Financial Fitness (Part 1): Be Educated, Feel Empowered and Take Control of Your Finances! -DivorceRx

0
881

Financial Fitness (Part 1): Be Educated, Feel Empowered and Take Control of Your Finances!

DivorceRx with Karen K. Roberts, ChFC, CDFA

Money, money money…the MOST uncomfortable conversation for so many to have, and yet probably the most important. This webinar is a doozy!  It will show you how to save money during your divorce process, so you can have financial freedom and reduce your stress over your divorce.  When it comes to finances and divorce, we want to make sure you know about a few things.

  1. The difference between child support and spousal support (also known as alimony)
    1. Child support is a formula, differing slightly from state to state
      1. Extra curricular expenses and private schools are not taken into account and you must negotiate them and put that into your document.  Child support is tax free to the recipient.
    2. Spousal support is a very gray area and you MUST have your ducks in a row, and have a justification for all needs, so make sure you have back up.
      1. Spousal support is a taxable income to the recipient, and a tax write off to the payor.
      2. Spousal support can go into an IRA account, even if you don’t work! Spousal support is the only exception to that rule.
      3. Make sure you protect your child support and your spousal support with a life insurance policy for the payor, in case of death.  You need to take in to account the possibility that your ex may not be around to pay years of support and a life insurance policy owned by you, with you or your child as beneficiary would protect you from that instance.
  2. How your assets are split (not ALL assets are created equal)
    1. When you are splitting all of your assets, make sure you consult with a financial planner, so you know the difference between a taxable asset and a non taxable asset.
    2. Make sure you have an agreement about diamond rings…were they a gift, or were they an investment?
    3. If you receive an inheritance, and you put it into the family home, it becomes marital property, so make sure you protect those types of incomes.
  3. The importance of creating a spending plan (new name for “budget”)
    1. Can you afford to keep you home?
    2. Can you afford the maintenance that is required to keep the home?
    3. Can you afford the taxes and insurance?
    4. Remember, when you sell the home when you are married, you get a one time $500,000 exclusion on your taxes, and only $250,000 if you are single, so make sure you know what you are in for when you sell your home.  Making a misstep can cost you thousands of dollars in taxes.

We hope you will watch this webinar with Karen Roberts, Certified Divorce Financial Analyst, of The Emerald Financial Group in South Florida.  Her depth of knowledge in this webinar is incredible, and it can change the outcome of your divorce process in your favor. If you’d like to meet with Karen personally, she is available for questions in our very private Facebook group, along with many other divorce service providers and industry experts.  Join us and let’s continue the conversation there.  You will join hundreds of other people going through the exact same journey. To join, simply click here ——–> The Cafe D Membership Info

 

 

If you have questions, you can join our membership and log into our very private Facebook group and ask any of our experts for their advice and counsel about the divorce process and even for healing and moving on.  Join us today by clicking here:  Membership Registration

There was an issue loading your timed LeadBox™. Please check plugin settings.

NO COMMENTS

LEAVE A REPLY