The 179 deduction provides a hidden asset to divide in a divorce
Most people do not know to ask the question how a 179 deduction impacts spousal benefits after a divorce. Let’s talk about this ever so briefly. In 2018 the tax laws expanded the 179 deduction from $500,000 per year to $1,000,000 per year. This can provide a...
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How do you tell your spouse you want a divorce?
How you approach this conversation is critically important First and foremost before you think about having this conversation you need to know in your heart of hearts this is what you truly want to do. It is a life changing event for you, your spouse and your...
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Wealth at risk in a divorce is more than you might think
Many people who are either thinking about getting a divorce or are actively going through one do not realize their wealth can become at greater risk based on a number of factors such as: The process (or lack of capabilities) they decide to unknowingly use as their...
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The importance of credit scores in a divorce
If you were the stay at home parent and your credit score is not as strong as your spouse then you may have some issues to deal with in context to your divorce. Your credit score defines the strength of your purchasing power in the market. It indicates the strength of...
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The impact of getting a new mortgage as a result of a divorce
What happens when you already have a mortgage but need to sell the home and get a new mortgage for your new home? If you were not the person who initiated the divorce or were ordered by the judge to sell your property you may want to consider the difference in your...
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The impact of a variable rate loan in a divorce
If you are going through a divorce and you have a variable rate associated to your loan be careful. Why? Here are some questions to ask yourself: When do you anticipate your interest rate changing? If you have already experienced a change in the rate then you want to...
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Should I file my taxes as “married filing separately”?
People going through a divorce, yet have not yet finalized their divorce, often wonder if they should file their tax returns as married filing jointly (MFJ) or married filing separately (MFS). Most people’s gut reaction is to file as MFS. Is this a good thing to do or...
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Should I continue to contribute to a retirement account if I’m getting a divorce?
If you have the money and can afford to do so, the answer is usually Yes. Why? Regardless where the money ends up in your marital estate (i.e. a retirement account, a checking account or somewhere else), the money is an asset of the marital estate subject to property...
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Dividing Up Retirement Plan Assets in a Divorce Can Be Risky Business
Be wary when it comes to divorce and splitting up the assets in a retirement plan. Why? On the surface it sounds like the retirement plan just has “retirement assets” and we can split up 50/50. When you look a bit closer you might just see more than meets the eye....
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How do tax estimates or tax extension payments impact a divorce?
Not many people think about their tax withholdings from their paycheck or the tax estimates paid towards their current year’s tax liability as something they need to address during their divorce process. Yet, if you don’t you could be leaving money on the table. Your...
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