Archive for November, 2011

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NJ Divorce Advisors, LLC Announces Seven Ways To Protect Yourself Financially In A Divorce

Red Bank, NJ (PRWEB) November 10, 2011

Divorces can be ugly. Even if you think your soon-to-be ex is trustworthy, scorned spouses can be vicious. What better way to screw up someone’s life then by draining a bank account or destroying one’s credit? It happens a lot. While one article can’t tell you every way to protect yourself or offer specific legal advice to your situation, New Jersey Divorce Advisors, LLC, has partnered with Family Attorney Richard Panitch of Marks & Klein, LLP to compile seven ways you can protect yourself financially if you’re going through a divorce:

1. Get a free credit report: You’re probably saying to yourself, “I know my credit score and my debt situation.” That might very well be true, but many times, a spouse won’t tell you they bought that new sofa they always wanted with your joint credit card. Then they’ll try to make you pay for it. In the case of infidelity, cheating spouses often have a motivation to hide certain charges and assets from you. One way to do a quick health check on your debt is to review your credit reports issued by the three major credit reporting companies: TransUnion, Experian and Equifax. You can get a free credit report from all three, once a year by going to the web site: http://www.annualcreditreport.com. Caution: Many credit score companies try to make lots of money by monitoring your credit for you. For the most part, you don’t need a service and the above reports are totally free.

2. Figure out your assets and liabilities: Check your bank statements, brokerage accounts, and credit card statements. Be sure to check for new accounts for which you’re not aware. Even if one spouse is unaware that a debt exists, he or she can be held liable for repayment after the divorce is finalized. While a spouse in New Jersey has a duty to be forthcoming about assets under the state’s matrimonial law, not every spouse takes that duty to heart. The best way you can protect yourself is to be educated. An experienced lawyer and capable financial team can also help tremendously.

3. Figure out the cost basis of investments: Do you know the tax implications of your investments? A 50-50 split might not be as equitable as you think. If one of your stocks has appreciated significantly since you purchased it, you’ll be paying capital gains taxes on those appreciated shares when you sell. You might also be in a situation where your largest marital assets are illiquid — can’t be converted into cash — such as a retirement plan or your personal residence. You must consider tax consequences, early withdrawal penalties, and transaction costs to equally divide assets.

4. Stop putting your paychecks into a joint checking account: Too many terrible tales exist beginning with the words, “My spouse is very trustworthy and we’ve always put the money in the joint account to share expenses.” That warm fuzzy feeling doesn’t last when the other spouse writes a check and cleans out that joint account. With most joint accounts, either party can go in and remove funds without the other’s permission. The best way to protect yourself is to set up a separate account in your name only. Again, a good financial advisor can ensure accounts are titled correctly.

5. Stop the joint credit cards: If you have opened credit card accounts with your spouse, put some protections in place. Cancel the joint cards. Even if you both agree that one spouse will be responsible for that credit card, the bank has both of your guarantees and doesn’t have to honor the agreement between you and they won’t. The credit card company just wants its money back plus interest. Protect yourself. If you must have joint credit cards, establish low credit limits with the financial institution and make sure you confirm the arrangement in writing.

6. The Settlement Agreement matters and it matters a lot: In New Jersey, most divorce cases are settled by what we call a Property Settlement Agreement. This agreement disposes of not only the property and financial issues in a divorce, but also child support, alimony and custody issues. The language of that agreement matters. The Court doesn’t rule on whether the settlement is fair. They rule on whether the agreement was voluntary and if the parties believe it’s fair. If you’re decision proves to be unwise, you’ll be stuck with that agreement once the Court rules. Don’t write this agreement yourself. It’s never a good idea. Lawyers and financial planners who work in this area are trained to think about important issues that most individuals might not. These can include rebuilding, estate planning issues, avoiding IRS penalties and liability, life insurance (making sure the children are protected in case of tragedy), dealing with privately held businesses, college financial planning and so on.

7. Update your Estate Planning Documents and Beneficiary Designations: Many people don’t realize that beneficiary designations on accounts such as IRAs, 401(k)s, pensions and annuities supersede what is written in a Will. We’ve heard so many stories about a wealthy individual dying and his or her ex-spouse from 20 years prior receiving a significant sum of money. This happens when the decedent fails to update a beneficiary designation. A good practice, whether divorcing or not, is to review beneficiary designation forms annually. With all the legal, financial, and emotional chaos a divorce can bring, many people forget to update their estate planning documents. Do you really want to leave all your worldly possessions to your soon-to-be ex? Do you really want your soon-to-be ex acting as your Power of Attorney if you become incapacitated?

About NJDA

New Jersey Divorce Advisors, LLC, was formed to help divorcing individuals and their attorneys make informed decisions and negotiate equitable divorce settlements. Trained in both mediation and collaborative divorce, our advisors are equipped to navigate the most complex situations. We may be hired as a neutral third party or as a client advocate.

For more information about the benefits of collaborative divorce, visit http://www.njdivorceadvisors.com.

Richard Panitch is a Family Attorney with Marks & Klein, LLP in Red Bank, NJ.

Bryan Koslow is a Certified Financial Planner and Certified Divorce Financial Analyst with NJ Divorce Advisors, LLC, in Red Bank, NJ.

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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Launch of “SpyBubble” Software Provides Extensive Monitoring For Most Smart Phones

(PRWEB) March 25, 2010

InfoShore Software Private Ltd. today announced the release of SpyBubble, a security application that provides employers or parents with a way to monitor usage of smart phones. The software silently tracks activities including SMS, dialed and inbound call number logging, and GPS location. Plus it provides remote ‘call listening’ capabilities.

SpyBubble is the solution for Employers concerned about the misuse of company-issued smart phones, parents concerned about their children exposing themselves to risk by sharing inappropriate information via their smart phone, or even spouses who think they are being cheated on.

Plus, the built-in GPS tracking function makes it easy for employers to dispatch personnel in real time, parents to monitor their children’s whereabouts, and spouses to see where their loved one is really spending their Saturday nights.

SpyBubble works with the current generation of the most popular smart phones including these:

BlackBerry OS 4.2.1 or higher
Android 1.0 or higher (including Google phones)

“Organizations have a legitimate need to know when it comes to abuse of company-issued communication devices,” according to Ashish Arora, Director of InfoShore Software Private Ltd., the product’s creator.

“SpyBubble provides administrators with a way to keep cellular costs down, monitor improper release of sensitive company or client data, gather evidence in instances of corporate or industrial espionage, and know the whereabouts of employees in real time,” Mr. Arora added.

But it’s not just about employee compliance monitoring. SpyBubble delivers peace of mind to parents who are concerned about protecting their children from predators, monitoring them for signs of drug abuse or other improper behavior, verifying that children are where they say they are, and providing law enforcement with real-time GPS information in case their child is abducted or runs away.

And SpyBubble is the perfect electronic “Private Investigator” for anyone in a relationship who suspects their partner of being unfaithful.

SpyBubble installs and runs silently, so there is no evidence that the software is present, and no way for the phone user to deactivate it.

“SpyBubble is an excellent solution for organizations tasked with HIPAA or Sarbanes-Oxley (SOX) compliance, in addition to it’s other uses,” Mr. Arora said.

The company offers a Free Trial of the software so buyers can be sure SpyBubble will work on the phones they intend to monitor. The installation process is quick and easy, and extensive online support is available directly from the company.

For more information about SpyBubble, or to take advantage of the Free Trial, visit

http://www.spybubble.com/

About InfoShore Software Private Ltd.:

Established in 2005, InfoShore Software is dedicated to developing innovative software solutions that provide for customer’s needs. The company develops commercial software as well as client-specific software in an outsourced environment.

# # #

©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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