Category: Financial Planning
How to Solve the Mortgage Problem in Divorce
The first rule of mortgages in divorce is to define and resolve each spouses financing goals before signing a final agreement. Although every situation is unique and mortgage qualification requirements change (often), it is always true that divorcing couples must plan ahead. Here’s what you need to know. Spouses who will depend on child and … Continue reading How to Solve the Mortgage Problem in Divorce
Taxes and Divorce: It’s NOT “All About that Bass”. It’s All About that BASIS – that Cost Basis
Although often ignored, the cost basis in taxable accounts and for property is critical to a long term efficient asset division in divorce. What is cost basis? Cost basis, sometimes referred to as just ‘basis’ or ‘tax basis’, is generally the original cost (purchase price) of a stock, bond, mutual fund, other financial security or … Continue reading Taxes and Divorce: It’s NOT “All About that Bass”. It’s All About that BASIS – that Cost Basis
Social Security and Divorce
The first thing to know about social security payments in retirement is that your divorce terms do not determine how much social security you’ll get FROM SOCIAL SECURITY e.g. the government program that is social security. Here are the two general rules for social security: If you were married for 10 years and then divorce, … Continue reading Social Security and Divorce
Increasing Financial Resources in Divorce
I recently attended the annual conference of the Association of Divorce Financial Planners. A presentation from my colleague Nancy Hetrick of Arizona highlighted something I’ve been able to achieve in my own practice – increasing the amount of money available to be divided in divorce without borrowing money. There is often a better way than … Continue reading Increasing Financial Resources in Divorce
Gray Divorce? Before Baby Boomers see an attorney, they need to read this…
The Gray Divorcée When someone wants a divorce, the knee jerk reaction is nearly always “I’m calling an attorney!” But for the Baby Boomer generation, that may be a mistake. Seeking financial advice before seeing an attorney may save divorcees thousands of dollars. Financial counsel is just as important as legal advice and in some … Continue reading Gray Divorce? Before Baby Boomers see an attorney, they need to read this…