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September 2017 Archives

How divorce affects taxes

Maryland couples who are getting a divorce should keep in mind that there will be a change in how they file their taxes as well. Marital status is determined by what a person's status was on the last day of the year, so at this point a person will either file as single or head of household depending on whether there are dependents. An annulment will require that amended returns be filed for the years of the marriage since an annulment means that the marriage never actually took place.

How Reverse Mortgages Can Help In A Gray Divorce

People who divorce later in life has less time to recover financially than those who divorce at a younger age. For older people getting a divorce, it's crucial to plan carefully to ensure the greatest degree of financial security once the papers are signed. For some, a reverse mortgage may be the key.

Occupation and income influence divorce rates

People holding jobs in Maryland that require late or irregular hours appear to face a higher risk of getting a divorce. An analysis of data from the 2015 American Community Survey showed that occupations that service nightlife or travel, such as bartenders, casino workers or flight attendants, have high divorce rates nationwide. Gaming managers and bartenders had the highest divorce rates compared to all other occupations.

Handling IRAs and 401(k)s in a divorce settlement

On average, an individual pays $15,000 to complete the divorce process. However, this amount could be higher or lower depending on the circumstances of a given divorce. While some Maryland residents may consider using their retirement savings to help cover this expense, there may be better ways to do it. Taking a withdrawal from a 401(k) or IRA without a divorce decree may be more expensive in the long run.

Tips to help parents deal with a toxic ex

Following a divorce, a Maryland parent may call his or her ex toxic for a variety of reasons. In some cases, the ex may still be angry about the divorce, may be attempting to alienate the children or has an addiction that makes co-parenting difficult. Even so, many studies have shown that, in most cases, the children benefit when both parents are involved in their lives.

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