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, when considerable assets are on the line, madness often infects both divorcing spouses. Divorce has the unpleasant ability to bring out the worst from those who would normally behave quite rationally. Fortunately, spouses can choose divorce mediation to reach a settlement for a high-asset divorce, making the process much less [...]
Divorcing couples are typically counseled to make an effort to negotiate a fair divorce settlement agreement. Although the division of assets can be made to appear mathematically equal, it may still not seem fair for one of the parties. In addition, how does the law determine what is equitable? The following will discuss several obstacles [...]
As discussed in Part 1, a Certified Divorce Financial Analyst (CDFA) will provide comprehensive guidance regarding the financial matters involved when a marriage is dissolved. An experienced CDFA will also know how the work of a divorce attorney can play a great part in the financial outcome of a divorce settlement. Part 2 will continue [...]
The U.S. divorce rate had dropped for three years in a row, dipping to its lowest mark in almost 40 years in 2016. However, the financial effects from divorce remain as devastating as ever. Depending on the state where you and your spouse reside, the average cost is from $15,000 to $20,000. If you are [...]
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 [...]
As mentioned in Part 1, it is important to avoid the ten biggest divorce financial errors during settlement negotiations. Consult with a financial divorce specialist to protect yourself and your children financially. Part 2 will cover the second 5 of 10 mistakes. 6 – Poor Budgeting It is common for a divorcing spouse to underestimate [...]
As discussed in Part 1, divorce will probably result in a significant measure of financial loss for most ordinary people. If you are getting divorced, it is very important to seek both financial and legal advice. Part 2 will cover several more important ways that will mitigate the financial effects of divorce. Support Team The [...]
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 [...]
