Divorce Transitions

Dealing with the emotional anxiety of divorce can be overwhelming. Determining how best to resolve the potentially complex financial issues that can develop over a long marriage, or one involving children, should not done be in haste. This is especially important if you are a dependent spouse (one who is not generating any income or a relatively small amount). Decisions about how best to address the following need to carefully considered as they can create adverse tax ramifications if not handled appropriately:
 
  • What should be done with the marital home?
  • Should I agree to take the retirement account or the jointly-held investment assets as part of a settlement?
  • Should we sell the stocks in our joint brokerage account to complete the property settlement?
  • What is the best way to get the assets out of my spouse’s retirement plan?
  •  If I need money to pay bills can I use the retirement plan assets I received from the property settlement? Will I be penalized by the IRS?
  • My spouse has assets in his/her own name, do they need to be included in the marital asset pool?
  • If I receive alimony how does this impact my taxes?
  • Once divorced what will happen to my health insurance?
  • How will my eventual Social Security benefit be affected by a divorce?
 
We can assist you and your attorney in addressing all of these issues. As a Certified Divorce Financial Analyst™ I am specially trained to consider all the issues noted above among other things to help my clients achieve an equitable settlement. Attorneys may hesitate to use our services in cases they believe to be straightforward, but they may not be trained in financial planning and tax related issues, which could result in the client not getting the most appropriate property settlement.
 
Call us today to schedule an appointment to review your situation.