate plan: To Plan for Your Own Needs After estimating your cash flow needs leading up to retirement and beyond, think about what insurance you may need if you’re no longer able to provide for yourself. Additionally, consider designating a healthcare proxy or power of attorney who can make medical and financial decisions on your behalf if necessary. Discussing your intentions with those you trust can help ensure that your wishes and needs are met if you’re eventually unable to speak for yourself. To Dispose of Wealth in the Manner You Wish If you choose not to have a documented estate plan, the state typically decides how your assets are distributed after you die. By creating an estate plan or some sort of documentation can save your family members time and frustration and will help ensure that your assets are dispersed in the manner you wanted. To Minimize Transfer Taxes If you or your family has accumulated a substantial amount of wealth and you plan to transfer it to the other family members or loved ones upon your departure, the estate planning process can help you develop an approach in the most tax-efficient way. There are three types of taxes to consider when transferring your money: The estate tax Gift tax Generation- skipping transfer tax Since the IRS limits how much money you can transfer and to whom without being taxed, a good estate plan outlines a wealth transfer strategy to minimize the taxes owed by you or your estate. To Plan for Philanthropic Goals Legacy planning is often included in the estate planning process to shape the way you are remembered after you die. This can include establishing your personal philanthropic intentions for the future. The sooner you start to plan, the more you can make your intentions known to your family members and incorporate them into the process. To Protect Family Wealth As people grow wealthier, they often become more susceptible to frivolous lawsuits that attempt to capitalize on their hard-earned wealth. Estate planning helps preserve family’s wealth by removing your name from your assets and putting them into legally-protected vehicles. To Prepare Future Generations for the Wealth They’ll Receive Typically, families that are successful in developing the rising generation to be effective stewards of family wealth provide age-appropriate transparency, create a welcoming learning environment and encourage opportunities for involvement. Being open and honest with your family or a financial advisor about your family’s wealth can help remove some of the emotion and conflict other family members may associate with money. Although estate planning can be a complex process the earlier you get started the more prepared you and your family will be to face a variety of challenging situations. Due to the legal complexities of estate planning, it’s important to seek an estate planning attorney. Contact David Veliz at Veliz Katz Law today and  read the full article by Catherine Schnaubelt at Forbes.

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Unfortunately, when the wedding bells ring we’re not walking down the aisle thinking it will end in a divorce attorney’s office. However, between 40-50% of married partners in the United States do end up divorcing. Ending a marriage is never easy, but there are certain steps you can take to minimize the emotional turmoil. Licensed therapist Susan Pease Gadoua, LSCW, and psychotherapist Linda Esposito, LCSW are providing the best ways to cope with divorce: When giving the news to family members, make it short and sweet. One of the first roadblocks for divorce is telling your loved ones. The licensed therapists recommended when telling loved ones about your marriage ending it’s important to be direct and honest. Don’t feel obligated to give detailed explanations for your divorce Although your loved ones care about you and possibly your soon to be ex, your divorce is between you and your partner. You don’t owe anyone else an explanation. Be honest and authentic, they ultimately care about your well-being and want the best for you. Be prepared for the possibility that your ex-partner may change radically during the divorce process. Once a couple has reached the point of divorce there will likely be a change in your relationship dynamic. Be prepared to see the negative side of your partner. Divorce can bring out the worst in partners, it’s important to be emotionally prepared for the worst. Sometimes, equal custody of children isn’t ideal for anyone. Obviously, both parents will want an equal amount of time with their children. However, this is not always the best option. Keep in mind your geography, work schedules, and finances when deciding custody of your children. Don’t pull the children into the emotional side of divorce. The licensed therapists said one of the worst things divorce couples can do is involve their children in their personal emotional problems. The changing status of your relationship with your former spouse should not undermine your relationship with your children. It’s crucial to make sure you’re getting the emotional support that you need. Divorce represents the end of one of the most important relationships in your life. Without having your former spouse to lean on, it can leave you without the emotional support you’re used to. Reach out to your family members and friends so you have support through this difficult time. Consider joining a divorce support group Even with the help of your friends and family, it might not be enough. Seeking a divorce support group can guide you through the divorce process and help you cope with other people who are going through the same thing. Having a prenuptial agreement can make divorce much easier. Newlywed couples actually get a default prenuptial agreement whether they realize it or not – it’s called state law. When two people divorce and don’t have their own agreements in place, they need to defer to the law to understand how property will be disbursed. This is why a prenup agreement or postnup could be a good idea. Having the conversation about a prenup or postnup can show newlyweds how the other person envisions the partnership in the future. Mediation isn’t always the best option for every couple. Divorce mediation is when a couple uses a neutral third party professional mediator to settle property, custody tax, and financial support issues outside the legal system. However, mediation isn’t always the best option for some couples. There might be an imbalance of power between a couple. An imbalance of power between a couple would then result in one couple dominating the less powerful spouse in order to achieve their desired outcome. Even if you do use mediation, you should probably involve a lawyer at some point Depending on your situation mediation might be a smart route for your divorce. However, it’s usually worth acquiring the help of a lawyer at some point to make sure your agreements make good legal sense. You may need to accept that assets might not be divided equally. Splitting shared assets down the middle makes sense, but this is rare for most divorced couples. Instead of focusing on every dollar being split equally, it’s more helpful to focus on trying to resolve the divorce as efficiently and peaceably as possible. We’ve shared a few of the most important ways to make your divorce as painless as possible according to therapists, however, read the full  14 ways on INSIDER by Sophia Mitrokostas. If you’re struggling with a divorce, contact David Veliz at the Veliz Katz Law today.

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No one ever truly knows when it’s our time to move on. We may think we’re destined to live to our 90’s, but life doesn’t always turn out as we expected. Having an estate plan in place can eliminate any unexpected circumstances life throws at you. Not sure where to start? Ask yourself these 5 questions: 1. Why haven’t I created a will? Everyone needs a will. Even if you’re not rich or old, that doesn’t mean you don’t need a will. A will is for anyone who wants to leave behind assets to loved ones. 2. Do I have enough life insurance? Life insurance is a necessary financial protection for your loved ones. If you should pass away unexpectedly, would your spouse be able to afford the monthly mortgage payments? Life insurance can help ensure that your loved ones don’t have to worry about paying their bills after you die. 3. What do I want to do with my home? One of the biggest assets you might have is your home. A home, though, can be a problem after you die. 4. Will anyone know how to find my key documents? If you have a designated place for your most important financial documents you need to make sure your loved ones know where to find them. 5. Who will care for your pets? What will happen to your beloved pooch, car, or parakeet if you should pass away? If you’re worried about your pets’ future you can leave instructions. This information can be included in a will. You may also want to set up a savings account to ease the burden of caring for a pet on your family members. To learn more about the  5 estate planning questions everyone should ask, read the full article here.  Although death is a taboo subject, it’s still important to have an estate plan in place. Having an estate plan can ease the burden of your loved ones if you should pass away unexpectedly. Contact Norberto Katz at Veliz Katz Law to start your estate plan today.

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When couples with children get a divorce, no matter what the circumstances of the breakup are, one fact remains: You will still be parenting together. To eliminate a stressful environment for your children it’s important to learn how to work effectively with one another in your parenting roles. It’s not easy being a parent and throwing divorce in the mix makes it even harder. However, it doesn’t always have to be a battle between parents. When a couple is bound together in love, although never easy, they are able to work out their differences because of mutual interests, respect, and of course, the love they share for each other. Divorce can make dealing with differences more challenging. The key for divorced parents is to stay focused on areas of common ground. You each love and care about the well-being of your children. Focusing on your children instead of your ex-spouse’s parenting style can make parenting after divorce an easier transition for all family members. For more tips on  parenting together after you’ve parted read the full article by Nancy Buck here.  Learn more information about the aftermath of a divorce and how to effectively parent by contacting David Veliz at Veliz Katz Law.

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Divorce can be a long and difficult process. You’ll need to make decisions about a number of financial issues, including debt that you took on jointly with your spouse. Unfortunately, when going through a divorce, loans are rarely split up the way we expect them to be. Take these steps to protect yourself from future troubles down the road. Divorce Agreement vs. Loan Agreement First, be aware that anything you agree to during divorce is not necessarily agreed to by your lenders. One spouse is frequently responsible for repaying certain loans after divorce (even joint debt, such as a car loan applied for by both partners). But that just means they’re supposed to take care of the debt – they might not follow through and make payments. If your name is on a loan – as a borrower or co-signer – you’re completely responsible for the debt from the lender’s perspective. It doesn’t matter if your former spouse agreed to handle the debt, your credit is at risk if anybody defaults. This means your responsible for late fees and collection costs. Lenders typically won’t even know that you got divorced and honestly don’t care. In other words, your ex might be responsible for the “debt,” but you’re still 100% in charge of the “loan” or the “account” until it’s taken care of. Protecting Your Credit There are only two ways to keep your credit safe after divorce: Get your name off the loan Make sure the lender gets paid Hire a certified attorney for more information about protecting your credit. Removing Yourself From Loans We recommend seperating yourself from shared loans that your ex is supposed to repay. Even if you trust your ex completely, the worst could happen…meaning they could die or become disabled temporarily, and the debt would be back on your shoulders. Get a New Loan The best approach is to pay off any loans in both of your names and replace them with loans in one person’s name. Liquidate Assets It may not be a good time to sell, however, selling whatever you owe money on can eliminate financial stress down the road. You and your ex can split the proceeds evenly and help avoid any unpaid burdens. Don’t Assume Anything Don’t just assume your debts are being paid off. It’s important to be proactive during a divorce to properly manage your debts. As long as your name is on the debt, you are still 100% responsible. Don’t put your name on the line by assuming your debt is paid off. Monitor your accounts regularly and keep in contact with your lenders so you can avoid defaulting on loans. Legal Action There’s always the chance you may need to take legal action if you’re ex isn’t paying their share or cooperating. However, the alternatives above are listed to eliminate legal action. Read the full article,  What Happens to Debt When You Get Divorced by Justin Pritchard  for more information about dealing with debt and divorce. If you need to take legal action against a non-paying ex-spouse contact David Veliz at Veliz Katz Law today.