Financial Issues in Divorce © WIFE.org, All Rights Reserved.

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Presentation transcript:

Financial Issues in Divorce © WIFE.org, All Rights Reserved

FINANCIAL ISSUES About Me and Our Firm © 2014, WIFE.org, All Rights Reserved Your name, address, phone, , firm logo – whatever you want to put about yourself here © WIFE.org, All Rights Reserved

FINANCIAL ISSUES Getting Started Preparing for divorce Gather documents and copy or scan Pay down debt Repair property you want to keep Buy career clothes, school clothes for kids, etc Inventory safe deposit boxes Getting the funds you’ll need Save money in anticipation of divorce Get control of your share of joint bank accounts Obtain credit cards in your name Control funds, don’t conceal funds © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved

FINANCIAL ISSUES Navigating the Divorce © 2014, WIFE.org, All Rights Reserved Separate emotions from economics Don’t try to make him pay for what he’s done Don’t try to “win” the divorce – it’s the two of you solving the problem of dividing things up Take control Take an active role, and learn about your financial situation Don’t spend money looking for every dime – it isn’t worth it Don’t just take whatever he offers because you feel powerless © WIFE.org, All Rights Reserved

FINANCIAL ISSUES Determining Support © 2014, WIFE.org, All Rights Reserved Support is based in part on your relative incomes How to determine income from a business How a spouse’s ability to earn factors into support Taxability of support Child support isn’t taxable when you receive it, alimony is Claiming your children for tax purposes, or using Form 8332 to relinquish exemption for child Protect your support with life insurance How much life insurance you need Who pays the premiums © WIFE.org, All Rights Reserved

FINANCIAL ISSUES Dealing with the Family Home © 2014, WIFE.org, All Rights Reserved Buyout by one spouse and transfer of title isn’t taxable When you sell you won’t pay tax on first $250,000 of gain If sold while in both names, each spouse can exclude $250,000 of gain if the resident spouse is given exclusive use of the property during period before sale Can you really afford to keep the home? What assets will you give up in order to do so, and what will your future be like without those assets? © WIFE.org, All Rights Reserved

FINANCIAL ISSUES Retirement Plans Social security for divorced spouses Divorced spouse benefits available if greater than your own benefits and married 10 years Government pension offset of divorced spouse benefits Effects of remarriage Death of former spouse Dividing retirement plans Using a QDRO to divide qualified plans IRAs often don’t require a QDRO Federal plans require special documents No need to divide if each keeps their own plans Military retirement & benefits © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved

FINANCIAL ISSUES Other Assets and Debts Division of property isn’t taxable How businesses are valued How to value your “stuff” – vehicles, furniture, jewelry, collections Miscellaneous property – frequent flyer points, accumulated vacation and sick pay How to deal with joint credit cards © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved

FINANCIAL ISSUES Other Issues in Divorce Separate property – how to trace Reimbursements in divorce Indemnification clauses to protect you from future tax issues © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved

FINANCIAL ISSUES Deciding What Is Best for You The benefits and drawbacks of trading retirement funds for the home Creating a budget – your former lifestyle vs. your current reality Consider your future needs as well as your current needs and how to balance them Career issues – how can you enhance your earning potential for your future? © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved

FINANCIAL ISSUES Moving On After Divorce How to get your financial life in order after your divorce is final Creating new goals and objectives for your future Estate planning as a single person The importance of getting good professional advice © 2014, WIFE.org, All Rights Reserved© WIFE.org, All Rights Reserved