Going through a divorce is exhausting. Not only do you have to cope with all of the emotions involved, you need to pay the bills, attend your job and take care of dozens of other responsibilities. Until the proceedings are complete, there’s a lot of uncertainty in regards to your finances. Rather than spending all of your free time worrying, why not take steps to ease your mind? The … [Read more...] about Easing Financial Uncertainty During a Divorce
Going through a divorce isn’t easy for anyone, even in the most amicable splits. There are a lot of emotions involved, not to mention drastic life changes, and if you have children or pets the difficult decision-making process often compounds itself. Do you find yourself feeling especially drained lately? This is perfectly understandable, but one thing’s for certain: you don’t want to … [Read more...] about If You’re Getting a Divorce, Don’t Forget the Finances
Once your divorce becomes final, that means adjusting to a whole other set of issues, namely, surviving off one income when you’re accustomed to living off two. Here are some tips to making a post-divorce budget that works for you, no matter your income bracket. 1. Compare your income to expenses. The first step in making a budget is sitting down and figuring out how much you make vs. how … [Read more...] about Making a Post-Divorce Budget that Works for You
At Hoffman Divorce Strategies, we help clients who lack clarity on their financial future to be able to see and plan for their success. Whether our client is an individual getting a divorce or a law firm, our work often times involves clearing up what certain financial terms mean as they pertain to divorce. Here are some financial terms we often are asked about at Hoffman Divorce … [Read more...] about Do You Know These Important Financial Terms Regarding Divorce?
You promised to stay with your spouse through sickness, health, and student loan payments. But sometimes, it doesn’t work out that way. If you’re considering getting a divorce, remember that everything in the marriage must be split, whether it’s a debt or an asset. Student loan debt can be particularly tricky, so it’s important to know the facts in order to have a mutually beneficial … [Read more...] about How Divorce Affects Your Student Loans
While IRA’s appear similar on the surface, custodian requirements, taxation of allocations and withdrawals, non-deductible contributions, regular and ROTH IRA differences and contractual considerations for IRAs invested in annuities can result in unintended consequences and complications after a Property Partition has been filed with the courts. Hoffman Divorce Strategies has been assisting … [Read more...] about Dividing IRA’s in divorce
In the midst of divorcing it can be difficult to remember what and how everything is being split up: the cars, the house, the rental properties. But there’s one asset that many divorcing couples forget about until after it’s too late: retirement accounts. Americans aren’t great about saving for retirement, in any case. This GoBankingRates survey found that one-third of Americans have zero … [Read more...] about Three Steps to Secure this Important Financial Asset
Going through a divorce can painful, and many people are tempted to rush things and get them over with as soon as possible. But it’s important to not rush or make mistakes during the process, as that could lead you to miss out on money both now and down the road. Here are three major factors to consider to limit the financial implications of going through a divorce. 1. Look for any missing … [Read more...] about How to avoid these common money mistakes while getting divorced