financial issues Archives - Page 6 of 10

The New Economics of Marriage: More Men Marrying Wealthier Women

In a recent analysis of census data, the Pew Research Center found that the institution of marriage has undergone significant changes in recent decades as women have outpaced men in education and earnings growth. The study examined American’s 30 to 44 years old, a stage of life when typical adults have completed their education, have gone to work and gotten married. “Men now are increasingly likely to marry wives with more education and income than they have, and the reverse is true for women,” said Paul Fucito, spokesman for the Pew Center. “In recent decades, with the rise of well-paid working wives, the economic gains of marriage have been a greater benefit for men.” Clearly, these unequal gains have been accompanied by gender role reversals in both the spousal characteristics and the economic benefits of marriage.

I personally enjoy reviewing statistics. For those that don’t, be sure at least to read my conclusion at the end of this piece, especially if you are a woman contemplating entering into a marriage.
Here are some of the significant findings in the study, clearly demonstrating the new economics of today’s marriage:

In 1970, 28% of wives had husbands who were better educated than

What and How to Tell Your Children About Your Divorce

One of the most difficult things you will ever have to do as a parent is tell your children that their parents are breaking up. It is important that you shift your focus from your loss to your children’s loss. Divorce is about the dissolution of a husband-wife relationship. It marks a change in the parent-child relationship. Staying aware of this difference will help you effectively support your children. In talking with your children, stay focused on their feelings about this experience. If you focus on the spousal relationship, your own feelings may get in the way of good parenting.

Here are some tips for explaining the divorce to your children:

If possible, both parents should be present. This illustrates to the children that you will still be able to co-parent.
Tell them close to the time that one of the parents is planning to move out. Telling them months in advance doesn’t “prepare them.” It will only make them anxious and worried.
Tell them calmly.
Keep it age appropriate. Don’t give them information that is over their heads.
Keep it short and sweet.
Explain that divorce is between the adults and that parents do not divorce children.
Ask for

12 Proactive Steps to Take If You Are Contemplating Divorce

Jason C. Brown, the publisher of the Minnesota Divorce and Family Law Blog, recently posted a very practical article outlining some important steps to take if you are anticipating filing a divorce action. I am grateful that he has allowed me to repost it here. I concur with his wise “nuts and bolts” type suggestions. Remember the old adage, “An ounce of prevention is worth a pound of cure”. Plus, this “ounce of prevention” might well save you thousands of dollars in attorney fees!

Once you break the news of your desire to dissolve your marriage, interesting things may start happening at your house. Critical records and valuable items of personal property may suddenly vanish. It pays to be proactive to ensure that you have all the information you will need to move forward as efficiently as possible.

The wasted time and cost associated with hunting down missing documentation can be staggering. We’ve handled cases where everything from an expensive diamond ring to boxes of business records have taken a “vacation”. We almost always find them, but not without substantial effort. In cases where they are not found, the Court will impose substantial sanctions and assume the missing … Read More... “12 Proactive Steps to Take If You Are Contemplating Divorce”

Your Divorce Marathon

Getting tired of all this? No one goes into a divorce adequately prepared to deal with all the changes and stresses. As active, high-functioning men and women, we want to do the best we can in the least amount of time. However, divorce is a process, not a single event, and it can be a long process. Even if the legal divorce takes only a few months, the fall-out (both emotional and financial) can continue for many years.

To prevent your divorce from becoming overwhelming, recognize that you cannot rush it. The legal system works at its own pace. It requires patience and energy. The emotional components also take their natural course. Each person heals in his/her own time. While there are things you can do to minimize the pain, the process will have to run its course.

Think of your divorce as a marathon, not a sprint. In a sprint, we gather all of our energy and push to our very limits right from the beginning of the race. We can exert that much energy for the sprint because it is short in duration. However, the body cannot sustain that exertion for long periods of time without collapsing. In … Read More... “Your Divorce Marathon”

The Untimely and Unexpected Death of Chris Henry…Questions About the Consequences for His Survivors

Fans of football in general, but more particularly fans of the West Virginia University Mountaineers and the Cincinnati Bengals, mourn the untimely loss of Chris Henry on December 17, 2009. He was just twenty-six (26) years of age. Henry had a stellar career as a wide receiver at West Virginia University and was drafted by the Cincinnati Bengals in the third (3rd) round of the 2005 draft. He had some notable off-the-field problems and at least five (5) legal-related incidents but was seemingly back on track with both his football career and life when he sustained an injury to his forearm in mid-season of 2009. During the Cincinnati-Baltimore game, Chris sustained a fracture to his left forearm and was thereafter placed on the “injured reserve” list.

On the evening of Wednesday, December 16, 2009, there was an incident described as a “domestic dispute” involving Henry and his fiancé, Loleini Tonga. Reports say that Ms. Tonga was attempting to leave a residence in North Carolina when Henry jumped into the bed of the pick-up truck she was driving. Henry was later thrown from the bed of the truck. He sustained massive head injuries and died the next morning.

Many legal … Read More... “The Untimely and Unexpected Death of Chris Henry…Questions About the Consequences for His Survivors”

Strategies to Make Your Christmas Less Stressful

If this is your first Christmas since the separation and divorce, the anticipation can fill you with sadness and trepidation. Here are some solid, easy tips to help make the holidays less painful and hopefully, maybe, even (surprisingly!) enjoyable!

Let go of traditions that no longer work for you. This is an opportunity to re-invent your holidays. Keep the traditions that you enjoy and get rid of the ones that you don’t. No one expects you to be on your best behavior during this time, so you can probably pull it off without anyone getting too upset.

Stick to your regular routine as closely as possible. Sleep, exercise, eat well and don’t skip those therapy appointments.

Don’t use money, alcohol, food, or sex to deal with pain and sadness. These indulgences will leave you poor, hung over, fat, and guilty on December 26th.

Don’t be afraid to do something different. Go away or stay home, but take a risk to use the holidays to try something different.

Most people are depressed around the holidays. Expectations are often the fuel that feeds that “let down” feeling. Instead of focusing on what isn’t, focus on what is and what can … Read More... “Strategies to Make Your Christmas Less Stressful”

Simple Year End Tax Tips

As the end of the year approaches, the following simple tax tips can keep taxes as low as possible.

1. Charitable gifting. Charitable donations may be used as deductions against your taxable income. However, all charitable donations must be supported with written receipts unless under $250 in which case a bank record is sufficient. Also, donations of services or your time are not tax deductible.
2. Gifting in general. Each individual may gift up to $13,000 per year to an unlimited number of individuals without filing a gift tax return. Any gifts over $13,000 per year reduce the lifetime gift tax exclusion of $1,000,000. Once the lifetime exclusion is exhausted, gift taxes must be paid.
3. Pay property taxes early. Real estate taxes are deductible. For taxes due early next year, if you pay them this year, you can use them as a deduction.
4. Sell poor performing securities. Losses can be offset against gains reducing any capital gains. Excess losses can be deducted, but only up to $3,000 per year.
5. Increase retirement plan contributions. Retirement plan contributions reduce taxable income.
6. Increase business expense purchases. Purchases of business equipment, supplies, etc., can be used as taxable deductions.
7. Maximize necessary medical expenses. The purchase of

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