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Divorcing at or near retirement creates additional risk to women’s financial security. The statistics indicate that after divorce an average woman’s standard of living drops by 45% as compared to 21% for an average man. According to this article, there are several reasons that may explain this gap including losing employer- based health coverage, reduced […]
To improve your post-divorce finances, there are steps to take both before and during the divorce. This includes the obvious ones like removing your soon to be ex-spouse from your credit cards, deciding whether to sell the martial home, and creating a budget that reflects your future lifestyle. In addition, you should keep in mind […]
After a divorce, you have a greater than 50% chance of remarrying. Finding someone to share your life with is rewarding emotionally and physically. But, it can also improve your finances by allowing you to share expenses and improve your lifestyle. This is especially important for people that get divorced later in life. Before tying […]
Before 2019, the payor deducted alimony on a federal tax return and the recipient paid taxes on it. Today, alimony is non-deductible and non-taxable in the manner of child support. However, there are strategies that can be used to minimize taxes while negotiating a settlement. For high net worth couples, these strategies include transferring retirement […]