Posts Tagged ‘money’

Finances In A Divorce

Monday, May 7th, 2018

A person’s financial situation has more influence over day-to-day life than almost any other aspect. Finances influence our ability to enjoy certain luxuries that life brings. Money is also a very private subject. Almost universally, it is considered rude to inquire about someone’s finances in a social setting, and also viewed as arrogant to brag about money. Therefore, when a prospective client comes to our office seeking to initiate or defend a domestic lawsuit, they are often surprised at the level of financial disclosure that comes with that proceeding.

Finances indicate more than personal wealth. They are a good indicator of a person’s ability to hold down a job, ably manage their finances, and to provide security for their families. Directing your finances in a sensible way shows the court a certain level of maturity. Money is hard to earn, and easy to spend. In domestic litigation, especially when children are involved, courts take into consideration how the litigants have been able to soundly oversee their earnings.

A parent’s finances are a factor in child custody cases, and the financial situation of the parents is even included among the Albright factors that chancellors use in making a child custody determination. You can view an earlier post on our website about that factor as well as the other Albright factors through our website’s blog search function. This does not mean that chancellors will simply look at which parent makes the most money and award custody to that parent. It is but one factor to show that the person seeking custody is able to provide for the child as they need and deserve.

Income also plays a large part in the awarding of alimony or separate maintenance. If one spouse in a divorce makes much more money and the other party needs some financial assistance, courts will take that into consideration when deciding whether or not to avoid alimony.

One of the most important documents in domestic litigation is the 8.05 Financial Declaration, named for the Uniform Chancery Rule that requires certain financial disclosures to be made. This document lists a person’s income, assets, and liabilities. Having an ex-spouse be able to see that information can make clients uncomfortable, but they are important declarations to make in these cases. Chancery courts, which handle domestic matters, are courts of equity. This means that chancery courts attempt to resolve disputes in a way that is fair to both litigants and that avoids unjustly enriching one party over the other. These rules regarding financial disclosures can be a friend to those who follow them, and a foe to those who don’t.

Our office understands the uneasiness that comes with giving out financial information, but we also have the experience to know that following these rules can only help the court look favorably upon a party. For a person involved in domestic litigation, being able to show the capability to control their finances will go a long way in achieving whatever goal that person wishes to reach. If you or someone you know has a question about the financial reporting involved in a lawsuit, call the Law Office of Matthew S. Poole. We will be happy to lend our knowledge to give you a response that is the truth, and to help you navigate any domestic legal issue you may have.

Matthew Poole is a Jackson, Mississippi domestic attorney who specializes in family litigation. He was admitted to practice in 2004.

Frontline Prospective On Child Custody Law

Friday, April 13th, 2018

Working under Matthew Poole, a saying that I hear almost every day in the office is: “if everyone was reasonable, child custody lawyers would be out of a job.” As the main individual who handles calls to our office, I can tell you from first-hand experience that this is true. Working in a family law office can definitely show you the bad side of good people, and the people that call our office are usually in situations where tempers and emotions are high. As the person in our office who handles the majority of these calls, my perspective is that there are things that people can and should do to both save money and to help their situation in the long run.

From the start of my employment here, I noticed some commonalities between the variety of different calls we would receive on a daily basis. The main commonality in every call that we have received is lack of communication between the potential client and the person they are having issues with. If I could give any advice to those in these situations it would be that communication is key. There are so many situations where if the two people could just put differences aside and start a conversation with one another, it would save them so much heartache and money. After an extensive case study on custody matters, our office has found that 25% of people agree to settle their case with the same agreement that was offered to begin with. This shows that if the two people could just communicate without getting attorneys involved, they would not waste thousands of dollars on litigation; giving them more money to spend on the child.

I understand that communicating in situations like divorce and child custody can be tough. But in those circumstances, particularly when children are involved, being able to talk to the other side is vital. For instance, being able to have an open dialogue with the other parent in a child custody case can and will make it easier to deal with them later on down the road. Even though it’s hard, it would be so beneficial for the children if their parents were able to talk and communicate with each other about the children’s needs. It’s not easy for someone going through something like this to shelf their emotions and be the first one to reach out and start a dialogue, but in all honestly it is the best course of action to resolve their issue. To put it simply, every dollar spent on a lawyer could be spent on the kids. Why waste resources on litigation when simple communication could resolve the issue and leave that money available for the child? Doing so would dramatically decrease stress and replace it with tranquility. Just remember, the happier that a parent is, the happier the child will be.

Price is certainly something that most potential clients are sensitive to, and therefore we encourage all of our clients to attempt to talk with the other side as much as possible. Communication can help iron out many of the problems present, and can lower costs greatly for both parties. We understand this can be tough in a situation where there was a falling out of a once caring relationship. Unfortunately, there are times where starting a conversation is next to impossible and getting an attorney involved is the only option. If you believe hiring an attorney is your only avenue of relief, call the Law Office of Matthew S. Poole. We will do our best for you when communication has broken down in your relationship to get you a fair result.

Written by J. Tyler Cox, J.D. Candidate, Mississippi College School of Law, Class of 2018.

Mississippi Child Custody Factors: Financial Situation of the Parents

Friday, March 23rd, 2018

One of the worst-kept secrets in the world is that kids are expensive. They break stuff, get sick, and outgrow clothes faster than you can buy them. In child custody cases, the court will take into consideration the finances of the individual parents, not because affluence counts higher in favor of custody, but that the ability to provide for that child is extremely important. This is not to say that the parent with the most money wins. It means that if one parent is totally broke, then they will have an uphill battle in showing the rest of the factors weigh in their favor.

Parents in a good financial situation will have an easier time showing that they can provide for the child, and possibly to spoil them to some extent. Spoiling does not mean turning the child into Veruca Salt from Willy Wonka and the Chocolate Factory. Spoiling means being able to buy the child a new bike, a baseball glove, and send them to college. A good financial situation also means that the parent can provide the child with a great place to live and can afford utilities without having to worry.

Courts may also look at the parents’ financial situations by seeing if the parents are responsible with money. Credit card debt, crazy investments, and buying clothes and jewelry beyond your means will lead a judge to believe that you have trouble limiting your spending, which can adversely affect the child. A parent who can show that they have their finances under control will have the upper hand regarding this factor of a child custody determination.

This factor is one that often confuses and scares clients that come into our office. Often, these are the parents who acted as a homemaker during the relationship or who never completed school because of childcare. The financial situation of the parents does not mean that the parent who makes more money will automatically win. It is simply one factor that can help a chancellor make their decision. Taking care of a child takes a responsible person, and one of the easiest ways to show your responsibility is to prove that your financial situation is a good one for the child to grow up in. If you have a question about your child custody case, call the Law Office of Matthew Poole. We love helping people take care of what is important to them, and would love to help you too.

Are Attorney’s Fees in Child Custody Cases Negotiable?

Wednesday, November 1st, 2017

Clients have more ability to negotiate attorney’s fees in child custody matters than they often realize. It is obvious to anyone who has had the burden of hiring a qualified attorney in a child custody matter, whether a first proceeding (a.k.a. initial adjudication) or a modification of custody/visitation that cost is always a serious obstacle-even insurmountable to the person living paycheck to paycheck. Depending on a variety of factors, it is typical that custody cases in Mississippi Chancery Courts can take anywhere between 25 and 150 hours of attorney time, and often even more if an appeal is necessary. Experienced custody attorneys usually charge between $200 and $300 per hour, so doing the math can be a scary thought, to put it gently.

It is important that you consider several factors in hiring a domestic lawyer, particularly when obtaining custody of children is the paramount goal. For one, do not hire an attorney who has practiced for a short duration of time (i.e., less than 6-8 years). Also, exercise extreme caution when considering an attorney who practices in multiple areas. Lawyers that litigate injury cases, criminal matters, contractual issues, and custody/domestic law are jacks of all trades, and masters of none. I have rarely observed an attorney that can wear multiple hats effectively. The best family lawyers are focused exclusively in that area, and I battle with the best domestic lawyers in Mississippi on a regular basis. The volume of statutes and case law within even one area of legal practice is difficult to ever have a firm grip upon…..the more areas of practice, the more irons on the fire, and the fire will extinguish itself. Buyer beware.

So what is the best advice, the lessons I can help the legal consumer to benefit themselves and, in kind, their children? The following is a list of basic precepts that will ensure you do not overpay for your domestic attorney, in no particular order;

Don’t attempt to negotiate the retainer AND the hourly rate, pick one and run with it. Since most domestic litigation exceeds the retainer, I would suggest you offer your prospective attorney 20% less than their advertised hourly rate. Even if you can only achieve a 15% reduction you will save a significant amount and make your retainer stretch further than it would have otherwise.

If a significant amount of travel will be needed to prosecute/defend your case, offer the lawyer only one-half of the hourly rate for litigating, my quarter says they will most often accept.

Offer to pay a small expense stipend/retainer ($350-$400) in exchange for a reduced retainer/hourly rate…this will cut much of the hassle lawyers face with seeking expense reimbursement. Time is money for attorneys, and time saved is money earned.

You have nothing to lose, except, well….hard-earned money. Don’t be afraid to ask. The worst you can expect is a resounding “No.” Most lawyers are realists, and we know that there are too dang many of us. You have more leverage in negotiating fees than you may expect.

Always take time to scrutinize your fee-statement. Lawyers are (believe it or not) usually fairly decent and ethical people. However, if something stands out as unusual or if there are an excessive amount of phone calls on your bill, don’t be afraid to question the veracity of those charges. It is not unusual for domestic cases to be 30-35% phone calls, but anything more is highly questionable at the least unless you require extraordinary client attention.

Hiring a domestic attorney can be a nerve-racking experience, and one that should not be taken lightly. Mississippians work hard for their money, and they deserve to feel that those concerns are being heard when hiring an attorney of any kind. Our office believes that when this issue is properly addressed, the lawyer-client relationship experiences growth in trust and understanding, making the unpleasant process of a domestic case a little easier on everyone involved.