Divorce can be a financially draining event, and many people have a difficult time financially after divorce. Recent studies have shown that women are now faring better financially after a divorce, primarily because more women are now working outside the home and the male/female income gap has continued to narrow. Meanwhile, divorcing men may be [...]
Consumer debt in the United States today is a big issue. The number is actually staggering — total U.S. consumer debt, as of December 2011 is $2.5 trillion (Source: Federal Reserve’s G.19 report on consumer credit, released February 2012). Average credit card debt per household with credit card debt is $15,956. Almost all American families [...]
Many decisions need to be made during a divorce, and it can be somewhat overwhelming. The last thing couples are usually thinking about is taxes. However, there are tax implications from a divorce, and you’ll need to make sure you understand the basics and work with a qualified accountant or CPA who can provide guidance [...]
There are many technical terms you might run across during the divorce process, but there are four specific words that often confuse and sometimes mystify people: Qualified Domestic Relations Order (also known as QDRO). In simple terms, a Qualified Domestic Relations details how a couple’s retirement assets will be split in the wake of a [...]
Sometimes after a divorce, it’s easy to focus on healing emotionally, and let financial issues and money matters take a back seat. Though healing emotionally is certainly an important part of the post-divorce process, it is important to address money matters promptly, since the financial choices you make after a divorce can have lifelong effects, [...]
Spousal support is the term used to describe the payments, or transfer of money, from one spouse to another after divorce. Spousal support is also called spousal maintenance, and was once exclusively referred to as alimony. Today, these three terms are used interchangeably. Spousal support laws were originally created in the U.S. to protect a [...]
Last week we talked about the top 10 reasons for divorce, and money (financial issues), is continually cited as one of the most prevalent reasons that couples get divorced. The underlying issue most of the time is actually lack of communication. The key to defusing the money issues in your marriage is to talk about [...]
It is virtually impossible to find accurate numerical data that reports the reasons for divorce, due to the fact that different states and even counties within a state have different requirements and reporting methodology for couples filing for divorce. However, there is a common set of reasons that come up again and again in different [...]
According to a study by the University of Virginia’s National Marriage Project called “The Great Recession and Marriage”, almost 40% of couples who were considering a divorce before the recession have decided to stay together. Let’s take a closer look at this number. Many of these couples (about 29%) actually said the recession deepened their [...]
