Financial Divorce Planning

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www.fairsharedivorces.com

Deciding to keep the marital house after a divorce can present several challenges.

One primary issue is the financial burden; the spouse retaining the home must often buy out the other party’s share, which may require refinancing the mortgage in one name. This could be difficult if the spouse’s income alone is insufficient to secure a new loan.

Additionally, maintaining the home entails ongoing expenses such as property taxes, maintenance, and repairs.

Lastly, if there are children involved, considerations about their stability and schooling often play a crucial role in deciding whether to keep or sell the home.

Balancing these emotional and financial factors is essential for making an informed decision.

An interesting rule that allows a working spouse to contribute to their nonworking spouse’s IRA.

- Contributions are made using either the nonworking spouse’s earned income or the working spouse’s earned income.
- The maximum contribution limit for 2024 is $7,000 (or $8,000 if you’re over 50)

One option to consider to stay in. The home is the silver home and immediately lease back to home from the new owners. It gives you the option to put cash in your pocket and stay in your home for a certain period of time.

When faced with the dissolution of marriage, emotions can amplify, making it challenging to think clearly and objectively. Decisions that once seems straightforward suddenly become shrouded in doubt and hesitation. Take time to assess the situation. Break down complex decisions into smaller, manageable steps. Seek professional guidance to offer clarity amidst confusion.

Getting my pumpkin spice on…

Divorce is hard enough. Try to enjoy the little things while you can.

Favorite Pumpkin Spiced items:
Latte
Pancakes
Muffins
Bread
B**r ( with a little sugar on the rim)

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Once you reach age 50, you can make an annual catch-up contribution of $1,000 to your traditional or Roth IRA, which boosts your possible total contribution.
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