Divorce can be one of the most heartbreaking, confusing and emotional life events. It’s not easy to get everything clearly organized and understand the implications of dividing the assets. Whether you’re in the early stages or your divorce is final, we can help you get a financial fresh start. Here’s how...
When you’re going through a divorce, things are complicated enough. We can help you take stock of what you have, create a plan, and assist you through all the next steps.
Is Alimony taxable?
Yes, unfortunately. It’s not federally deductible to the payer, either (but it is deductible on California’s tax forms).
How do I open accounts to receive my share of the assets?
This depends but we can help you open corresponding account types for a smooth transfer into your name
What is a QDRO and how does it work?
This is a court order required to split employer-sponsored retirement plans like 401(k)’s
What are the tax implications of the accounts I’m receiving?
This depends on the account type, but most bank accounts are after-tax while retirement accounts are taxable on withdrawal
How will my taxes be affected by this transfer?
Filing as single impacts many people’s income tax brackets. Any income, expense, or withdrawals can change what you’re used to owing.
How do taxes work?
Single tax brackets are different than married filing jointly. We can help create a rough projection of your income and future taxes due.
Are the current investments right for me or should I change them?
This depends greatly on whether your income, investment horizon, tax bracket or risk tolerance has changed.
How do I set up my new beneficiaries?
This is an important step and should be easy to do with updated forms.
How can I get back on track with my own saving for retirement?
Financially, a divorce should be treated as a fresh start. Gather all your information and give us a call. We can help you create a new plan that accounts for where you are today and what your new goals are.
Schedule a free, no-obligation consultation to discuss your new financial situation with us at (530) 487-1777 or schedule an appointment online.
Here are some related resources and downloads to help as you navigate your new financial situation.
Amidst the challenges of divroce lies an opportunity to rebuild your future on a solid financial foundation. Here's a roadmap to help you navigate the key financial considerations:
