Divorce & Money: How to Make the Best Financial Decisions During Divorce

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Everything you need to split assets and debts as fairly as possible.

When you're going through divorce, you have to make an overwhelming number of financial decisions. Should you sell the house? What happens to retirement benefits? How will you handle taxes?

Full of sensitive and practical advice, Divorce & Money guides you through the process of making these important decisions. It covers how to:

• decide whether to keep or sell the house
• protect yourself against misuse of joint accounts and credit cards
• avoid tax problems
• handle alimony and child support
• divide debts fairly
• avoid hasty decisions that could hurt you financially
• reduce risks to your investments
• understand how a court evaluates assets
• gain financial stability as a single person

The 8th edition provides the latest tax figures and data, plus expanded coverage of debts and bankruptcy.

Table of Contents

Introduction: : Your Financial Companion During Divorce

• A Note on Same-Sex Marriage and This Book
• If You Are Feeling Overwhelmed
• How to Use This Book

1. Legal vs. Financial Realities of Divorce

1. Lessons in Legal Reality
2. Your Best Strategy: Think Financially-Act Legally
3. Legal vs. Financial Stages of Divorce

2. Financial Realities No One Talks About

1. In Divorce, Everything Takes Longer and Costs More
2. When You're Connected to Another Person Financially, You're at Risk
3. The IRS Is Watching Your Divorce
4. Cash Is King
5. You're Playing for Keeps

3. Emotional Divorce: Managing the "Money Crazies"

1. Reduce Stress Whenever You Can
2. Safeguard Your Sanity
3. Watch Out for Sore Spots
4. Be Prepared for Bad Scenes
5. Develop a Financially Focused Mental Attitude
6. Avoid the "All at Once" Syndrome
7. Manage the Ebb and Flow of Emotions
8. 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?

1. The Separation Date
2. Questions to Ask an Attorney

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

1. Joint Account Checklist
2. Questions to Ask an Attorney

7. Getting Help: To Whom Can I Turn?

1. Questions to Consider When Seeking Outside Help
2. Selecting Professionals to Assist You

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

1. Advice to the Terminally Disorganized
2. If You Think Your Spouse May Be Hiding Assets
3. Don't Forget the "Easy-to-Forget" Assets
4. The W-2 and the Tax Return
5. What About the Gifts You Gave Me?
6. Financial Facts Checklist
7. Questions to Ask An Attorney

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

1. Major Upcoming Life Events
2. Anticipated Financial Commitments
3. Major Goals That Will Cost Money
4. Where Does the Money Come From?

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

1. Insurance
2. Property and Estate Protection
3. Questions to Ask Your Attorney

11. Taxes: How Do I File and Pay?

1. Get a Rough Estimate of Your Tax Bill
2. What Status Can Be Used When Filing Tax Returns?
3. When in Doubt, File Separately
4. What to Know If You File Jointly
5. Dividing the Joint Tax Liability-Or the Refund
6. Tax Issues Involving Temporary Alimony or Child Support
7. Get Your Tax Agreement in Writing
8. Questions to Ask Your Tax Adviser

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

1. Who Owns What-Marital Property and the Laws of Your State
2. Who Knows What-Using Legal Discovery
3. Net Worth-What Do You Own and What Do You Owe?
4. The Difference Between Assets and Income
5. Cash Flow-Where Does the Money Go?
6. Questions to Ask an Attorney

13. What Will Happen to the House?

1. Financial Versus Legal Realities
2. The House-Keep It, Transfer It, or Sell It? Now or Later?
3. Steps Toward Settling the House
4. Questions to Ask an Attorney or Financial Adviser

14. Retirement Benefits: Who Gets What?

1. Understanding Retirement Plans
2. Qualified Domestic Relations Orders
3. The Legal Value of Your Retirement Plans
4. The Financial Value of Your Retirement Plans
5. Calculating the Financial Value of Plans
6. Additional Financial Factors Affecting Retirement Plan Divisions
7. The Division Decision: Now or in the Future?
8. Questions to Ask an Attorney

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

1. Concepts to Consider
2. Steps to a Settlement

16. Evaluating Employee Benefits and Stock Options

1. Employee Benefits
2. Stock Options and Nonqualified Deferred Compensation Plans
3. Questions to Ask an Attorney or Tax Specialist

17. How Will We Divide Debts?

1. General Rules on Who's Responsible for Debt
2. If You Live in a Community Property State
3. Listing Your Debts
4. Marital Debts and Bankruptcy
5. Dividing Debts at Divorce
6. Dividing Debts When There's Nothing to Fight Over
7. Questions to Ask an Attorney
8. Some Online Resources

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

1. Child Support-Legal, Financial, and Emotional Realities
2. Steps to a Settlement
3. Alimony-Legal, Financial, and Emotional Realities
4. Steps to a Settlement
5. Questions to Ask an Attorney

19. Negotiating and Finalizing the Best Possible Settlement

1. Have You Done Your Financial Homework?
2. Tallying Your Marital Balance Sheet
3. How Are the Offers and Counteroffers Made?
4. How Do You Finalize the Settlement?
5. Divorce Ceremonies

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

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

Appendix: Resources Beyond the Book

1. Law Libraries
2. Lawyers and Typing Services
3. Online Legal Resources
4. Additional Resources
5. Present Value Factors Table
6. Future Value Factors Table
7. List of Professional Advisers