Divorce & Money

Introduction: Your Financial Companion During Divorce

• A Note on Same-Sex Marriage and This Book
• If You Are Feeling Overwhelmed…
• Managing Your Divorce in Troubled Financial Times
• How to Use This Book

1. Legal vs. Financial Realities of Divorce

• Lessons in Legal Reality
• Your Best Strategy: Think Financially—Act Legally
• Legal vs. Financial Stages of Divorce

2. Financial Realities No One Talks About

• In Divorce, Everything Takes Longer and Costs More
• When You’re Connected to Another Person Financially, You’re at Risk
• The IRS Is Watching Your Divorce
• Cash Is King
• You’re Playing for Keeps

3. Emotional Divorce: Managing the “Money Crazies”

• Reduce Stress Whenever You Can
• Safeguard Your Sanity
• Watch Out for Sore Spots
• Be Prepared for Bad Scenes
• Develop a Financially Focused Mental Attitude
• Avoid the “All at Once” Syndrome
• Manage the Ebb and Flow of Emotions
• Don’t Let Financial Tasks Overwhelm You

4. The Hardest Part: Is My Marriage Really Over?

5. The Separation: What Happens When One Spouse Moves Out?

• The Separation Date
• Building a Better Credit Report and Credit Score
• Social Security Benefits After Divorce
• Questions to Ask an Attorney

6. Closing the Books: What Do We Do With Joint Property?

• Joint Account Checklist
• Questions to Ask an Attorney

7. Getting Help: Who Can I Turn To?

• Questions to Consider When Seeking Outside Help
• Selecting Professionals to Assist You

8. Financial Fact-Finding: What Must I Know and When Must I Know It?

• Advice to the Terminally Disorganized
• If You Think Your Spouse May Be Hiding Assets
• Don’t Forget the “Easy-to-Forget” Assets
• The W-2 and the Tax Return
• What About the Gifts You Gave Me?
• Financial Facts Checklist
• Questions to Ask an Attorney

9. Facing the Future: What Must I Plan For?

• Major Upcoming Life Events
• Anticipated Financial Commitments
• Major Goals That Will Cost Money
• Where Does the Money Come From?

10. Protecting Against Risks to Life, Health, and Property

• Insurance
• Property and Estate Protection
• Questions to Ask an Attorney

11. Taxes: How Do I File and Pay?

• Get a Rough Estimate of Your Tax Bill
• What Status Is Better to Use When Filing Tax Returns?
• When in Doubt, File Separately
• What to Know If You File Jointly
• Dividing the Joint Tax Liability—Or the Refund
• Tax Issues Involving Temporary Alimony or Child Support
• Get Your Tax Agreement in Writing
• Questions to Ask a Tax Adviser

12. Property and Expenses: Who Owns and Who Owes What?

• Who Owns What—Marital Property and the Laws of Your State
• Who Knows What—Using Legal Discovery
• Net Worth—What Do You Own and What Do You Owe?
• The Difference Between Assets and Income
• Cash Flow—Where Does the Money Go?
• Questions to Ask an Attorney

13. What Will Happen to the House?

• Financial Versus Legal Realities
• The House—Keep It, Transfer It, or Sell It? Now or Later?
• Steps Toward Settling the House
• Questions to Ask an Attorney or Financial Adviser

14. Retirement Benefits: Who Gets What?

• Understanding Retirement Plans
• Qualified Domestic Relations Orders
• The Legal Value of Your Retirement Plans
• The Financial Value of Your Retirement Plans
• Calculating the Financial Value of Plans
• Additional Financial Factors Affecting Retirement Plan Divisions
• The Division Decision: Now or in the Future
• Questions to Ask an Attorney

15. Financial Investments: How Do We Divide the Portfolio Pie?

• Concepts to Consider
• Steps to a Settlement

16. Evaluating Employee Benefits and Stock Options

• Employee Benefits
• Stock Options and Nonqualified Deferred Compensation Plans
• Questions to Ask an Attorney or Tax Specialist

17. How Will We Divide Debts?

• General Rules on Who’s Responsible for Debt
• If You Live in a Community Property State
• Listing Your Debts
• Marital Debts and Bankruptcy
• Dividing Debts at Divorce
• Dividing Debts When There’s Nothing to Fight Over
• Questions to Ask a Divorce Attorney
• Questions to Ask a Bankruptcy Attorney

18. Child Support and Alimony: What Might I Pay or Receive?

• Child Support—Legal, Financial, and Emotional Realities
• Steps to a Settlement
• Alimony—Legal, Financial, and Emotional Realities
• Steps to a Settlement
• Questions to Ask an Attorney

19. Negotiating and Finalizing the Best Possible Settlement

• Have You Done Your Financial Homework?
• Tallying Your Marital Balance Sheet
• How Are the Offers and Counteroffers Made?
• How Do You Finalize the Settlement?
• Divorce Ceremonies

20. After the Divorce: How Do I Get From “We” to “Me”?

• How Do I Finish the Business of Divorce?
• Can I—Or My Ex-Spouse—Change the Settlement?
• What Do I Want to Do With My Life?
• If You Find a New Love, Protect Your Old Assets…and Your Alimony
• How Can I Move Beyond the Divorce?

Appendix

Index