Search results for: “divorce”
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Rude tax effect of divorce or death of spouse
Sometimes it makes sense to share an actual real client story (with identify removed of course). This widow was shocked by the effect; she expected to get about $2,000 back as usual. Instead the net refund is about $100.
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Getting started toward sanity in divorce planning
Getting tax and financial advice during a divorce does not need to be a complicated, expensive or difficult process. Over the years, I’ve noticed that taking the first step toward a logical approach toward tax and financial planning during a divorce is the most difficult. Yes, it is usually a long and usually painful process…
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Tax concepts in marriage and divorce
When a married couple owes federal taxes there are different outcomes that may be applicable and available. This blog post lists some of the concepts that IRS recognizes that might be considered in any stressed marital tax settlement: Joint and several liability Injured spouse allocation and relief provisions Innocent Spouse Relief Separation of liability Equitable relief…
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Control the cost of divorce with peaceful resolution techniques
A checklist of financial planning issues to consider in collaborative divorce Divorce is expensive and almost always a losing proposition for both parties from a financial perspective. Financial stress during the marriage is increasingly cited as one of the reasons that married couples seek a divorce. An expensive divorce only makes this problem worse. During…
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Debunking the myths of peaceful divorce strategies
Many of the widely read articles in popular media or financial industry publications that discuss alternate divorce resolution strategies1 focus primarily on the limitations of each of these methods. The articles are often written by attorneys and so the focus on disparagement might be considered to be unbalanced or self-serving for the profession. Certainly it…
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Eight common financial mistakes in a divorce
The names in these examples are not real but are used to reinforce the point that the stories are taken from real life divorce. The examples were originally developed for use in study materials for an adult education program in financial planning at Delaware Valley University in the early 1990s. Over the years I have…
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Financial coaching during a divorce
Divorce is a significant financial event. The national average cost of divorce likely exceeds $20,000 but for couples who own a business or other substantial assets the cost can be many times larger. The real cost of divorce is not limited to the legal fees but spills over into otherwise avoidable tax liability and poor…
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Facebook messenger as a divorce tool
A New York judge recently ruled that a divorce notice could be served by Facebook message. I suggest that Facebook can actually be be used for even more. There is no reason why Facebook messenger would not be a suitable communication platform for peaceful divorce discussions. I have two articles on alternative divorce: Controlling the…
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Debunking the myths of peaceful divorce strategies
a counter-intuitive discussion of the risks and benefits of alternative divorce strategies
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Controlling the cost of divorce with financial coaching
A checklist of eight financial planning issues to consider in collaberative divorce