A Guide to Financial Success after Divorce

Planning for Divorce – What You Need to Know

Divorces are typically considered to be both complicated and challenging — for either spouse. Regardless of who the main breadwinner in the household was, it is essential for divorcees to separate their financial wellbeing from their responsibilities to the family structure that is coming to an end. When a couple is contemplating or going through a divorce, there are many key items that both spouses should think about preparing (Beginning Checklist: Planning to File for Divorce, 2017).

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Including changes based on the Tax Cuts and Jobs Act of 2017

Taxes are a critical piece in retirement planning, yet most financial advisors avoid discussing the topic. The interactions of various tax provisions can increase an individual’s overall tax liability and, in turn, diminish the sustainability of their retirement income. In retirement, it is not uncommon to see one extra dollar that's harvested from the wrong account at the wrong time snowball into $3.70 of income subject to tax. Individuals need to understand the value of tax-sensitive retirement income strategies by visualizing a snowball - one additional dollar, harvested from the wrong place or at the wrong time, can drag another dollar or more into the tax calculation, creating tax impacts dramatically higher than what the taxpayer would expect.

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