Alimony Income and Mortgages

Question:  IS ALIMONY INCOME FOR MORTGAGES PURPOSES? Below is a recent question from a current client. It is a two-pronged questions involving alimony qualifying for mortgage income and her husband’s lucrative business. “I have a question about going for a loan. If I was able to keep our home and had to refinance, will the lender accept maintenance (alimony) as part of my income? I make very little money now as I have been a stay at home mom for the past 15 years and my husband has his own business which he nets about $200,000 per year. One of our agreements is that I keep the house and don’t… Read More

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Tax Filing Status During Divorce

Question: If we do not use the married filing jointly filing status before the divorce, what are the tax ramifications? Whenever possible it is typically advantageous to file a joint tax return. This generally insures savings for you both. For each filing status the Internal Revenue Service applies tax rates from varied charts. The alternative, married filing separately, has a much higher tax rate. For couples who can not tolerate being together in the same room to have a joint tax return prepared, an alternative is to agree on one tax preparer and separate appointments. Is Your Tax Filing Status Situation An Exception? Having comparison returns prepared with the filing… Read More

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Divorce Financial Planning-Disaster Prevention

Like many people, on Sunday mornings I like to read financial news articles while I have the two cups of coffee to get me going for the day. And I usually skim through and like many of us, half read the articles. However today I began reading and became entrenched in a Huffington Post blog article about divorce settlements and planning. It was written by a divorce attorney who has obtained a Master’s degree in counseling and psychology. Interesting I thought, so I read on. Review Divorce Financial Advice Cautiously She spoke about a number of accurate topics regarding settlement agreements and how many women end up with a lifestyle… Read More

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12 Tips for Divorcing Parents During the Holidays

  No matter what stage of divorce you’re in, getting through the holidays with your kids could potentially be the toughest time of year. But it doesn’t have to be a time of sadness and despair. It should be a time to celebrate with friends and family, but during or after a divorce you may feel anything but merry. If you’re feeling that way, your kids will feel it twice as much, unless you prepare yourself in advance and plan for the best. So, to help you and your kids enjoy this holiday season instead of dreading it, here are 12 tips you can use today to survive your divorce… Read More

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