How Does A Divorce Change Your Finances?

How Does A Divorce Change Your Finances? - Peace Talks Mediation Services - Divorce, Divorce Mediation, Finances - Copyright: <a href="https://www.123rf.com/profile_dolgachov">dolgachov / 123RF Stock Photo</a>

Are you in the very beginning stages of getting a divorce? Concerned at what your financial landscape will look like once your separation has been finalized?

One thing is for sure, many things will change after a divorce, and one of the most significant changes will be your finances.

Here are a few financial thoughts to keep in mind as you and your partner begin this difficult chapter:

  • Taxes can be impacted in various ways
  • Make sure to learn about ALL of your financial accounts, income streams, debts and assets
  • Alimony and child support payments can quickly drain your accounts
  • You and your ex will still be responsible for any shared debt
  • Think with a clear head, not a broken heart
  • Reach out to a financial mediator who is experienced in the divorce process

Going through a divorce is a time for significant life-altering adjustments and great emotional distress.

It’s vital to reach out to a financial expert who can objectively review your finances and discuss with you and your spouse various scenarios that may be available for both of you to reach a settlement that takes into consideration the entire family.

At Peace Talks, our team of experts focuses solely on mediating family law conflicts. We are a full-service mediation firm that specializes in helping people in Southern California settle their divorce in a sane and sensible manner.

We begin by helping you to articulate your financial needs, concerns, and objectives. Then, we help you identify accurate values for your assets, debts, income streams and expenses.

Whether you are getting divorced, planning your estate or negotiating a premarital agreement, our team of experienced, skilled divorce mediators and family law mediators will create practical solutions to difficult financial situations.

Contact us today to see how we can help you navigate through your finances in a civil co-operative environment!

Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.

Don’t Overtax Yourself & Do It Now

by Stephanie Maloney

The new tax legislation will necessitate adjustments for many people dealing with alimony payments-both paying and receiving.

When you start to factor in things like tuition and college debt you get a sense of where your strategy needs to shift in order to maintain sufficient protection for your assets.

Your tax advisor is going to be swamped with requests from people worried about the deductions they have relied upon for some real relief before April 15Th. You can get a head start by assembling whatever (receipts etc.) you posses as well as your various investment and interest 1099’s and charitable contributions.

The more you can do before the tax appointment is more time the accountant can take to make certain you get all the deductions you are entitled to receive. You may even need to change your W-2 status to match the new money dynamics of the altered tax structure.

If you do need to make some changes it might maximize the process to do it as soon as possible. We’ve worked with some great advisors if you need some referrals.