When going through the divorce process, taxes likely are not top of mind. Despite this, there are many common questions divorcing spouses have regarding how their children factor into the tax equation post-divorce. Can both parents claim dependents on taxes? After a separation or divorce, only the custodial parent can claim their children as dependents…
When people hear about division of assets or finances in a divorce, one of the first things that might come to mind is a 50/50 split down the middle. While this works in some instances, there are other ways to divide assets that might make more sense in certain cases. Today we will discuss the…
In an earlier blog post, we discussed ways that you and your spouse could divide your assets in a divorce, and the circumstances that factor into that decision. When it comes to dividing your assets, you might assume that everything will be split evenly between you and your spouse. When discussing how to divide your…
Divorce can feel daunting, but there are a few steps you can take to ensure you financially recover and have the opportunity to reach your long-term financial goals. The path to financial recovery from a divorce starts with evaluating your cash flow, understanding your savings ability, and making an investment strategy that is aligned with…
As any divorce comes with a litany of loose ends that need shoring up, insurance is something that can easily become an afterthought. This can be more complex where children are involved, and it’s vital that you create a plan. Below we discuss the different types of insurance, and share some tips on how to…
Real estate can be a major subject of discussion during divorce settlements. If you are in a position where you will be purchasing a new home post-divorce, you need to take a few things into consideration when negotiating your settlement so you will be in a good financial position to be able to purchase your…
Agreeing to a divorce settlement can be overwhelming, especially when you read through the legal jargon incorporated in your decree. There is some standard language you may see that clients commonly have questions about. One of the most asked questions has to do with the phrase “plus or minus gains and losses.” It is very…
You have finally made it to the other side. The paperwork has been finalized, and now it is time to get all the assets and accounts divided so you can move on with your new life. But as money starts to get moved from account to account, there is a common concern about whether the…
Once all of the paperwork has been filed and approved by the court, you are officially moving on to your post-divorce life. Before too much time passes, be sure to address these steps to get you started on the right path. 1. Notify All Insurance Policies Be sure to review the beneficiaries on any policies…
You’re in that final stretch of your divorce; you can see the finish line ahead and have reached a settlement agreement with your spouse. Now your attorney or mediator turns to you and says, “You are going to need a QDRO and that will be an additional cost.” So, what is a QDRO and why…