Once the divorce is finalized, you will have to complete additional tasks related to your finances. It could be as simple as signing up for health insurance under COBRA or changing the beneficiaries of your IRA. More complex tasks may include hiring an attorney to draft a new will, health care proxy and power of […]
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Congress recently passed the Tax Cuts and Jobs Act. A provision in the Act will change the long standing tax treatment of alimony. In the past, alimony has been taxable to the recipient and tax-deductible to the payer. Starting in 2019, the recipient will pay no taxes, and the payer will not be able to […]
Whether it is the main asset or part of a large portfolio of assets, the marital home’s future will be part of the negotiations during the divorce process. The wife or husband may want to live in the home until the children finish school but that may require compromise and/or sacrifice if there are limited […]
Typically, during marriage, couples acquire joint debt which includes mortgages, car loans, and credit cards. Once the divorce process starts, you should take stock of these liabilities and prepare a plan to separate your finances because you will be liable for any existing and added debt. For example, you can close a joint credit account […]