1. Financial Flexibility Even without a shared bank account, romantic relationships are characterized by a sense of mutuality when it comes to divorce finances. Singles experience a level of financial freedom that coupled individuals do not. As a single person, your money is yours to spend […]
Most people think their greatest asset is their house. They are wrong. Checking account? Wrong again. For the vast majority of women, the most valuable asset we have is our career and earning capability. This is the asset we have the most control over to […]
Planning for college costs is a burden and point of stress for any family with college-bound kids, but for separated and divorced parents the process can be an added point of contention and stress. Applying for financial aid and student loans has become an increasingly difficult […]
The financial devastation resulting from the COVID-19 pandemic spurred the development and implementation of several supportive programs under the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. If you or your spouse benefited from any of these programs or provisions and are planning to […]
1. Compromise Could Help You You win some, you lose some, right? Unfortunately, divorcing spouses often refrain from compromising out of spite. While you might be tempted to fight every battle that comes your way, agreeing to compromises could save you a lot of headaches […]
The financial devastation resulting from the COVID-19 pandemic spurred the development and implementation of several supportive programs under the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. If you or your spouse benefited from any of these programs or provisions and are planning to […]
11. Understand Debt Obligations Just because it’s listed in one person’s name doesn’t mean it’s not marital. Also, some states do not divide marital debt if it’s just in one person’s name. 12. Don’t Forget About Beneficiary Designations For best results, handle beneficiary designations and […]
1. Don’t Let Emotions Dictate Your Financial Decisions People often want to take out their hurt feelings on their exes. However, it’s important that you don’t let emotions interfere with your finances or the business at hand. In the long run, being spiteful could hurt […]
1) Understand the tax implications of each asset As each party negotiates dividing the marital assets, one of the biggest mistakes is not considering the tax consequences of each asset. For example, $1,000 in a bank account is not the same as $1,000 in an IRA, given […]
For simplicity, let’s assume that the wife is the lower wage-earning spouse in the examples below. If a couple has been married for 10 years or longer and they get divorced, the wife is still entitled to half of her ex-husband’s Social Security Retirement Benefits […]