More than 50% of marriages end in divorce. Although no one plans to be a divorce statistic, it happens. So, what do you do now?
Question My husband and I are talking about getting a divorce after six years of marriage. We don’t have any children, and he thinks we can do it ourselves. What do you think? Answer Doing your own divorce makes can make sense and save you money in certain circumstance. For example, if your divorce meets …
You can’t predict how your spouse will react when you announce that you want a divorce. If your spouse is in charge of your family’s finances or has access to joint accounts, you could find yourself suddenly cut off from your money! Do not put yourself in a position where you will need to rely …
Thinking of a Divorce? Make Sure You Can Access Cash! Read More »
Think that you might be on the hook for alimony or spousal support after your divorce? The new tax bill that was signed into law at the end of 2017 states that the spouse paying alimony won’t get a tax deduction for the payments. This change applies to all support agreements made after December 31st, …
Will You Have to Pay Alimony to Your Ex-Husband? Read More »
The U.S. military offers one of the best retirement systems in the world. After 20 years of service, a service member can retire and receive 50% of their base pay for the rest of their lives, with cost-of-living increases thrown in just for fun. If you are (or were) married to one of the estimated …
Can I Get a Piece of My Husband’s Military Pension After Divorce? Read More »
I recently heard that I may be entitled to collect Social Security benefits when I retire based on my ex-husband’s earnings. But I looked at my divorce decree and it doesn’t say anything about it. Did I miss the boat? Here’s some good news about your divorce. If you were married to your ex-spouse for …
The National Center for Family and Marriage Released a surprising study that showed divorce rates between adults 50 and older doubled between 1990 and 2010. Now, 1 in 4 divorces in the United States is between couples over 50. On some level, this is good news. It means that the lower stigma of divorce has …
All the Documents You Need to Prepare for Your Divorce One of the primary purposes of your divorce settlement is to divide your marital property between yourself and your spouse in a way that is fair and equitable. (Hopefully, you and your spouse can come to an agreement on what is fair and equitable through …
We love this guest article, written by Dr. Shokohi. It provides loads of important information for parents who are preparing for a divorce. College costs are always a difficult (and scary topic), but financial planning for college can become even more complicated once you are divorced. Who is going to pay when the big tuition …
How to Negotiate for Your Children’s College Costs During a Divorce Read More »
Separating your life from another person can seem like an endless journey requiring a million steps. Many articles focus on the big picture tasks related to divorce, but you also need to know about all the nitty-gritty things, too, like how to close down joint checking accounts. With that in mind, here are some things …
How to Close Down Joint Accounts During a Divorce Read More »
The sweeping tax bill signed by President Trump in December 2017 includes major changes that are sure to affect every American when tax day arrives. For those considering a divorce, one provision in particular could mean thousands of dollars saved or lost each year. The Alimony Reversal According to the Census Bureau, roughly 243,000 people …
Question: My husband was downsized from his job six years ago. We’d been paying an arm and a leg for childcare for our two young children, so we made the decision that he would stay home and care for them full time. In the meantime, my career took off. That was great for our bank …
Do Women Have to Pay Child Support to Their Husbands? Read More »
For many women, the realization that their marriage is failing is a long, agonizing road. Oftentimes, a woman will know the truth in her heart for months before she builds up the courage to have that difficult conversation with her husband. If you are nearing that point, it is time to start planning for the …
Trusts were once considered a tool that only the mega-rich used to shovel their huge piles of money into a safe place. These days, trusts are increasingly used by all sorts of people, including older couples who want to provide ongoing support for their children or business owners who appreciate a trust’s ability to protect …
Here at WIFE, we write about divorce a lot. That’s because divorce is often the single most expensive life event a woman may experience. A divorce can change a woman’s financial trajectory dramatically, which often has negative consequences for her quality for life for years to come. With that in mind, we thought it would …
Three Ways Millennials Might Change Divorce Forever Read More »
If your husband owns a business, you may have a right to a portion of that business’s value if you get divorced. The key question then becomes, how much is the business worth? This can be a very difficult question to answer. A business is more than just the value of its equipment and furniture. …
How to Evaluate Your Husband’s Business During a Divorce Read More »
The decision to get a divorce will be one of the biggest and most consequential choices of your life. Your divorce will directly impact your finances, your quality of living, the lives of your children, and your own emotional health. Maybe you’ve already decided that a divorce is the right choice for you, or perhaps …
Why You Should Educate Yourself About Divorce Before Taking the Plunge Read More »
Here at WIFE, we have written several articles about the huge Social Security benefits women can receive if they were married to their husbands for at least ten years before their divorce. When you reach retirement age, you are eligible to receive benefits equivalent to 50% of your ex-husband’s Social Security benefits if that amount …
Understanding Social Security Survivor Benefits After Divorce Read More »
Question: Last year my divorce with my husband became final and he started paying me child support for our two daughters. I’m going back to school, and the child support and alimony make up a lot of the money I get (I also work part-time). This is the first year I’m filing my taxes as …
Do I Have to Claim Child Support Income on My Taxes? Read More »
Getting a divorce might be the right thing to do, but it will have a big effect on your children’s lives, creating uncertainty and possibly triggering a range of negative reactions. To lower the trauma of family change, you may want to stay in your current home, especially if you have primary custody of the …
Should I Keep the House After Divorce for the Sake of the Kids? Read More »
Debt is a reality for a large number of families in the United States. According to Nerd Wallet, the average American family is saddled with $137,063 in debt. With that in mind, we thought it would be useful to republish this article about how debt is treated in divorce. Did your husband just take out …
My husband and I have drawn up a list of what we own and we have tentatively agreed on how to split everything in our divorce. I’m afraid we might have missed listing something. Can you help? As a financial divorce consultant, I often review final property settlements to determine additional tax and financial considerations …
Here are Six Important Assets You Can’t Afford to Overlook During Your Divorce Read More »
As hard as it is to admit, you know that your marriage is heading toward divorce. As the realization sets in, it’s time to start planning how to get through this thing and on to the next chapter of your life. You probably have tons of questions, such as how much is it going to …
Your “I do” has turned into “I don’t.” When you walked down the aisle, you envisioned a life of permanent marital bliss, but reality has not been so kind. It is now time to end your marriage. You want a divorce, but how do you go about actually preparing for this huge life change? In …
My nine-year marriage has been rocky for quite some time, and my husband and I periodically talk about divorce. A friend told me I should stick it out a while longer since there are benefits to being married ten years or longer. What are those benefits?
The biggest mistake women make when they decide to get divorced (and most divorces are instigated by women) is that they fail to plan for their post-divorce life. This is understandable. The decision to separate from a marriage is highly emotional, and it can be difficult to focus on practical questions, such as how you …
How Understanding the Four Walls Strategy Can Keep You Afloat After a Divorce Read More »
Tax season !!! (Anyone hear the Jaws theme suddenly start playing in the background?) If you are either in the process of getting divorced or got divorced last year, then you may be facing a totally different tax situation than you are used to. Take care! You don’t want to accidentally lose out on some big new deductions …
Five Things You Need to Know About Filing Your Taxes After a Divorce Read More »
Divorce can be emotionally freeing for women, but it can also be financially devastating. Women, far more than men, face a stark plummet in their standard of living after divorce. That is why, if you are considering divorce, you must start planning right now for your post-divorce life. One of the most important questions you’ll …
How Much Money Will You Need for Your Post-Divorce Life? Read More »
My husband and I are divorcing, and he says that unless I agree to split the property the way he wants, he’ll take me to court and the judge will order us to sell everything. Can he do that? First, we’re sorry that your husband has resorted to divorce threats instead of working with you …
What to Do When Your Husband Makes Divorce Threats Read More »
Isn’t it amazing how you’ll spend an entire back-breaking day cleaning your garage every few years and promise yourself that you’ll never, ever let it revert back into the cluttered mess that it was? Then, come next spring, your beautiful, spic-and-span garage has somehow de-evolved once again into something that looks suspiciously like a landfill. …
How to prioritize in your divorce negotiation It’s common enough for people to go a “bit crazy” during their divorce proceedings, but the case of a San Diego pointer-greyhound mix named Gigi was so outlandish that it managed to make national headlines. Gigi belonged to Dr. Stanley Perkins and his wife, Linda. When the couple …
Would You Pay $150,000 to Keep Your Pet in a Divorce? Read More »
Aside from your home, it is likely that the retirement accounts you and your husband hold make up a large portion of your shared assets. Divorce accounts, like 401(k) plans, IRAs, and pension funds come with a lot of rules and regulations, which makes them a little tricky to tackle in divorce. However, retirement accounts …
Are You Entitled to Some of Your Husband’s Retirement Savings In Your Divorce? Read More »
If you are in the middle of a divorce, it can be confusing to know what tax filing status to use. With that in mind, we’re re-posting this helpful article from last year, which breaks down all your different options. Even after the emotional turmoil of a divorce, life goes on, and so do taxes. …
Getting Divorced? What Tax Filing Status Should You Use? Read More »
Going through a divorce is stressful, and that stress can have a serious impact on your health. The greater your stress, the worse your health becomes. The worse your health becomes, the more costs you face related to your health and the lower quality of life you experience. Dealing with health issues, expensive medical costs, …
Every estate is different and will require you to make unique choices when it comes to negotiating a divorce settlement with your spouse. The more complex your estate is, the trickier it can be to know what a fair division of assets is. What happens if your husband has lots of investments that may pay …
During the Divorce, Should You Take the Investments…Or Cash? Read More »
Divorce is expensive, so anything you can save on your taxes can help you rebuild your new post-divorce life. If your divorce was completed by December 31st of the prior year, then you may be able to take advantage of big tax savings if you meet the IRS’s qualifications as a “head of household.” By …
Can I Claim Head of Household Status After a Divorce? Read More »
Q: My husband left three years ago and is continuing to pay the mortgage. I want to sell [the house] so I can move, but he doesn’t. He doesn’t have enough money to buy me out or the credit to refinance it on his own. What do I do? ~ Brenda Brenda, we are sorry …
What If One Spouse Wants to Sell the House After the Divorce and the Other Doesn’t? Read More »
If you want to keep your house after your divorce, you are taking on a big financial challenge! If you are like most Americans, your mortgage represents your largest monthly expense, and now instead of splitting it between two incomes, you’ll have to find a way to shoulder it all on your own. Still, many …
How to Get the House in Your Name After a Divorce Read More »
There is a popular consensus that divorce rates in the United States are sky high and climbing fast, but the truth is that actual rates of divorce have settled over the last decade of so for all age groups…except one. We are in what some experts have called, the “gray divorce revolution.” A study out …
Can I Get Divorced After 50 and Still Retire on Time? Read More »
Monthly child support payments can be a financial life saver after a divorce, especially if you earn far less than your husband. After a divorce, you will need to learn how to make do on a single income while raising children who seem always to be emptying your refrigerator, growing out of their clothes, and …
What Can I Do If My Ex-Husband Won’t Pay Child Support? Read More »
Say it ain’t so! Angelina Jolie and Brad Pitt are getting divorced. Maybe you were originally on Team Jennifer when Pitt and Jolie got together, but you’ve got to admit the two Hollywood superstars seemed like a match made in gorgeous person heaven. After 10 years of dating (possibly a world record in Hollywood), Pitt …
What Brangelina’s Divorce Can Teach You About the Value of a Prenup Read More »
Not every marriage ends with an epic fight and an eternal hatred for one another that can never be quenched. In certain cases, a marriage can just quietly wither until one spouse (usually the woman) simply decides that she would be happier on her own. This is especially true of “gray divorces,” divorces that take …
Should You Consider a Separation Instead of a Divorce? Read More »
Going through a divorce is a huge emotional blow and will undoubtedly be a pretty big financial blow, too. Even though we ladies are climbing up the rungs of the corporate ladder, we still earn less than men. We are also still more likely to drop out of the workforce in order to care for …
I am thinking of divorce, and I don’t know what to do about my credit cards. Will I be able to get credit after I divorce, or will I have to start over?
A divorce is one of the most traumatic events in a person’s life, ranking right up there with the death of a loved one. A divorce is also one of the few times – and maybe the only time – a person has to deal with the court system. Ending a disintegrating marriage is made more …
Q. My husband left me three months ago and now wants a divorce. Should I keep paying the mortgage on my house even though he could get half of it? A. It can certainly be financially difficult to carry the full cost of a monthly mortgage payment on your own! We definitely understand why it …
If You Know That You Are Getting a Divorce, Should You Still Pay the Mortgage? Read More »
Many divorces are downright nasty, especially if a lot of money is on the line. A high-earning spouse isn’t exactly happy to hand over his assets to his soon-to-be ex, especially if they live in a Community Property State that requires couples to equally split their marital estate. Hiding assets during a divorce is more …
What to Do If You Find Out that Your Husband Hid Money From You During Your Divorce Read More »
Even though you know that cheating is surprisingly common in marriage (just grab the latest People Magazine if you need a reminder), you never think that it will happen to you…until it does. According to TruthAboutDeception.com, estimates peg infidelity rates in the United States at between 30% – 60%. It may be nice to know …
Can You Get a Better Divorce Settlement If Your Spouse Cheated? Read More »
We’d like to believe that when it comes to life, work, and family that men and women have reached something nearing equality. Not so. According to the Pew Research Center, in 2012, 84% of stay-at-home parents were women. Likewise, women are far more likely not to work or to work part-time than men even if …
Divorce Preparation Guide – Now Is the Time to Start Preparing for a New/Better Job Read More »
When I was divorced, I didn’t change my name, but now I want to resume my former name and drop my ex-husband’s name. Is it too late to do this without an expensive attorney? Divorce is very unsettling, to say the least. It is difficult to think about changing one’s name when there are so …
If you are in a position to receive alimony as a part of your divorce, the settlement (or the judge) may specify exactly how much your ex-spouse is obligated to pay and over what time period. Normally, your ex would be required to send you a monthly alimony payment, but you can attempt to negotiate …
Five Reasons Why You Should Request Alimony as a Lump Sum During Your Divorce Read More »
When you join your life with another in marriage, you make the promise to share all the joys and challenges of the future together…but does that include debt? What if you are a diligent saver while your husband comes into the marriage with $50,000 in student loan debt? What if he dreams of starting his …
In Sickness, Health…and Debt? Are You Responsible for Your Spouse’s Debts? Read More »
Divorce can shake you to your very foundations. Everything changes and many women want to cling to the house as the only stability they can find in a shifting world. Whether keeping the house is your best option depends on many different factors. Here are six things you need to consider in making that important decision. …
Understand the Penalty for Hiding Assets During a Divorce You feel angry. Betrayed. Frustrated and furious. Divorce rarely brings out the best in us and oftentimes reveals our inner monsters. This is especially true if abuse and/or infidelity are part of the equation. Nonetheless, you may be obligated to hand over a significant amount of …
Why You Should Definitely Never Try to Hide Assets During a Divorce Read More »
Introduction to the No-Fault Divorce If you were stuck in a lousy marriage at the beginning of the 20th century, your chances of getting a divorce weren’t so great, especially if you were a woman. Back in those days, you couldn’t just tell a court that you and your husband had grown apart.You had to …
In the past, stock options were primarily an award for a company’s top management team. In the past few decades, however, stock options and RSUs have become a much more common employee incentive, and the National Center for Employee Ownership estimates that “since the late1980s, the number of people holding stock options has increased nine-fold.” …
Can I Go After My Husband’s Stock Options and RSUs in a Divorce? Read More »
The men and women who served in the United States military deserve our thanks and our support throughout their lives. That is why the U.S. government created the Veterans Administration in 1930 and gave it the mission “to serve America’s veterans and their families as their principal advocate in ensuring that they receive the care, …
Understanding Survivors Benefits for Veteran Widows Read More »
The decision to get divorced should never depend on whether you think you can afford it; however, it is important that during this emotional time you prepare yourself for the potential costs involved. One of the most popular articles on WIFE.org is The Twelve Financial Pitfalls of Divorce. The very first pitfall we wrote about …
Divorce is Probably Way More Expensive Than You Realize Read More »
A house can mean a lot of different things to different people. For you, your home may mean stability. It can also represent an important asset, or consistency for your children during a difficult time. You may love your house for its proximity to your work, your family, or your children’s school. There are many …
Spring has sprung. If you are coming out of the winter of divorce, consider this season as your chance to clean your home and your soul of the emotional burdens. Back by popular demand is this useful and uplifting article. The season of spring is all about renewal, which is why it is the perfect …
Spring Cleaning After Divorce: Cleaning Out Your Closet and Your Life Read More »
Watching your child go through a divorce is a difficult experience, especially when emotions get hot. What’s even worse is the possibility that your child’s spouse will receive full custody of your grandchildren and may seek to prevent you from having contact with them. Divorce has a tendency to bring out the worst in people, …
Can I Still Visit My Grandchildren After a Divorce? Read More »
When Amber walked down the aisle eight years ago, she thought she was going to spend the rest of her life with Marcus. After their second child came along four years ago, they decided that Amber should leave her job as a product manager to take care of the children full time while Marcus continued …
Are You Eligible for Alimony After Your Divorce? Read More »
If you are finally wrapping up your divorce, you probably feel financially and emotionally exhausted, even if the process wasn’t acrimonious. It takes a lot of work to untangle your assets (and your heart) from another, especially if you were married for a long time. Now, you are facing a life that might look very …
When couples divorce, mistrust abounds. One of the first things people think of when their spouse asks them for divorce is, he must have been stashing away money. You know more about your financial situation than any stranger could, so before you hire a private eye to look for hidden funds, think carefully about your …
Six Places to Look for Hidden Assets During Divorce Read More »
Going through a divorce can be an emotionally trying time, but it is also an opportunity to start fresh. Now that you are single, it is important to begin with a strong financial base. Assess your current financial situation Following a divorce, you’ll need to get a handle on your finances and assess your current …
Life After Divorce: Time to Assess your Financial Situation Read More »
UN-tying the Knot? Everything You Need to Know When Prince Charming Leaves the Building
My husband moved out of the house six months ago. I don’t think I can afford to buy him out, and so I am considering moving into the rental condo we have, which means we’d sell our house. But my husband thinks that I should stay in the house until our son leaves for college …
As a part of my divorce settlement, I am supposed to get a portion of my husband’s retirement plans. I’ll need some of the money to live on, but I’m only 53, so I’m too young to receive retirement benefits. What’s the best way to handle this retirement plan distribution? Generally, a Qualified Domestic Relations …
Getting Income From Retirement Plans After Divorce Read More »
My husband just told me he wants a divorce, and he says he’s been thinking about it for quite a while. I’m afraid that he’s taken steps to hide money so that I won’t receive a fair share of our property. Where can I look to try to find any hidden money? It’s smart of …
Where to Search for Hidden Assets During Divorce Read More »
I have just been through a divorce, and I feel as though I’ve been through the wringer. I have a great therapist who is helping me through the emotional aftermath, but I don’t know where to begin to get my financial life back on track. Unfortunately, “splitting the sheets” also means splitting the assets and …
Getting Your Financial Life Back On Track After Divorce Read More »
Question: My husband is a spendthrift and we are deeply in debt. Money, or rather, the lack of it, is a constant source of irritation in our marriage, and we have talked about divorce in the past. Now, due to his business problems, my husband says we may be facing bankruptcy. If I go ahead …
I know that California says that I get half of the property my husband and I have accumulated during our marriage. But what we have is mostly debts. What’s the best way to deal with them? Unfortunately, its not unusual for couples these days to have more debts than assets. The general rule is that …
My husband and I are discussing divorce, but we are both afraid that once we get involved in the legal system, it will be very costly and we will lose control of the process. Do you think that mediation would work for us? We asked Genell Greenberg, MSW, who is an experienced divorce mediator and …
Divorce Mediation: An Alternative to High-Cost Litigation Read More »
How one woman created her own support group With divorce on the upswing and the original family foundation being divided, there is a growing population of single parents needing support and information on surviving the breakup of the classically acceptable family unit and the reincarnation into the new single parent lifestyle. With the advent of …
In last month’s column, you learned how to interview attorneys to represent you in a divorce. Once you have set an appointment, you need prepare for that interview in order to get the most bang for your buck when you and the attorney meet. The attorney must have a basic understanding of the facts of …
Your health is the most important asset you have, and health insurance coverage is a close second. If your health insurance is through your spouse’s employer, once the divorce is final you will need to obtain health insurance for yourself. It is very important that there is no gap in coverage, so you must deal …
Each year, nearly 2.8 million men and women go through the emotional and financial trauma of divorce. During divorce, many women are concerned about financial survival—and with good reason.
Here’s some good news about divorce, for a change. If your marriage lasted at least ten years, you can claim social security benefits on the entire earnings history of your ex-spouse.
Sign Up for the WIFE.org Newsletter
Get a Free Bumper Sticker!
