In this article published in Bloomberg News, Lili Vasileff contributes to a discussion of the state of information sharing in marriages -- especially when it comes to financial details. Lili says, ‘‘Most couples don’t share fully financial details about private accounts, the nature of investments, or the amount of savings." By Suzanne Woolley
Published in Bloomberg News, August 31, 2016
Trust of politicians in America seems to have reached a new low in this election season.
But who would have guessed how little trust exists across the kitchen table?
Many American couples don’t share even basic financial details of their retirement savings account, beyond the fact that they have one. Twenty-one percent of couples either married... Read More
As Baby Boomers approach the last hurdle before the magic retirement age of 65, it is becoming increasingly newsworthy that growing legions of older Americans are untying the marital knot. With this trend for “gray” divorces, there are several challenges: dividing one household into two; re-evaluating near term retirement and estate planning goals; addressing gaps in health insurance coverages; re-examining investment decisions for longer life expectancies. It is truly a “perfect storm” where not only are your financial goals turned upside down, but planning is further complicated by emotional and psychological turmoil affecting your rational decision-making.
As you approach your golden years, you realize you may be heading toward divorce. Now you start asking questions: how does one start the process, how much is it going to cost, and how long does it take?
Many Baby Boomers have misconceptions about divorce. These misconceptions arise from all sorts of people who mean well but mislead when sharing their own experiences and “knowledge from the battlefield”. Everyone has a story to tell. It seems that either they came through divorce reasonably well or they are financially devastated by divorce. The perils of not knowing what lie ahead seem enormous. Your anxiety is clearly growing as it becomes increasingly confusing to know... Read More
In this article by Jean Chatzky for Fortune.com, Lili Vasileff contributes to the discussion of recent research that finds many more men than women have bank accounts or credit cards that their spouse or live-in partner don’t know about. Should a married woman have a slush fund…a stash of cash that her spouse doesn’t have access to and maybe doesn’t even know about?
Lili says: “The idea of a secret puts up a flag. The idea of something being secret is that you’re fearful of being discovered…the more this idea of secrecy starts to creep in, the more you’re driving a wedge through your marriage.” So what to do?
In this news article by Anna Robaton for CNBC.com, Lili Vasileff offers her advice on the financial steps to take before exchanging vows. Lili says, "Set aside time to talk about money issues so that it becomes routine. This also minimizes the emotional impact of being caught unprepared to discuss money."
By Anna Robaton CNBC.com
Tom Grill | Getty Images
In the 14 months leading up to their wedding last September, Howard Gutman and his fiancé did what many other engaged couples do. They got... Read More
Every household must work out its own records management system, but some general guidelines can help. A good system will provide an overview of what happens to property after a major life event occurs. Lili offers her advice in her latest blog post...
Managing Household Records and Documents: Security and Necessity
PREPARED BY LILI VASILEFF
When was the last time you couldn't find an important paper you knew you had carefully put away? How do people decide where to store and keep such records? And how do they know what to keep, what to throw away, and when? Do you have a simple system or roadmap for important papers to which you or a loved... Read More
Lili Vasileff is the proud author of the new book: “Money And Divorce: The Essential Road Map To Mastering Financial Decisions” published by the American Bar Association, January 2018. Click here to learn more and purchase your copy TODAY!
How the new tax changes will impact planning for divorcing couples by Lili Vasilef
Ms. Vasileff, president emeritus of the national Association of Divorce Financial Planners, and nationally acclaimed author, speaker and practitioner at www.divorceandmoneymatters.
It is difficult to assess the impact of tax law changes will have on folks who divorce in the near future. Clearly, the spectrum of tax law changes for individuals ranges from tax brackets, deductions, and tax credits to tax shelters.
It is unclear if these new rules will make divorce more or less difficult to negotiate. Why? Many of... Read More