Divorce and paying for college

Divorce and paying for college are topics I routinely discuss with my Nashville and Brentwood, TN clients. But, we discuss far more than just college expenses. There are college search trips, SAT prep classes, professionals to help your child with their essay, application fess and many more you should consider. What about when your child is in college? They will need technology, spending money, a meal plan, fraternity/sorority fees, a parking permit and transportation to / from school. It is best if you discuss these issues with your soon-to-be ex-spouse during the divorce process rather than assuming they will or … Continue reading

AFTER DIVORCE FINANCIAL SECURITY

After divorce financial security is a common concern. The best way to ensure your financial future is to roll up your shirt sleeves and become very familiar with the financial issues. This will be intimidating even if you handle the family finances. If you have not paid the bills, you may feel paralyzed. Remember, you can do this. You are smart and capable. However, you are under a lot of stress and therefore may not be thinking clearly. I recommend every person in divorce should be working with a professional therapist. Yes, this will cost you some money. Think of … Continue reading

DIVORCE AND TAXES

The words divorce and taxes and not typically used in the same sentence. By this I mean, those divorcing are not typically thinking about taxes. They are lucky to be able to get through a day and function… If you are divorcing consider this, the IRS will consider you divorced if you are divorced anytime during the calendar year. So, if you divorced on January 2, 2015 or December 22, 2015, the IRS considers you as single. Filing as single you will likely pay more taxes than when you filed as married filing jointly (when you were married). This means, … Continue reading

DIVORCE AND MONEY

Divorce and money are often discussed from an emotional point of view. If you are divorcing, you are likely scared you won’t have enough after the divorce. If we think of the marital estate as a pie and we divide that pie in half, each spouse will have 50% of what they had when married. I realize attorneys tell female clients after divorce they should be kept in the style to which they have become accustomed during the marriage. How is this possible if they only have half the pie?… The simple answer is that after divorce, both spouses will … Continue reading

DIVORCE AND ALIMONY

Divorce and alimony are two topics that are highly emotional. Attorneys tell me the two most important factors considered when determining alimony are what the wife needs and the husband is able to pay. The wife must prove her need by explaining her expenses and ability to earn income. The emotional stress of divorce is quite intense. It is likely both spouses will have a hard time thinking clearly enough to sort out their expenses. If this is the case, I recommend they find an Accredited Financial Counselor to assist them at www.AFPCE.org. Do not rely on your divorce attorney … Continue reading

DIVORCE AND TAXES

Divorce and taxes should go hand-in-hand like peanut butter and jelly. Well, not exactly like that but, tax issues should be addressed during divorce negotiations. If they are not, you could end up with a surprise tax bill in April 2016. For example, if you think your divorce will be final in 2015, you should consider having your withholding changed from married filing jointly to single or head of household now. If you get divorced in 2015, the IRS will assume you have been divorced the whole year regardless in you are divorced in February, July or December. This means … Continue reading

DIVORCE FIRST STEPS?

Divorce first steps? If you are divorcing, your emotions may have best of you. Feeling scared and wanting to be protected are common “knee jerk reactions”. As a result of the emotions, the first thing most divorcing spouses do is hire a divorce attorney. However, if a client does not address their own emotional needs, hiring a divorce attorney won’t help their feeling of being out of control on an emotional roller coaster. The first step in divorce should be to hire a therapist rather than an attorney. A therapist is the professional best able to help you deal with … Continue reading

FAIR DIVORCE SETTLEMENTS IN NASHVILLE

Do you have a fair divorce settlement? You may think so but, I see 3 common mistakes in settlements.  The first mistake is you don’t know what to ask for because you don’t really know what you need.  The mistake here is not understanding your monthly living expenses. A thorough list of monthly expenses should have about 140 items.  If you don’t have this many items listed, you are forgetting things and will underestimate your expenses.  This translates into, you accepting an offer that will not meet your needs. The second mistake is forgetting about inflation.  Financial planners are currently … Continue reading

What To Do When Your Spouse Won’t Provide Financial Info

If your spouse is uncooperative, you have two options: Pay your attorney to go to court or, educate your spouse what lies ahead if they are uncooperative. A spouse who is refusing to provide financial information does not understand they can’t withhold information. Perhaps they have always been secretive about the money… Perhaps their best friend told them not to turn over the information. Your spouse is just scared and really has no idea of how to navigate the divorce process. I’m not defending bad behavior. Just trying to help you understand why your spouse is being difficult. If they … Continue reading

Creative Problem Solving During Divorice

Does one size fit all? While this concept is most commonly applied to clothing (these items rarely fit properly), it also used in divorce settlements. Regardless if the settlement is in Nashville, Brentwood, TN or your city and state. Your family is unique and so are your needs. Yes, attorneys tell me a 50 / 50 division of assets is common in Tennessee. However, how the 50 % is achieved does not mean that every asset is divided evenly. Perhaps one spouse needs more cash. Perhaps one spouse wants to keep the frequent flyer miles, the house or a specific … Continue reading