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 […]
Wall Street Journal reports today that half of today’s 30 year olds earn more than their parents (adjusted for inflation) at the same age. I don’t see evidence of that early success in my communities today. At age 30 back in 1990 most of my peers owned houses, perhaps had a a rental property or […]
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 […]
I worked on two personal income tax returns yesterday that serve as examples to further underscore the need for education finance reform. As an adviser I see plenty of these examples in working class families, these two just happen to be the latest. I know that my peers in the tax preparation industry will see […]
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 […]
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 […]
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 […]