Click here to read more about Samalin Wealth.
By now, we have all heard bits and pieces of the sweeping tax plan proposed by Republican lawmakers. Interestingly, there is a significant provision that will affect divorcing couples. Whereas current tax law allows the payor spouse to deduct alimony payments and requires the payee spouse to pay taxes on alimony received, the proposed tax […]
You may have made the decision to get a divorce; but in the meantime, you should also take steps at work to make your life easier during a stressful time. To start, you can get your boss on board so that he/she will understand when you request some time off to meet with lawyers or […]
Divorce requires that you make some important decisions, ones where mistakes will cost you either in lower income or in reduced financial assets. For example, is it better to sell the marital home or keep it in exchange for another asset? Or, is it smarter to take the 401(k) or IRA instead of the taxable […]
There are some special considerations for splitting IRAs pursuant to a divorce. Unlike qualified retirement plans, you do not need a qualified domestic relations order (QDRO). However, the split must be addressed by a divorce decree. If an IRA is split before the divorce decree is issued, you can be subject to taxes and penalties. […]