Going through a divorce can be a dramatic and trying time. Issues such as division of property, custody of children and family support are huge. And the decisions made to resolve these issues have a tax impact. It is important to know how you will be affected and take steps to minimize your tax liability.…
Divorce and Finances
I Turned Down Alimony – 3 Women’s Stories
In reporting this story I came across a number of people who chose not to take spousal they were entitled to. Here are their stories: “Asking for alimony would be like asking for a pension for a job I no longer did. It just didn’t seem fair.” Suzan French married at 18, soon after had…
Protect finances in later-in-life divorce
When you’re over 50 and facing divorce from a long-term marriage, coming to a settlement agreement that will safeguard a comfortable financial future is complicated. “Till death do us part” isn’t the case for many Baby Boomers today. “Gray divorces” are occurring more than ever before – the rate for adults ages 50 and older…
Why Do So Few Men Get Alimony?
Of the 400,000 people in the United States receiving post-divorce spousal maintenance, just 3 percent were men, according to Census figures. Yet 40 percent of households are headed by female breadwinners — suggesting that hundreds of thousands of men are eligible for alimony, yet don’t receive it. The reason? Die-hard gender roles, a bitter fight…
5 ways to keep a divorce from being needlessly expensive
When Joanna Wilbur got divorced five years ago, she was able to keep her two story, four bedroom home with a wraparound porch in Fairfax County, Va. They had only purchased the home two years before deciding to go their separate ways, and Wilbur says she wasn’t yet ready to let it go. But in…
How to Get a Mortgage After a Divorce
Divorcing spouses face unique obstacles when they try to buy a new home. Even if you can afford it, trying to buy a new home before a divorce is finalized can mean a red flag for lenders. In a divorce, it’s bad enough that you’re losing someone you once loved or may still love. It’s…
5 Reasons Why Alimony Should Be Reduced or Terminated if You’re Living With Someone
1. If you are living with someone else, your financial need has likely been reduced or eliminated, thereby reducing or eliminating your need for spousal support. 2. If you are living with someone else, accepting (or taking) spousal support is, in essence, double-dipping. 3. If you are living with someone else, while receiving spousal support,…
The pricier the ring, the likelier the divorce
Diamonds are forever, according to the song, but a marriage that starts with a lavish ceremony and expensive engagement ring is less likely to succeed. The more you spend on an engagement ring and wedding ceremony, the shorter the marriage, according to a study released last month by Andrew Francis and Hugo Mialon, professors in…
Alimony Deduction Requires Good Substantiation
Until recently, I had a hard time understanding why there are so many alimony tax cases. I mean, after all, it is wash, right? One party has a deduction against AGI. He or she, probably still usually he, puts the recipients social number down and the recipient picks up the same amount as income. Then…
Uncovering Hidden Assets in Divorce Litigation
If you’re considering hiding assets in your divorce, you might want to think twice. Alternatively, if you’re concerned your spouse may be hiding assets from you know that you have options. For better or worse, the reality is when marriage gets tough people often hide money. Regardless of their wedding vows, many couples experience such…
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