Category: Divorce Tips
In divorce, who should pay for college?
This is an important debate. Parents can either ask or offer to pay for college as part of a divorce settlement. However, in divorce, a commitment to pay for college is a negotiating point, not a legal requirement (as some may think). Should it be? I’m not sure. That’s where there’s room for debate. Here’s my thought. If a married couple … Continue reading In divorce, who should pay for college?
Business Valuation in Divorce: A Very Quick Primer
Bill owns a business called Clean Wipers, Inc. that sells unique, high quality windshield wipers to luxury car companies and car owners. Bill and his wife Brenda decide to divorce. Bill tells Brenda he takes an $80,000 salary from the business each year and that he’s thought about selling the business recently because sales were … Continue reading Business Valuation in Divorce: A Very Quick Primer
To Close or Not to Close Credit Cards in Divorce
My Today’s Alerts series highlights ideas generated in my divorce financial advisory practice. Closing a jointly owned credit card account reduces access to credit which, in turn, typically increases your “utilization rate”. The utilization rate is the ratio of credit card debt to available credit. A higher utilization rate means that you are getting closer to using … Continue reading To Close or Not to Close Credit Cards in Divorce
A Team Approach Makes Divorce MORE Affordable
My Today’s Alerts series highlights ideas generated in my divorce financial advisory practice. Adding expertise saves real money. I recently met with an attorney who told me he spent four hours on the internet trying to understand a client’s pension and retirement accounts. I wasn’t surprised. This attorney is thoughtful and thorough, but I couldn’t help … Continue reading A Team Approach Makes Divorce MORE Affordable
A House Divided: Your Home in Divorce
For most couples, the family residence is one of their largest assets. In divorce, the family home is treated like any other asset, but it is an asset unlike any other. The family home isn’t easily divided. Budgetary concerns and tax issues coupled with emotional ties to the home can lead to catastrophic financial outcomes. … Continue reading A House Divided: Your Home in Divorce