Don’t let money woes silence you after a divorce. Take these steps to get a plan in place

 

 

MoneyWoe

 

Lorie Konish | @LorieKonish
Personal Finance Reporter
Published 8:00 AM ET Fri, 5 April 2019

If you're divorced, you don't need to be told that your financial life has changed.

However, one key indicator — how willing you are to talk to family about money — shows just how much your finances and relationships can be upended.

HBO

Results from the CNBC Invest in You and Acorns Savings Survey show that 56 percent of divorced Americans said they almost never talk about their finances with family members, versus 27 percent of all survey... Read More

More older women are returning to work, rebuilding savings and a professional identity

Paul Davidson USA Today, Published 5:00 a.m. ET March 25, 2019

Erica Hernandez was a stay-at-home mom through two recessions that depleted her family’s retirement savings, forcing them into a frugal lifestyle that left little money for frills like dining out.

So in 2017, with her two children gearing up for college, she returned to the workforce after a 19-year hiatus -- not as the public relations executive she had once been, but as an administrative assistant for a teachers union.

“My husband had shouldered the burden all these years,” says Hernandez, 54, who lives in South San Francisco, California. “It was time for me to share the load.”

The best job market in half a... Read More

Strategies For Protecting Threatened Wealth

 

 

 


How to advise older clients divorcing on the cusp of retirement


February 28, 2019
by Lili A. Vasileff, CFP, MAFF, CDFA
Ms. Vasileff is a fee only CFP, Master Analyst in Financial Forensics (MAFF™) specializing in Matrimonial Litigation, CDFA, and President of Wealth Protection Management in Greenwich, CT. Please visit wealthprotectionmanagement.com. She is author of three books: “Money & Divorce: The Essential Roadmap to Mastering Financial Decisions” published by the American Bar Association; and “The Ultimate Divorce Organizer, The Complete Interactive Guide to Achieving the Best Legal, Financial and Personal Divorce”, and “The Divorce Planner Checklist”. Her awards... Read More

Leaving All the Financial Decisions to One Spouse Is Asking for Trouble



Scott Van Voorhis
Jan 15, 2019 8:30 AM EST

While it's common for one partner to handle most money decisions in a marriage, it's important for planners to make sure to listen to both.

It's not uncommon for couples to split up their household duties, with the more money-savvy partner handling the finances. But financial planners say cases where one spouse completely dominates discussions about money and investments while the other partner checks out can be a cause for concern.

Such an imbalance can create serious problems down the line if the financially dominant spouse becomes ill or dies. It can also point to... Read More

Half of widows see their income drop by 50%. Don’t be one of them


When your spouse passes away, you don't have to struggle financially

Julie Halpert
November 26, 2018
considerable.com

In March 2013, Ginny McKinney and her husband, Dan, were shopping for a camper to pursue their dream of traveling to great golf courses around the country. Then Dan died of a heart attack. He was 62 years old and she was 59.

“It was devastating. Grief is like an onion. You have the initial shock of the loss itself, but then it keeps going deeper and deeper,” Ginny says.

And in Ginny’s case, the emotional challenges were compounded by financial setbacks.

Just four months before Dan died, Ginny had cut down to part-time hours at... Read More

Is Divorce Becoming a Tax Strategy Game?

November 30, 2018 by Lili A. Vasileff, CFP, MAFF, CDFA

As professionals, we must consider how to address the ripple effect of the repeal of the alimony tax deduction and other uncertainties in the new tax law. Divorce has become a tax strategy game with no clear direction.

Many couples who are racing to divorce in 2018 may be surprised to learn that even though the tax character of alimony remains unchanged in 2018 and will be grandfathered, other changes in personal and business income taxes will absolutely impact their financial outcomes. Clearly, the spectrum of changes in the “Tax Cuts and Jobs Act” (H.R. 1)... Read More

Secret Santa: Many people don’t know what their spouse spends on holiday shopping

  • Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season.
  • In some cases, shoppers are purposely keeping their spouse in the dark.
  • Holiday overspending can trigger relationship and financial problems.

Laura Galligan | @GalliganLaura
Published November 29, 2018 CNBC.com

For many consumers, the real magic of the holiday season is the sleight of hand it takes to hide overspending from their spouse.

Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season, according to a new survey of 1,000 U.S. adults from SwagBucks.com .

Another survey,... Read More

This is why baby boomers are divorcing at a stunning rate

 

 

 

 

Published: Oct 20, 2018 10:59 a.m. ET

When ‘until death do us part’ sounds like agony
(Courtesy Everett Collection)

By ANGELA MOORE, SENIOR EDITOR

 

Looking ahead to the next phase of life can seem pretty dreadful if you can’t stand the person who you’ll be spending it with.

That may be what some boomers are facing. Among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s, according to a Pew Research Center report. Statistically speaking we’re healthier and probably going to be living a lot longer — possibly 30 years... Read More

Getting divorced? Don’t forget to talk about how you will pay for your kids’ college

 

 

 


Carmen Reinicke | @csreinicke

Published 11:43 AM ET Fri, 10 Aug 2018 Updated 12:03 PM ET Fri, 10 Aug 2018 CNBC.com

  • Some states require parents to address how they will pay for college in divorce decrees.
  • Regardless of your home state's rules, experts say that divorcing parents should work out an agreement about college for their children.
  • Divorce and remarrying can have an impact on financial aid eligibility, and some schools will require financial information from both parents.

Read More

1 in 3 parents will help their kids pay off student loans

 

 

 


Carmen Reinicke | @csreinicke

Published 8:57 AM ET Thu, 19 July 2018
CNBC.com

One third of parents say that they will help their child pay back some or all of their student loans, according to a recent survey by College Ave Student Loans.

Student loan debt has skyrocketed to $1.5 trillion in the U.S.

Parents should make sure that they're balancing their long-term financial goals with helping their children finance higher education, advisors say.

Parents today are often hit with a financial triple whammy. They need to balance helping their children pay for college, saving for their own retirement and often taking care of aging parents.
Read More

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