1. Financial Issues in Divorce
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2. FINANCIAL ISSUES About Me and Our Firm
Your name, address, phone, , firm logo – whatever you want to put about yourself here
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3. 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
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4. FINANCIAL ISSUES Navigating the Divorce
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
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5. FINANCIAL ISSUES Determining Support
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 for support agreements executed before January 1, 2019
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
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6. FINANCIAL ISSUES Dealing with the Family Home
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?
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7. 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
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8. 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
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9. FINANCIAL ISSUES Other Issues in Divorce
Separate property – how to trace
Reimbursements in divorce
Indemnification clauses to protect you from future tax issues
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10. 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?
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11. 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
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