Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

My Blog

Blog

Five Steps to Protect Your Money During Your Divorce

Posted on March 18, 2022 at 6:10 PM

Getting a divorce is one of the most challenging life-transitions you can experience. Add the uncertainty about your hard-earned money, the experience can get even more stressful. Here are five steps to help keep your finances intact during—and after—a divorce:


Step 1. Assess your financial health, make a budget and stick to it!


Start by reviewing your income, retirement accounts, investments, and insurance policies. In fact, gather those documents and save them to a flashdrive for your lawyer. Next, make a budget that reflects your income and projected monthly expenses. Include both your personal debts and debts you share with your soon-to-be Ex. Be sure to think about NEW expenses such as finding new housing or buying a car on a single income and legal costs. You must remember especially if you are the higher earner that now you are basically supporting TWO households.


Step 2. Target shared debts first


Debt on joint accounts can be an issue. Despite whatever your marital settlement agreement or final decree says, your creditors will continue to consider both of you liable for the shared debt. Keeping those accounts open may pose problems later if your Ex falls behind on payments or simply refuses to pay them. Paying off those debts pre-divorce can help you avoid those issues.


Step 3. Divide assets thoughtfully


You and your Ex might agree about dividing shared assets equally and that’s good. But consider the following:


If the two of you will be in different income brackets post-divorce, consider the tax implications of holding on to various shared assets. Consider, some retirement funds are after-tax accounts, meaning taxes were already paid on contributions, and eligible withdrawals will be tax-free. Others are pre-tax accounts, meaning you will owe taxes on withdrawals.


For assets that come with tax obligations, the higher-earning party will likely pay higher taxes from keeping them. On the other hand, the lower-earning party may have a harder time paying the taxes.


You may also find that you and your Ex have different needs. If you own a home together, for example, carefully consider liquidity when deciding whether either of you will keep it. If one of you needs access to the equity tied up in the house, it may make sense to sell it.


Step 4. Revise your will and other documents


As a general rule, divorce will not automatically remove your Ex as the primary beneficiary of your estate and other assets. Designate new beneficiaries for your estate, life insurance, annuities, and retirement accounts! Don’t do this until after the divorce is finalized as doing so may violate the temporary domestic order in place during the divorce.


Step 5. Make a Plan B


If your marital settlement agreement says your Ex must pay spousal support (alimony) or child support payments to you, prepare for the possibility that they will fail to pay or pay late, especially these days of Global Pandemic and Economic uncertainty. Keep money in an emergency fund to cover expenses, such as childcare, in the event your Ex fails to pay.


In the end, be sure to consult your tax professional and financial advisor before entering into any marital settlement agreement. Do not depend upon your family law attorney to offer you tax and financial advice. Review the proposed marital settlement agreement with these professionals prior to giving your family law attorney authority to close the deal with your Ex’s lawyer.

 

 

Categories: taxes, property division, divorce

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

24 Comments

Reply aasik
6:08 AM on April 5, 2022 
finally i found best reading blog site in google, thanks for sharing this type of useful articles to read, keep it up and all the best event management company in Dubai
Reply aasik
6:08 AM on April 5, 2022 
finally i found best reading blog site in google, thanks for sharing this type of useful articles to read, keep it up and all the best event management company in Dubai
Reply aasik
6:25 AM on April 5, 2022 
Reply souqalif
2:52 AM on April 26, 2022 
Want to get top ranking for your website in Search Engine? Are you Looking for the best SEO expert and SEO Freelancer in Dubai UAE. best SEO Specialist Dubai. https://v2-cool.com
Reply souqalif
2:53 AM on April 26, 2022 
Want to get top ranking for your website in Search Engine? Are you Looking for the best SEO expert and SEO Freelancer in Dubai UAE. best SEO Specialist Dubai. https://v2-cool.com
Reply souqalif
2:53 AM on April 26, 2022 
Want to get top ranking for your website in Search Engine? Are you Looking for the best SEO expert and SEO Freelancer in Dubai UAE. best SEO Specialist Dubai. https://v2-cool.com
Reply souqalif
2:54 AM on April 26, 2022 
Want to get top ranking for your website in Search Engine? Are you Looking for the best SEO expert and SEO Freelancer in Dubai UAE. best SEO Specialist Dubai. https://v2-cool.com
Reply wonka oil
10:21 AM on April 30, 2022 
https://wonkaoilstore.com/

https://wonkaoilstore.com/product/mango-juul-pods/

https://wonkaoilstore.com/product/mint-juul-pods/

https://wonkaoilstore.com/product/rick-simpson-oil/

https://wonkaoilstore.com/product/wonka-oil/

https://wonkaoilstore.com/product/ayahuasca-for-sale/

https://wonkaoilstore.com/product/buy-lsd/

https://wonkaoilstore.com/product/dmt-for-sale/

https://wonkaoilstore.com/product/ibogaine-for-sale/

https://wonkaoilstore.com/product/peyote-for-sale/

https://wonkaoilstore.com/product/salvinorin-a-for-sale/

https://wonkaoilstore.com/product/buy-buddhas-hands-runtz-online/


https://wonkaoilstore.com/product/cali-plug-carts/

https://wonkaoilstore.com/product/cannaclear-carts/

https://wonkaoilstore.com/product/choices-carts/

https://wonkaoilstore.com/product/cookies-carts/

https://wonkaoilstore.com/product/eureka-carts/

https://wonkaoilstore.com/product/glo-extracts/

https://wonkaoilstore.com/product/lion-breath-carts/

https://wonkaoilstore.com/product/muha-med-carts/

https://wonkaoilstore.com/product/berry-pie-strain/

https://wonkaoilstore.com/product/cereal-milk-cookies/

https://wonkaoilstore.com/product/ak-47-runtz/

https://wonkaoilstore.com/product/psychedelic-mushrooms-for-sale/


https://wonkaoilstore.com/product/cannabiotix-cereal-milk/

https://wonkaoilstore.com/product/banana-runtz/

https://wonkaoilstore.com/product/ether-runtz/

https://wonkaoilstore.com/product/moneybagg-runtz/

https://wonkaoilstore.com/product/live-resin-stiiizy/

https://wonkaoilstore.com/product/blue-burst-stiiizy/

https://wonkaoilstore.com/product/blue-dream-stiiizy/

https://wonkaoilstore.com/product/big-chief-extracts-carts/

https://wonkaoilstore.com/product/bloom-vape/

https://exoticdabs.us/

https://exoticdabs.us/product/stardabs-live-resin/

https://onlinepsychedelicshop.us/

https://onlinepsychedelicshop.us/product/albino-envy/

https://onlinepsychedelicshop.us/product/5-meo-dmt/

https://onlinepsychedelicshop.us/product/dmt-vape-pen/

https://onlinepsychedelicshop.us/product/lsd-blotters/

https://k2sprayforsaleonline.us/

https://k2sprayforsaleonline.us/product-category/k2-spray-for-sal
e-online/

https://k2sprayforsaleonline.us/product/bizarro-fresh-liquid-ince
nse/

https://k2sprayforsaleonline.us/product/k2-paper-for-sale/

https://k2sprayforsaleonline.us/product/buy-ketamine/

https://k2sprayforsaleonline.us/product/diablo-liquid-incense-5ml
/

https://dragonglocks.us/

https://dragonglocks.us/product/glock-18-for-sale/

https://dragonglocks.us/product/galil-ace-for-sale/

https://dragonglocks.us/product/keltec-sub-2000-for-sale/

https://dragonglocks.us/product/micro-draco-for-sale/

https://dragonglocks.us/product/mini-draco-for-sale/

https://dragonglocks.us/product/ptr-91-for-sale/

https://dragonglocks.us/product/ruger-sr22-for-sale/

https://dragonglocks.us/product/saiga-12-for-sale/

https://dragonglocks.us/product/walther-p22-for-sale/

https://dragonglocks.us/product/tec-9-for-sale/

https://dragonglocks.us/product-category/draco-for-sale/

https://dragonglocks.us/product-category/keltec-sub-2000/

https://compound-genetics.us/

https://compound-genetics.us/product/one-up-mushroom-bars/

https://compound-genetics.us/product/s-one-up-gummies/

https://compound-genetics.us/product/psychedelic-mushroom-chocola
te-bars-for-sale/

https://compound-genetics.us/product/psychedelic-mushroom-chocola
te-bars-for-sale-2/

https://buyxanaxpharm.us/

https://buyxanaxpharm.us/product/buy-xanax-2mg-online/
Reply ncoOGTaCuMxEzig
12:10 AM on May 1, 2022 
wegAkKzQxjCh
Reply doja dispensary
12:53 PM on May 6, 2022 
doja dispensary
doja weed
doja
doja dispensary michigan
doja dispensary kalamazoo
doja exclusive
doja exclusive weed
doja exclusive rs11
doja exclusive strains
doja exclusive gelonade strain
doja exclusive delivery
Reply doja dispensary
12:53 PM on May 6, 2022 
doja dispensary
doja weed
doja
doja dispensary michigan
doja dispensary kalamazoo
doja exclusive
doja exclusive weed
doja exclusive rs11
doja exclusive strains
doja exclusive gelonade strain
doja exclusive delivery
Reply Sheetal
12:51 AM on May 20, 2022 
Nice Content Thanks For Sharing ..But You Must Check Indi's Best Leading Educational Portal ..Education Rasta .. https://www.educationrasta.com
Reply Gooxiakek
6:37 AM on June 12, 2022 
Rqlrqk https://newfasttadalafil.com/ - buy cialis 5mg Ywhkby Macrobid Furadantin Need With Free Shipping Next Day Delivery Value Of Propecia generic cialis 20mg Khewei At such low levels of light the process of vision is statistical. https://newfasttadalafil.com/ - can i buy cialis without a prescription Hioswl Viagra A Casa
Reply Book Virtual Office Address for GST Registration on Rent in Delhi
6:37 AM on June 16, 2022 
Virtual Office is extremely strong and supportive for freelancer consultants as they become more visible and can get more Leads with it. Assuming a customer needs to recruit a freelancer consultant for their work. They check all their Business foundation background and experience. In the event that Customers observe that freelancer has their own Virtual office it gives a positive effect at the forefront of their thoughts. Virtual Office assists with expanding their business in other states and that assists with acquiring leads from other locations. Specialists can work on their own terms. With virtual workplaces, Specialists are allowed to do business at their own terms as per themselves which is beyond the realm of possibilities in a physical Office space.

Know More Click Here:- https://cutt.ly/UKeMB4R
Reply Book Virtual Office Address for GST Registration on Rent in Delhi
6:38 AM on June 16, 2022 
Virtual Office is extremely strong and supportive for freelancer consultants as they become more visible and can get more Leads with it. Assuming a customer needs to recruit a freelancer consultant for their work. They check all their Business foundation background and experience. In the event that Customers observe that freelancer has their own Virtual office it gives a positive effect at the forefront of their thoughts. Virtual Office assists with expanding their business in other states and that assists with acquiring leads from other locations. Specialists can work on their own terms. With virtual workplaces, Specialists are allowed to do business at their own terms as per themselves which is beyond the realm of possibilities in a physical Office space.

Know More Click Here:- https://cutt.ly/UKeMB4R
Reply SWpjzFPdquif
1:29 PM on July 14, 2022 
tbdqzyKEXlrSa
Reply SJdjPIhNxOqo
1:29 PM on July 14, 2022 
hfaUgpBzPQw
Reply ESOhLtjqnJWD
12:44 PM on July 26, 2022 
PAdYRQapLnV
Reply RDcKXuIT
12:45 PM on July 26, 2022 
iSTUIelnuAPy
Reply Smuptumma
5:32 AM on July 28, 2022 
He would direct the distribution of the spray before an operation. buy cheap generic cialis uk On Line Acticin Scabies

I'm a paragraph. Click once to begin entering your own content. You can change my font, size, line height, color and more by highlighting part of me and selecting the options from the toolbar.