In the divorce process, but haven’t filed your 2018 tax return? Your soon-to-be ex-spouse says the “best” way to file is Joint; but best for who? Are you being pressured to file jointly but negotiations are not being conducted in good faith? When you file and how you file can [...]
As mentioned in Part 1, getting divorced can be a great personal and financial challenge. During the process of negotiating a divorce agreement, it is crucial to ensure that you will be sound financially and not burdened by the debts of your former spouse. Part 2 will discuss two more methods for protecting your credit [...]
As discussed in Part 1, divorcing after the age of 50 will be different than a divorce at a younger age. You may have expected to retire comfortably, but a divorce may result in more household costs and less available income. Those divorcing at a later age may have to resume working or stay on [...]
Divorcing after the age of 50 will be different than a divorce at a younger age. Although marriages of younger people end for similar reasons, couples over 50 will face other factors related to their age that already exist or are looming. Issues regarding health, retirement, and generating income must be faced, adding stress to [...]
Can Have Spouses Seeing Red The majority of future divorcing couples will undoubtedly own some kind of real estate - a family home, vacation property, rental properties, etc. and the odds are that this property will be most valuable asset that the couple will haggle over. A divorce financial advisor can be of immense help [...]
Certified Divorce Financial Analysts™ (CDFA) have a unique and effective "tool" to help individuals understand the potential financial impact that a settlement offer can have on their future finances. If used properly, introducing charts and graphics into settlement discussions can focus all parties on the bigger picture, separate fact from fiction, and make it [...]
Many times, Divorce Mediation can be the most cost-effective, lowest conflict, process of all of the divorce settlement options. Currently, the majority of divorce mediators are either mental health practitioners or attorneys who help couples make decisions regarding the legal, child custody, and financial issues of the divorce settlement. Certified Divorce Financial Analysts (CDFA™) [...]
Finding hidden income or assets in divorce is one of the most challenging yet rewarding service that a CDFA™ or CPA can provide. It can alternatively be frustrating and expensive for the client, providing little or no answers. In any forensic case, I always alert my clients to the probability of little or no [...]
I’ve seen it time and time again. When divorcing spouses sign divorce agreements without the guidance of an experienced Financial Divorce Specialist, the result can be significantly higher income taxes and unnecessary penalties for either or both spouses. Many times, the Maryland Separation and Divorce Agreement (MSA) does not address significant tax issues, its [...]
A frequent question asked in divorce settlements is who will deduct the mortgage interest and taxes. Generally, if spouses file separately, then each is eligible to deduct the mortgage interest and taxes they actually paid. Absent an agreement stipulating otherwise, the source of the funds used to pay the mortgage dictates who is entitled to [...]
