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 how you will split any marital debt and future college expenses. This article provides some useful tips.
A job loss during divorce may make negotiations for spousal or child support more complicated but not insurmountable. If you or your spouse lose a job, the divorce agreement can dictate a formula or percentage that will be used to compute the support payments after re-employment.
This article provides tips and explains issues to consider when dealing with job loss during divorce.
During divorce, parents worry about the effects on children, both emotional and financial. Since financial resources will be divided between two households, children’s academic tutoring or extra-curricular activities may have to be cut back. It turns out that for white families, a drop in family income has a negative effect on the educational outcomes for children, i.e. going to college or finishing college. More information can be found in this article.
Women facing difficult transitions could benefit from professional financial advice. Such major transitions include divorce, illness, and loss of a spouse. Each of these changes may have a negative effect on a person’s financial capacity to meet life goals, such as paying for children’s college expenses, maintaining a comfortable lifestyle and retiring as planned. This article describes difficult transitions and provides links to some helpful resources.
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The Tax Cuts and Jobs Act of 2017 (TCJA) has eliminated the deductibility of alimony after December 31, 2018. It is expected that the loss of the payer’s tax benefit may have the effect of reducing alimony payment to the payee. This article proposes some options and drawbacks to consider relating to the TCJA, prenuptial agreements and estate planning.