Financial Divorce Planning

11/06/2024

Deciding to keep the marital house after a divorce can present several challenges.

One primary issue is the financial burden; the spouse retaining the home must often buy out the other party’s share, which may require refinancing the mortgage in one name. This could be difficult if the spouse’s income alone is insufficient to secure a new loan.

Additionally, maintaining the home entails ongoing expenses such as property taxes, maintenance, and repairs.

Lastly, if there are children involved, considerations about their stability and schooling often play a crucial role in deciding whether to keep or sell the home.

Balancing these emotional and financial factors is essential for making an informed decision.

07/16/2024

An interesting rule that allows a working spouse to contribute to their nonworking spouse’s IRA.

- Contributions are made using either the nonworking spouse’s earned income or the working spouse’s earned income.
- The maximum contribution limit for 2024 is $7,000 (or $8,000 if you’re over 50)

03/11/2024

01/10/2024

One option to consider to stay in. The home is the silver home and immediately lease back to home from the new owners. It gives you the option to put cash in your pocket and stay in your home for a certain period of time.

12/19/2023

When faced with the dissolution of marriage, emotions can amplify, making it challenging to think clearly and objectively. Decisions that once seems straightforward suddenly become shrouded in doubt and hesitation. Take time to assess the situation. Break down complex decisions into smaller, manageable steps. Seek professional guidance to offer clarity amidst confusion.

10/31/2023

Getting my pumpkin spice on…

10/06/2023

Divorce is hard enough. Try to enjoy the little things while you can.

Favorite Pumpkin Spiced items:
Latte
Pancakes
Muffins
Bread
Beer ( with a little sugar on the rim)

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10/01/2023

Once you reach age 50, you can make an annual catch-up contribution of $1,000 to your traditional or Roth IRA, which boosts your possible total contribution.
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09/07/2023

Get clarity around your financial situation and your future. You can’t expect your attorney to have the time or expertise to consider all the possible financial pitfalls. Schedule a free ☎️ with Fair Share Divorces.

























# psaving

08/01/2023

Should you just close any joint credit cards you may have during your divorce?

Maybe not so quickly.

How will closing a card affect your credit score and utilization rate?

Could you possibly freeze it instead?

These are just a few of a hundred financial decision to make during your divorce.

Contact us for help.

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06/06/2023

Divorce can be a land mine full of pitfalls. What you don’t know can definitely hurt you. Everyone can benefit from speaking to a financial professional, whether it’s preparing for a division of assets or just making sure you’re setting yourself up properly for post divorce.

Legal fees can be significant if things are going to be contested.

Dividing property, investments, retirement accounts, and other valuables require a financial professional.

How does paying or receiving alimony and child support affect your financial future?

How do you transition into a period of possibly lower income and higher expenses? 

What are the tax implications for your new filing status, exemptions, transferring property, and spousal support?

Insurance, retirement, planning, estate, planning, your credit score…….
The list goes on and on.

Contact me for help.

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