We are only 4 weeks away from the end of the year. What does that mean for people who have gotten divorced in 2018?
It means you have to get ready to file your tax returns for the year ending 2018 by April 15, 2019, or else extend it. Remember, just because you extend it, you still have to pay any tax that you owe by April 15, 2019.
If you got…Continue
Added by Robert D. Bordett, CFP, CDFA on December 12, 2018 at 5:00pm — No Comments
Today I’m pleased to bring you a special guest blog written by my colleague Steve Erickson. In his 35 years of experience, Steve has come up with a novel approach to child support that shifts couples away from being adversarial and toward collaboration. This method is called the…Continue
Added by Robert D. Bordett, CFP, CDFA on November 15, 2018 at 6:19pm — No Comments
In my experience, many people do not know the difference between the withholding amount (the taxes deducted on your pay stub) and their tax liability. All they know is that they don’t have the money. They think they’re square with the government, and are surprised if they owe any amount on top of what was withheld. That’s why I…Continue
Added by Robert D. Bordett, CFP, CDFA on October 25, 2018 at 3:00pm — No Comments
One of the things I have learned over the years is that we cannot be a Jack-of-all-trades and a master-of-none. In today’s ever-changing world, we need to have connections with professionals in other disciplines and specialities. This is especially true with divorce professionals. I think it is important that practitioners have a network of specialists on which to draw. Today I…Continue
Added by Robert D. Bordett, CFP, CDFA on October 4, 2018 at 6:27pm — No Comments
Have you thought about doing a tax projection for 2018?
Obviously, this isn’t everyone’s cup of tea. However, no one wants to be surprised around tax time. Here’s why you should get a head start on knowing the new tax law and how it will affect you and/or your business in the coming tax year.
We are seven months into the New Year. You may not be aware that we have a new tax law that went into effect on December 22, 2017, or that most of the provisions took…Continue
Added by Robert D. Bordett, CFP, CDFA on August 23, 2018 at 4:48pm — No Comments
Today I’m featuring an article by a colleague of mine named Martin Kranitz. Martin, a mediator in Maryland, has obtained certification from the Maryland Council for Dispute Resolution, one of the first organizations to provide mediator certification based on demonstrated performance rather than just education and mediation courses taken. In this piece, Martin discusses one of the many…Continue
Added by Robert D. Bordett, CFP, CDFA on July 12, 2018 at 5:36pm — No Comments
As attitudes change about marriage and divorce, mediation has become an attractive alternative to traditional litigation. Still, some people are wary of it. The good news is that the facts support mediation, and in this post I provide a “cheat sheet” to help you persuade a reticent spouse into the process.
Added by Robert D. Bordett, CFP, CDFA on June 5, 2018 at 6:40pm — No Comments
Financial issues are a big part of the difficulty of divorce, in part because people don’t realize there are certain contracts that take precedence over divorce decrees. In fact, that’s the number one misconception that people seem to have. Being able to identify financial issues can help take away some…Continue
Added by Robert D. Bordett, CFP, CDFA on May 31, 2018 at 6:49pm — No Comments
So you’ve chosen a mediator to work with you and your spouse on your divorce. Where do you go from here?
You can start with what to bring to the first session of the mediation. Most mediators will have a list of all of the documents you’ll need. There is usually also an intake form that asks about each of you, the children, and other information about the marriage.
Added by Robert D. Bordett, CFP, CDFA on April 12, 2018 at 6:30pm — No Comments
The main component of mediation is the mediator. That is why it’s important to make sure you select the right mediator to help you in your unique situation. Many times mediators are chosen by the attorneys, especially in court-ordered mediation — but in private mediation the parties may just look to choose the mediator.
Below is a short list with some items you…Continue
Added by Robert D. Bordett, CFP, CDFA on March 22, 2018 at 12:31pm — No Comments
As we know the President signed the 2018 tax reform law into effect on December 22, 2017. This is the largest tax code overhaul in more than 3 decades.
Most of the provisions in the TCJA will take effect on January 1, 2018. Most of the provisions affecting individuals are temporary and sunset after 2025, while the majority of the business provisions are permanent.
Added by Robert D. Bordett, CFP, CDFA on January 11, 2018 at 6:26pm — No Comments
Deep in the 429 pages of the House Republican tax bill is a provision with financial consequences for couples getting divorced.
People looking to get divorced and people writing alimony checks would have to pay tax on those payments. Under current tax law, alimony payments are tax-deductible to the party paying and taxable to the party receiving them. Under the new proposal that would end.
Here is the rationale for making these changes: The proposal would…Continue
Added by Robert D. Bordett, CFP, CDFA on December 6, 2017 at 6:30pm — No Comments
We are only 10 weeks away from the end of the year. What does that mean for people who have gotten divorced in 2017?
It means you have to get ready to file your tax returns for the year ending 2017 by April 16, 2018 (April 15 falls on a Sunday so you can file your return on April 16) or extend it. Remember, just because you extend…Continue
Added by Robert D. Bordett, CFP, CDFA on November 16, 2017 at 5:12pm — No Comments
Divorce is one of the most painful experiences anyone can go through. In addition to the emotional component, financial issues weigh heavily on the minds of the parties to any divorce. Unfortunately, there are just some things that don’t follow any logic and you just have to know. Here are a few of the most common:
Added by Robert D. Bordett, CFP, CDFA on October 25, 2017 at 4:30pm — No Comments
When I got trained in mediation, we were told that you either did solo mediation (one mediator) or co-mediation (two mediators). Since then, divorce professionals have learned that there are endless permutations of effective methods to mediate. In this post, I describe a few of the arrangements I have encountered in the 30 years I have been doing…Continue
Added by Robert D. Bordett, CFP, CDFA on October 4, 2017 at 12:26pm — No Comments
In January of this year, I was honored to be featured in Stress-Free Divorce: Leading Divorce Professionals Speak. Unfortunately, something happened to me that has been happening all of my life: the book was published giving me credit as Robert B-O-R-D-E-T-T-E. I suppose it’s better than Bordebt, but it still makes …Continue
Added by Robert D. Bordett, CFP, CDFA on September 20, 2017 at 5:05pm — No Comments
In a divorce decree, if any amount of specified money becomes reduced:
Added by Robert D. Bordett, CFP, CDFA on August 31, 2017 at 4:05pm — No Comments
Normally, distributions made before a participant attains age 59 1/2 are called “early distributions” and are subject to a 10% penalty tax. The tax does not apply, though, to early distributions upon death, disability, annuity payments for the life expectancy of the individual, or distributions made to an ex-spouse by a QDRO.
The tax Reg (72)(t)(2)(C) states that when you take money out…Continue
Added by Robert D. Bordett, CFP, CDFA on August 15, 2017 at 5:50pm — No Comments
After divorce, people often forget to take care of a few small but very important details, such as:
In regards to auto insurance and divorce, many couples get discounts due to being tied to their residence or having multiple vehicles. When considering the removal of a spouse from a joint policy,…Continue
Added by Robert D. Bordett, CFP, CDFA on July 27, 2017 at 6:03pm — No Comments
Often when people go through a divorce, their emotions are tied up. The questions on their mind are “how does this marriage end?” and “what do I get financially?” When they do think about health insurance, they usually don't consider long-term care insurance (LTCi). Why is it so important for recently divorced or currently divorcing couples to think about long term…Continue
Added by Robert D. Bordett, CFP, CDFA on July 5, 2017 at 3:30pm — No Comments