CNNMONEY.com CHECK OUT THIS QUIZ: Befuddled by Foreclosures? Foreclosures in Texas: Can I Save My Home? http://dld.bz/2HQP http://amplify.com/u/ebf6

AP News: Randy Travis & wife-manager divorce, after 34 yr personal/business relationship! Baby Boomers & Divorce! http://dld.bz/g3xp http://amplify.com/u/e7re

CNN Living: Cruel Messages & Nude Photo, Teen Digital Dating Abuse Grows! BEWARE: Social Networking Sites & the Law http://dld.bz/aePx http://amplify.com/u/e2xz

Boomer Prenups – Sign Now or Forever Hold Your Peace!

Baby Boomers are increasingly deciding to enter into prenuptial agreements prior to marriage to protect and manage their assets should they part ways through divorce.

What is a Prenuptial Agreement? It is a legal document that establishes in advance how property, assets acquired or received by gift during a marriage and family heirlooms passed from family members to one of the parties will be owned or divided in the event the couple should part ways.

Prenuptial Agreements have become very popular with Baby Boomers (born between 1946-1964) since they have on the average accumulated more money and assets and can afford to pay for adequate protection. Since 2006, 80% of Family Law Attorneys have seen a marked increase in couples who sign prenups, according to a survey sponsored by the Matrimonial Lawyers Group.

In the current financial crisis, with a 31% drop in home values and a 53% drop in stock portfolios, Boomers have been hit the hardest, which has accelerated the trend. Boomers have therefore become more cautious in holding on to their remaining current assets.  Boomers are also blending homes and corresponding obligations. Prenups are becoming the Estate Planning Tool of the future!

Given Boomer age ranges, they are more likely to have been married and divorced multiple times.  4 out of 10 Boomers have experienced a divorce and by their 50th birthday, 27% have moved on to a second or third marriage.

So When Should Boomer Couples Consider Having A Prenup?

1. When significant assets are involved such as a home & property, retirement funds, stocks and bonds, or liquid assets.
2. When there are children of a previous marriage. The children’s interest, past and future, need protection since most states by law give the surviving spouse up to half of the estate.
3. When one spouse owns all or part of a business.
4. When one spouse is much wealthier than the other spouse.
5. When one spouse is much older than the other spouse.
6. When one spouse is supporting the other while he or she attain an educational degree.
7. When there is an inheritance involved.

When both spouses feel that the possibility of a divorce and expenses related to it are a bad idea and wish for a premarital binding understanding, what should they do?

1. Hire a qualified lawyer to prepare a fair and binding agreement according to their wishes and needs.
2. Make full disclosure of all property, financial accounts, debts, and assets involved.
3. Comply with requisite state laws.

If one acknowledges that nearly half of all marriages end in divorce, a prenuptial agreement can avoid a number of unnecessary expenses, reduce attorney fees, and avoid state mandated arbitrary divisions.

See this Amp at http://amplify.com/u/e2i3

Foreclosures in Texas – Can I Save My Home?

Amidst the Government’s halt on foreclosures, Bank of America has stopped seizing foreclosed homes in all 50 states, but is continuing to sell homes that have already been foreclosed on and is still processing new foreclosures. 

Outside the major banks and even in states that do require a judge to look over the bank’s shoulder, foreclosures are going forward at a head-spinning pace.  The nation’s regrettable mortgage crisis continues.  One million residences have fallen into foreclosure since 2006 and an additional 5.9 million are expected over the next four years.  Lenders and investors will have to acknowledge huge losses and try to figure out how to keep borrowers making at least some monthly payments. 

However, when the housing disaster ends, the lenders’ contention that they have done as much as possible to limit foreclosures and follow appropriate laws in doing so is hollow at best.  The industry simply has not stepped up to address the volume of the problem.  And as the crisis moves forward, more people are falling through the cracks.

For lenders and loan servicers, civil lawsuits claiming deceptive sales practices or violations of consumer protection laws are becoming more prevalent as foreclosures grow in numbers.  The Mortgage Electronic Registration System, which was created to handle mortgage transfers between member banks, is facing its own legal problems.  A lawsuit filed on Sept. 28 in federal court on behalf of Kentucky homeowners claims that MERS was part of a conspiracy to create false promissory notes, affidavits, and mortgage assignments to be used in mortgage foreclosures.  Similar class action suits have been filed in Florida and New York. 

Title insurers will also be in court bringing and defending lawsuits.  The insurers will be going after banks or whoever has assured them there was a clear title.  The costs for title insurers to defend customers and reimburse for lost properties rose 14 percent, to $480.5 million in 2010’s first half. 

Persons buying homes in foreclosure are facing their own worries as paperwork errors raise question about the validity of the titles needed to prove ownership.  Defective documentation has created millions of blotched titles that will plague the nation for the next decade. 

Meanwhile, as public outrage continues to mount, many homeowners are reclaiming their homes through the Courts.

In general, Judges are unlikely to look favorably on a bank that claims paperwork flaws do not matter because the borrower was in default on the loan.  There must be some integrity in the foreclosure process and the conduct of lenders pursuing their right under loan documents.

See this Amp at http://amplify.com/u/dm98

Time.com - Obama Official:Banks Can Restart Foreclosures! Improper Home Foreclosure: Know Your Rights! http://dld.bz/taAD http://amplify.com/u/dhmh

CNN Living: Confessions of a Stay-At-Home Dad! I Need A Father: (A Fathers Role in Child Custody) http://dld.bz/2wDm http://amplify.com/u/dgqq