Alimony is often a necessary component of a divorce settlement but there are always cases in which the payor spouse doesn’t want to face years of monthly payments. In a sense these payments still tie the two parties together, and this is a situation the payor doesn’t want to be in. So the question arises, can the entire sum of alimony payments be satisfied with one lump-sum “alimony” payment?
Read MoreIn the great movie classic “It’s a Wonderful Life” the character George Bailey, a kind soul who puts his own dreams aside to help other his whole life, finds himself in a financial bind. But his friends and neighbors come to the rescue and in the final scene of the movie they pour into his house, emptying their pockets and piggy banks to give George the money he needs. One of my favorite lines in the movie comes in this scene as the Bailey housekeeper, Annie, hands over the contents of her change purse and says to George, “I been savin’ this money for a divorce if ever I get a husband.” Now THAT’s planning ahead!
Read MoreDivorce can have so many effects on your clients; on their lifestyle, on their emotional state, on their family life. With some planning and forethought, you can minimize the effect on their credit and maybe even improve their credit score
Read MoreI wrote about this topic 3 years ago, but receive questions about this frequently enough that I think it is worth writing about again. The tax implications of selling the family home in a divorce can be a little complicated, and timing is everything if there is a potential capital gain. Read on for a refresher on this topic.
Read MoreLife insurance is commonly addressed in a divorce. But there is another kind of insurance that couples need to pay attention to. Did you know that an existing long-term care insurance may be in jeopardy after a divorce?
Read MoreEven in the best of circumstances, divorce is stressful. Rarely do we engage with a couple who agree on getting divorced, bear no ill feelings toward each other, and work together to make sound financial decisions (in which case you can’t help but wonder, why are they getting divorced?) Most of the time there is fighting and a mutual desire to “punish” one another. In such a state of heightened emotion, stress factors prevail and the ability to think rationally and make good decisions for the long-term are compromised. That’s where a divorce financial planner can help.
Read MoreAfter being involved with many divorce cases I find that the one issue often overlooked by attorneys is the cost basis in the house. This number is very important – it can turn an asset into a liability. Here’s an example:
Read MoreAs a divorce attorney or mediator you are familiar with the process of dividing assets, which typically include real estate, bank and investment accounts and personal property. But did you know some aspects of the tax return are divided too?
Read MoreAfter a divorce is completed one or both of the parties may have an immediate need for cash. There are various reasons for this, including:
Read MoreIn most of our divorce cases the assets include real estate. One of the first questions you may want to ask your divorce client is, “What’s your credit score?”
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