Here are the Blogs in the Divorce Financial category.
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Monday, 21 May 2018
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The conversation regarding which parent should claim the children as dependents has changed dramatically since the recent tax reform, effective January 2018, eliminated the personal exemption. Yes, that $4,050 (in 2017) tax exemption per child is gone. Parents will not even get that exemption for themselves. ...Read More...
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Posted on 05/21/2018 11:55 AM by Rosemary Frank
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Monday, 17 October 2016
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What assistance can you expect from your current financial planner or advisor during your divorce? The short answer is "None." Your divorce presents a clear ethical dilemma and/or conflict of interest for your current financial professional. They must simply "sit it out," wait for the divorce to be ...Read More...
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Posted on 10/17/2016 3:51 PM by Rosemary Frank
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Thursday, 29 September 2016
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It is insidious, cloaked in false "protectiveness," a form of bullying, and a precursor to domestic violence. It leaves no bruises, but it hurts, really hurts. It will erode one's self-esteem, enslave them to the one who is supposed to love them, and destroy the victim's spirit, sense of self-worth, ...Read More...
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Posted on 09/29/2016 4:03 PM by Rosemary Frank
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Thursday, 1 September 2016
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Since divorce will force you to make the largest financial decisions of your entire life, so far anyway, it is probably a good time to examine your relationship with money. Do you like it? Really? Then why don't you have more of it? These are meaningful questions because, like marriage and divorce, ...Read More...
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Posted on 09/01/2016 4:08 PM by Rosemary Frank
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Friday, 29 July 2016
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Maybe. Divorce is a time of great distrust between spouses. Such distrust is most likely at the root of the many possible reasons for the divorce. If money seems to be disappearing, either during the marriage or since the initiation of the divorce, it is possible that there is spending that qualifies ...Read More...
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Posted on 07/29/2016 3:01 PM by Rosemary Frank
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Tuesday, 31 May 2016
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In addition to your marriage being an emotional relationship, it has also been a financial partnership. Now that you are divorcing, be sure you get a financial divorce as well. To complete the process, all three credit reporting agencies must reflect your new individual financial status. Early in ...Read More...
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Posted on 05/31/2016 3:31 PM by Rosemary Frank
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Friday, 26 February 2016
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If you are going through a divorce and reading all you can to learn what you need to do, you have no doubt read much about the need for a financial professional on your divorce team. Heed that advice. Your divorce is most likely the largest personal financial negotiation you will ever be involved in. ...Read More...
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Posted on 02/26/2016 11:58 AM by Rosemary Frank
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Blog

Dependent Children and Tax Benefits

The conversation regarding which parent should claim the children as dependents has changed dramatically since the recent tax reform, effective January 2018, eliminated the personal exemption. Yes, that $4,050 (in 2017) tax exemption per child is gone. Parents will not even get that exemption for themselves. This is causing extensive confusion among attorneys and clients alike. The Parenting Plan template has not been revised to reflect this and still contains an entire section dedicated to which...

Tax Reform Effects Upon divorce

The most significant tax reform in thirty years was signed into law December 22. With barely a week to understand how it impacts all open and future divorce cases, it became effective January 1, 2018, unless otherwise noted. Many of the provisions have sunset dates, upon which rules will revert to pre-2018, unless extended. Alimony, beginning January 1, 2019, will not be tax deductible for payer, nor taxable to the recipient. Modified orders, after that same effective date, will adhere to the...

Tax Overhaul Targets Alimony

Content of the Tax Cuts and Jobs Act (TCJA) was revealed last week and, as it now stands, alimony discussions will change dramatically. If approved in its current state, on this issue, going forward as of January 1, 2018, no alimony will be tax deductible for the payer, nor taxable to the recipient. This includes all alimony modifications made after January 1. All standing alimony orders will retain their current tax status for payer and recipient. The TCJA is the most sweeping tax reform proposed...