I think everyone’s least favorite word is BUDGET. Why don’t we want to hear that word? Think about it: We’re asking ourselves to do something we don’t want to do — or worse yet, someone else is asking us to do it.
While we might not like them, having a budget does help.…Continue
Added by Robert D. Bordett, CFP, CDFA on September 18, 2019 at 3:30pm — No Comments
I remember when the default custody arrangement had one parent as the custodial parent, and the other parent was known as the “Disneyland parent.” They had their children every other weekend, and maybe once during the week for dinner. Today it is more common to see joint parenting time consist of one week on, and…Continue
Added by Robert D. Bordett, CFP, CDFA on August 15, 2019 at 5:44pm — No Comments
Very often, couples who are divorcing amicably, or who have straightforward financial situations, will forgo meeting with a financial professional while they go through mediation. Though this may seem logical on its face, “going it alone” may result in unnecessary hardship and inaccurate calculations.
Added by Robert D. Bordett, CFP, CDFA on July 30, 2019 at 5:16pm — No Comments
Going through divorce means dealing with hundreds of details, some more important than others. One detail that merits extra contemplation is how to deal with the marital home.
Does one spouse want to keep it because the children still live there? You don't want to disrupt their lives any more than is already happening. What if the children are grown? Do you still need that much of a house?
Here are the three most common means of dealing…Continue
Added by Robert D. Bordett, CFP, CDFA on April 24, 2019 at 6:30pm — No Comments
We know that the divorce rate among all couples is about 50%, but there is no question that divorce rates are even higher among parents of children with special needs.
Below is an article that was written by Dr. Howard Drutman and Marsha Schechtman, LCSW. In this article, they talk about the considerations that must be understood about the…Continue
Added by Robert D. Bordett, CFP, CDFA on March 28, 2019 at 6:12pm — No Comments
Scam artists have developed a new tactic in cheating taxpayers out of their hard-earned money.
Transcript fraud is when taxpayers are lured into opening an attachment that is supposed to be their tax transcript. In fact, the attachment contains malware that will intercept all of your outgoing data, with the intent of capturing account numbers. From there, the…Continue
Added by Robert D. Bordett, CFP, CDFA on February 21, 2019 at 6:10pm — No Comments
If you are getting divorced or just got divorced the last thing on your mind is taxes. It is important to remember that if you got divorced anytime in 2018 (even Dec. 31, 2018), you will be considered divorced for the whole year of 2018. What does that mean for taxes?
It could mean a higher tax bill…Continue
Added by Robert D. Bordett, CFP, CDFA on December 28, 2018 at 4:53pm — No Comments
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