Finances and taxes are a significant issue during divorce, especially when children are involved. There are also special rules in the tax code that govern divorce and separation. It’s important to be apprised of these rules. Dependency Exemption. If you are the custodial parent of the children, you can claim a dependent exemption of $3,950…
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Essential Things You Must Do When Contemplating a Divorce
Divorce can release two people from a miserable marriage and set them free to pursue happier but separate lives. However, going through a divorce is never easy. When divorce becomes inevitable, there are certain things that you should do to make it easier. 1. Be Proactive on Family Finance If you have not been very…
3 Reasons Your Spouse May Be Reluctant to Divorce – And What You Can Do About It
Let’s get one thing straight right off the top… If one of you wants a divorce, you are both getting a divorce. You don’t need your husband or wife to give you permission to divorce them. But how you proceed and how difficult you make it on yourself and your children is up to both…
Divorce and Taxes Can Be Complicated
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.…
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…
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,…
5 Questions You Need To Ask Before You Decide To Divorce
More than 50 percent of marriages end in divorce. Before you break your wedding vows and decide to be part of that statistic, Dr. Phil suggests you answer these five questions, which he calls his “Divorce Readiness Test”: 1. Have you done everything you can to save and rehabilitate your marriage? Have you exhausted all…
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