Search Results for "divorce"
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College planning after divorce: The financial data of the parent with whom the child lives more than 50% of the time must be entered on the Free Application for Federal Student Aid (FAFSA) form.
Besides shifting assets out of joint accounts, there are many creative ways to keep money out of the hands of a spouse?some legal and some not. What to watch out for?
"I hear from many separated, divorced, and divorcing people whose ex-spouse has intentionally wrecked their credit." - Ilyce R. Glink, author of 100 Questions You Should Ask About Your Personal Finances
Credit agencies separate individual credit from joint credit, so as long as you have your own income, you can have your own credit history--even if you take your husband's last name. When creditors make reports, they are required by law to report information on joint accounts in both of the individual's names.
The reports, with their bleak predictions for marital success, continue to come in. Most recently, the figures state that 43 percent of first marriages and 60 percent of second marriages end in divorce. What the figures don't tell us, however, is how expensive the divorce process can be and how financially crushing the aftermath is for many involved. But those who have been through it don't need a newspaper to confirm the obvious.
The breakup of a marriage forces a couple to deal with many complex financial problems. In negotiating an agreement, the couple's main concerns might be alimony, child custody, and child support arrangements. However, they might also have to deal with dependency exemptions for children, joint liability on joint returns, legal fees and transfers of property.
A wedding is a solemn event that marks a personal commitment. So federal income taxes are probably the last thing on your mind when you are on the threshold of marriage. But it might pay for you to take taxes into account when choosing between a wedding in December of 2009 or one in January of 2010.
Question: We filed jointly and then divorced. Now my former husband threatens to disavow our joint return and file a separate return. Can he get away with forcing me to pay more taxes?
Answer: Relax. It is too late now for him to switch from filing jointly to separately.
Question. My divorce decree freed me from my ex-husband's obligations. But I continue to use a physician who also treated my ex-husband before our split, and I consider myself obligated to take care of his unpaid bills. If I pay these bills, do I provide him with an undeserved tax break?
Answer. Not at all. Medical expenses that were incurred by your ex-husband while married to you are deductible by you, though you make the payments after you divorce him and even if you have since remarried and are filing jointly with another husband. Ex-husbands, deserving or undeserving, get no tax break for medical expenses paid by ex-wives.
Question. The main income sources for my husband and me are our salaries. I just began a new job that pays a good deal more. How does that affect our taxes?
Popping the "P" Word:
Bringing up the topic of a prenuptial agreement with your future spouse might be the most important conversation you have before your wedding. Many people are hesitant to even mention prenups much less discuss them with their future spouses, because of the numerous preconceived notions about them. Contrary to popular belief, prenups can be romantic. What many people don't realize is that a discussion about prenups can actually be an excellent way to learn more about you and your spouse's expectations, hopes and dreams about your life together. They open lines of communication at the onset, which helps create the foundation necessary for a mutually fulfilling relationship.
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