Posts tagged Divorce
How much of my house-sale proceeds should I use for purchasing a new home?
How much of my house-sale proceeds should I use for purchasing a new home?

How much to use will depend on the rest of your financial situation, including your monthly income, the size of your emergency fund, whether you are on track for retirement savings, and even the terms of the divorce. While it is important you get a place of your own, take your time with this decision. You don’t want your excitement over buying a new home to overshadow your rational analysis and decision-making.

Also Covered:

  • Impacts on monthly cash flow are key

  • Don’t overspend, especially in this market

  • Don’t unravel the fairness of the divorce settlement with the home purchase

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Life Planning, Investing, Retirement PlanningJoshua Escalante Troesh, CFPBuying A Home, Divorce, Retirement Planning, Emergency Fund, Selling a Home
How is the profit from the sale of our home taxed during a divorce?
How is the profit from the sale of our home taxed during a divorce?

There are a few questions imbedded in your bigger question, so I'll be taking them one at a time. Before starting, however, you will likely benefit from talking with a financial professional, at least CPA for doing your taxes this year. To answer your main question, assuming the property was never depreciated as an investment property, your share of the capital gains will be taxed at long-term capital gains rates. This should be a tax of 15% of the capital gain above the exclusion amount.

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Tax PlanningJoshua Escalante Troesh, CFPTax Planning, Tax Deduction, Federal Income Tax, Divorce, Primary Residence Exclusion, Capital Gains Taxes
Would Getting a Paper Divorce Help Financially?
Would Getting a Paper Divorce Help Financially?

Yes, getting a paper divorce can help you financially but it can also be a financial negative depending on your personal situation. As with most things with Personal Finance, the answer is it will depend on a large number of factors related to your family's finances. Below are a few of the consideration that immediately spring to mind, which you will want to explore.

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Life Planning, Tax PlanningJoshua Escalante Troesh, CFPStarting Out, Building Wealth, Young Families, 401(k), Financial Foundation, Divorce, Estate Planning
When can I apply for my ex-husband's Social Security benefits?
When can I apply for my ex-husband's Social Security benefits?

Getting divorced won’t impact your right to your spousal benefits under your ex-husband’s work record, but other Social Security rules will limit when you can collect. You will likely have to wait for the retirement benefit, but you do have another option since you are disabled. . . .

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Retirement Planning, Life PlanningJoshua Escalante Troesh, CFPSocial Security, Disability, Divorce, QDRO, Retirement Planning