Free Divorce Teleclass

FREE Teleclass

5 Ways to Survive Your Divorce Financially

with Carol Ann Wilson
Certified Financial Divorce Professional

Carol Ann Wilson is one of the nation's foremost experts on divorce and finance. She founded the profession of financial divorce consultants over 20 years ago and has a proven track record of saving her clients money in their divorce.

You are guaranteed to learn things that even your divorce attorney doesn't know! Here is some of the information that will be covered:

• Learn the rules regarding alimony
• Find out how to avoid violating the child contingency rule
• Learn if you are entitled to half of your spouse's Social Security
• Learn how to get money out of your spouse's 401k without paying the10% penalty
• Find out how husband and wife can both take a $250,000 exclusion from capital gains taxes even if the husband has been out of the house for many years.
• Learn how you can save thousands of dollars instead of losing it all in your divorce!

The teleclass is a live conference call. After you register, you will be sent a phone number and access code. Call the phone number at the scheduled time, and you will be able to hear the teleclass live.

Don't miss this exciting opportunity to get the benefit of all of Carol Ann's knowledge and experience for free!

SIGNUP TODAY

http://www.carolannwilson.com/teleclass/

Find out the basis in your home

If you receive the family home that has a low basis, you may be liable for capital gains taxes later. This would also apply to stock accounts and other real estate. Basis does not relate to the amount of the mortgage. It relates to the amount originally invested in the property adjusted by improvements, sales costs, etc.

Capital gain on the house

The 1997 revised tax law says we can no longer roll over capital gain in the family home. The one-time exclusion of $125,000 is also gone. Instead, we have somthing even better. Now, each spouse can take up to $250000 exclusion if they have lived in the house two of the past five years.

If your house has a very large capital gain, you should consult with a CPA or a financial divorce professional to see how to handle this the best way. It is possible for both spouses to take the $250,000 exlcusion for a total of $500,000 if it is handled properly.

Also, because so many times the wife gets the house and then finds she can't afford to keep it, the capital gains issue should definitely be addressed before the final settlement is agreed upon.

Know the difference between separate and marital property

Separate property is everything you bring into the marriage and keep in your own name. It is also what you receive during the marriage as a gift or an inheritance.

Marital property is everything acquired during the marriage - no matter whose name it is in. And in some states, but not all states, the increase in the value of separate property.

For instance, consider a $30,000 savings account brought into the marriage and is now worth $35,000. The $30,000 would be set aside as separate propety and the $5,000 would be included in the pot of marital assets to be divided.

Assume the wife adds $100 each month to her IRA which is in her name only. That is still considered to be a marital asset because it is "everything acquired during the marriage, no matter whose names it is in."

Check with your own state to see how property is handled.

Property settlement is a done deal

After the divorce is final, if you change your mind about how something was divided, or which property you got, it is too late to change it. The only exceptions would be if you found additional property that was not disclosed or if you feel fraud was involved.

The Divorce Survival Kit

My new product is finally ready! To find out more about The Divorce Survival Kit™, go to www.DivorceSurvivalStore.com. I personally guarantee that you will save thousands of dollars in your divorce as a result of having the information that you receive in the Divorce Survival Kit.

Collaborative Divorce Teleclass

Do you want to know more about Collaborative Divorce? If you are going through divorce, you may want to choose this option. If you are a professional, you will learn more about how to make this work for you. In either case, don't miss this teleclass to be held on Tuesday, May 12th at 11am Mountain time. Go to www.FDAdivorce.com to register.

Consider cost of living increases for child support

We all know that children seem to get more expensive as they get older. They seem to have more expensive "toys" such as computers, skis, orthodontics, etc. Many couples discuss including a cost of living increase each year for child support.

Child Support Guidelines

All states now have Child Support Guidelines. They are usually based on the incomes of both parents and the amount of time spent with each parent. As each state may vary widely in its calculations, consult with an expert in your state.

Child support is always modifiable

Child support is always modifiable. The courts will not allow us to take away the rights of the chldren.

Free Report

To get a FREE copy of "The 10 Most Common Money Mistakes in Divorce," go to http://www.carolannwilson.com/signup.html .

Tax issues with alimony

Alimony is taxable to the person who receives it and tax-deductible by the person who pays it. Some creativity can be used to offset the higher tax bracket of the paying spouse with the lower tax bracket of the recipient to end up with more dollars in the pockets of both spouses.

Alimony: modifiable and non-modifiable

It is common to see a final divorce order that specifies how much alimony is to be paid. It may not specify now long it is to be paid. In this case, either spouse can come back at any time and ask that the alimony be modified - either up or down. A wife may need more or continued alimony and the husband may wish to have it lowered or stopped completely.

Non-modifiable alimony means just that. The divorce decree will state how much and how long and nobody may change it later. This may create a hardship on either party in the case of a disabiltiy. It also means that the alimony has to continue even if the receiving spouse gets married before the end of the agreed upon term.