Changing Tax Laws Could Affect Divorcing Couples
Couples who have made the decision to divorce in 2018 may be surprised to learn that changes in personal and business income taxes will impact the financial outcomes of their divorce. It is unclear if the new tax rules will make divorce more or less difficult to negotiate legally or financially.
529 College Savings Plans: Should you consider a change?
Parents often face the competing challenge of funding their children’s college or their own retirement savings.
Confronting an overspending spouse
Lili Vasileff is quoted in a recent article by Brittney Laryea for Magnify Money on how to handle a spouse who is chronically overspending. Lili says, “Financial infidelity is not a financial exercise, its an emotional exercise. Sometimes overspending may be the result of miscommunication, emergency spending, or unrelated, deeply seated emotional issues like an addiction.“
Knowing the value of your spouse’s 401(k)?
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.\”
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.
Why baby boomers are divorcing at a stunning rate
Lili Vasileff is quoted in a recent article by Angela Moore for Market Watch on why older couples are deciding to divorce in record numbers. Lili says, “What’s pushing gray divorce is people are living longer and they feel more entitled to living fully. They’ve contributed to raising children, they want an emotional journey, it’s their time now. They may have decades ahead and don’t want to be unhappy anymore.”
Necessary Conversations About Divorces
Listen to Mandy Walker interview Lili on Blog Talk Radio Nobody likes to talk about their debts and it’s often the hardest part of negotiations
“As a Baby Boomer approaching retirement, let us assume that you and your spouse have been fiscally responsible for most of your lives. But what happens when one household now unexpectedly divides itself in two with a late in life divorce?”
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?
How to avoid mistakes dividing up 401(k) assets in divorce
Divorcing couples can face enough agony as it is dividing up possessions and agreeing on custody of children, let alone splitting retirement assets.
Yet that nest egg often represents a divorcing couple\’s largest pot of money. And if the process for the division of those assets is not done properly, there can be a steep price to pay in taxes, penalties or an unintended amount of money going to an ex-spouse.
