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Include these details in your parenting agreement

The divorce process is full of many details, and creating a parenting agreement is likely the most important. When you're satisfied with the agreement that's in place, it helps you to be more confident of your ability to provide your child with the life they deserve.

The details you include in your parenting agreement may not be the same as those of another divorcing couple. However, there are some things that almost all co-parents include:

  • Where the child will live. This is known as physical custody and it's typically granted to one parent.
  • A visitation schedule for the other parent. The non-custodial parent has a legal right to spend time with their child, and this time needs to be outlined in the visitation schedule.
  • Legal custody. One parent may have legal custody, or it could be shared between both of them. When a parent has legal custody, they have the right to make important decisions regarding their child's education, religion and other aspects of life.
  • Holiday schedule. In addition to legal holidays, the parenting plan should detail the custody schedule for birthdays, vacations and other special events scheduled throughout the year.

Players sue Arizona college district after it drops football

When it announced nearly a year ago that it would be cutting its football program after the 2018 season, Arizona's largest community college district said it was a business decision, made for financial reasons.

Some of the players are willing to go to court over the decision.

Common reasons people fall into credit card debt

Having a credit card is convenient and can even help your financial standing when used correctly. Responsible use of a credit card improves your credit score and increases your chances of securing favorable loans. Unfortunately, it is also easy to fall into credit card debt.

If you struggle with credit card debt, you are not alone. According to an annual study by Nerdwallet, the average American household has nearly $7,000 in credit card debt. How does this happen? Here are some habits and circumstances that cause debt to pile up. 

Follow these steps to request a child support modification

Paying child support is important, as this gives you the opportunity to provide for your child after your divorce. Unfortunately, there may come a time when your financial circumstances change, thus impacting your ability to make regular payments in full.

Here are the many steps to follow if you need to request a child support modification:

  • Don't delay: It's common to put this off, hoping that you can work everything out on your own. If you do this and your financial problems persist, you'll find yourself in an even worse situation.
  • Learn more about Arizona laws and your rights: You shouldn't assume you'll qualify for a child support modification. You need to understand the laws in your state that govern when this is possible.
  • Talk to the other parent: It may mean swallowing your pride, but it can help in many ways. If the other parent agrees to a child support modification, the court is more likely to follow suit.
  • Document your financial changes: It's your job to prove to the court that you can no longer afford to make your original payment. By documenting your change in circumstances, it's easier to get approval.
  • Keep up with payments: You can't stop paying what's required by law until the court approves your modification request. Keep making your payments to the best of your ability, even if it puts stress on other areas of your finances.

Are all signs pointing toward bankruptcy?

No matter how hard you try to avoid bankruptcy, there may come a point when you have no choice but to go down this path. However, before you make this decision, be sure it's best for you and your finances.

Here are five signs that often point consumers toward bankruptcy:

  • You're relying heavily on credit cards. If you're using credit cards to make everyday purchases and to pay some or all your bills, it's time to escape the cycle.
  • You're working multiple jobs. There's nothing wrong with hard work, but if you've taken on multiple jobs in an attempt to dig yourself out of debt, you may want to learn more about bankruptcy.
  • You're losing money to wage garnishment. A lender may be able to secure a court order to garnish your wages. You can end this by filing for bankruptcy.
  • You received a foreclosure notice. If you slip behind on your mortgage, your lender may send a foreclosure notice to alert you. By filing for bankruptcy, your lender is not permitted to proceed with the foreclosure process, at least for the time being.
  • You're considering using your retirement savings to pay down debt. It's an idea many people consider, but you will end up regretting it in the future. There are other options, e.g., bankruptcy, that often make more sense.

Questions to answer before filing for bankruptcy

If your debt is mounting and nothing seems to bring relief, it may be time to consider a bankruptcy filing. As one of the biggest financial decisions you'll ever make, don't jump into the process until you're sure of what you're doing.

Here are four questions to answer before filing for bankruptcy:

  • Is Chapter 7 or Chapter 13 bankruptcy the best option? There are pros and cons to both, so you need to compare the finer details before making your final decision.
  • Have you considered other options? Before filing for bankruptcy, you'll want to look into things such as debt settlement, debt consolidation and credit counseling.
  • What will you get in the long run? You want to make sure your bankruptcy filing will actually help your situation. For instance, with Chapter 7, you can eliminate many forms of debt, such as credit card debt.
  • Are you okay with the impact on your life? With a bankruptcy filing staying on your credit report for seven to 10 years, you need to understand there is more to this than meets the eye. It will impact your personal life and finances for many years to come.

There are many good reasons to review and update your estate plan

When you create an estate plan, you do so with the idea that it will remain in place until your death. While this is true to a certain degree, remember this: Your plan may require some changes over the years.

Get into the habit of reviewing your estate plan at least once per year. This allows you to pinpoint any problems and make changes in a timely manner.

When your business partner breaches a contract

When you enter into a business partnership agreement with someone, chances are, you do so because you believe in the other person and trust he or she will keep your business’s best interests in mind. Regrettably, however, business partnerships frequently turn sour. In some cases, partnership disagreements can lead to civil litigation.

If, for example, your business partner breaches a contract that exists between the two of you, you may wonder what your options are. You may, too, wonder whether terminating the partnership may be an option, and, if so, whether doing so is in your best interest. So, what options might you have available to you when your business partner breaches a contract?

Are you prepared to prevent these divorce mistakes?

When you decide to divorce, you may not have a full understanding of what the process entails. Subsequently, it's more likely that you'll make mistakes along the way.

As you prepare for the divorce process, do so with the idea that you're going to make all the right decisions. This way, even if a mistake does come to light, you'll find yourself in position to take immediate corrective action.

What are the top advantages of Chapter 7 bankruptcy?

As you compare Chapter 7 and Chapter 13 bankruptcy, you want to make the right choice for your unique financial situation. While there are benefits to both, most people find that the advantages of Chapter 7 bankruptcy have them strongly considering this option.

Here are four advantages of Chapter 7 bankruptcy:

  • A truly fresh start. Once you complete the Chapter 7 bankruptcy process, you're able to start fresh. While you may not be able to discharge all your debt, you'll rid yourself of a major portion of it.
  • It's faster. The discharge of debts through Chapter 7 bankruptcy typically occurs within two to three months. This is in comparison to Chapter 13 bankruptcy in which a repayment plan lasts three or five years.
  • Keep your future income. Since there is no repayment plan, you're not required to make a monthly payment in the future. This allows you to keep all the income you earn, thus re-establishing your finances.
  • No limitation on how much debt you can have. Unlike Chapter 13, there is no limit on the amount of debt you can have. This makes it much easier to proceed, as long as you pass the means test.
  • MCBA | Maricopa County Bar Association
  • State Bar of Arizona
  • ABA | American bar Association | Defending Liberty Pursuing Justice
  • Oregon State bar
  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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