Financial Infidelity – How To Protect Yourself?
It doesn’t matter if you are single and beginning a relationship, if you are in a long-term relationship, or if you are negotiating the breakup of a marriage–people often overlook the warning signals for the ways in which they might be taken advantage of financially.
Divorce is expensive, often ruinously so. You don’t need an expert to tell you that. However, an expert can help couples going through it to soften the blow.
Divorce Rates: Lower overall, higher for older couples
Sept. 7, 2019
Unbelievable! Divorce rates are down 40% from 1992 when there were 4.8 divorces for every 1,000 Americans. By 2017, that rate was only 2.9. However, divorce rates for older Americans have skyrocketed.
The key things to focus on in divorce, by the decade
Love aside, the impact of divorce in your 20s and 30s is quite a bit different than in your 40s and 50s.
Divorce by the decade seems like an odd way to call the shots to identify the risks for a marriage. For years, it seemed like the longer you were married or the longer you waited to get married, the better.
Most people believe that the relationship between age at marriage and divorce risk was almost linear: the older you were, the lower the chances of divorce. Curiously, not only are these basic assumptions mistaken, but also the premise that all divorces face mostly the same financial issues.
Protecting Yourself Financially during Divorce
I HAVE BEEN PRACTICING AS a financial advisor in divorce for more than 25 years, and in the last 10 years the divorce rate in the U.S. for adults over the age of 50 has doubled.
Lili is interviewed on the Trevor & Jill Show about how to prepare for divorce.
Leaving All Financial Decisions to One Spouse Is Asking for Trouble
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.
Getting divorced? How will you pay for kids’ college
Divorce throws a wrench in many long-term plans, from savings to retirement and beyond. If you’re divorcing and have children, even if they are young, you should also consider the impact the end of your marriage will have on their college plans.
Some states require divorcing couples to address how they will pay for their children\’s college education in their divorce papers. The clause does not require that one or both parents pay for college, but that they come to an agreement about what contributions they will make to higher education for their offspring.
Why Long-Term Relationships May Harm Your Financial Literacy
When one partner takes on all the financial tasks, the other loses out on building money skills.
Changing Tax Laws Affecting 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.
