A few months ago, I saw a sale sign in front of my neighbor Gina’s house. She’s lived on my street even longer than I have, so I was surprised that she was selling her home. I bumped into her a week later at the supermarket and asked her where she was planning to move. She told me (with some regret) that she was downsizing to a less expensive house. The alimony payments she’d been getting from her ex-husband had ended last year, and she hadn’t prepared for the loss of that income. She soon realized she could no longer afford to live in her home.
If you’re a married woman, research shows that you are far more likely to seek a divorce than your husband. In fact, women initiate 69% of all divorces in the U.S..
If you do decide to end your marriage, you and your soon-to-be ex-husband will have to take stock of all your assets and then begin the process of splitting them up.
This year marks our second year living with the sweeping tax law changes passed at the end of 2017, known as the Tax Cuts and Jobs Act. How did you fare under the new tax law, or do you know?
Many tax payers had pleasant surprises when they filed their 2018 returns, with smaller tax bills and/or larger refunds than usual. But some tax payers felt like they didn’t benefit from the tax cuts at all. As we met with clients in 2019, we found that for some of those clients the total tax paid was in fact higher, but due to higher income levels (from a strong economy and stock market), while tax rates actually did decline from pre-2018 levels. Unfortunately, for a significant minority of our clients, both rates and taxes paid were higher due to limitations on mortgage interest deductions, the elimination of personal exemptions and the cap on state and local tax deductions (the so called “SALT” deductions).
Regardless of which camp you found yourself in after filing your 2018 taxes, there is still time to minimize what you will owe for 2019 with smart planning. We have listed 9 tips to consider between now and year-end.
If you have kids and are headed for divorce, one of the most difficult negotiations maybe agreeing on how your children’s college tuition will be handled. We have seen this issue come up over and over again in divorces, and it is best to get as much clarity during the negotiation process as possible.
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