Up Close and Personal - My View The rich are different than you and me. More often than not where you're born and who are your parents will decide where you live, whether or not you go to school and whether you marry. To secure economic success, you need to have economic success. To stack the odds in your favor, be the child of parents who both graduated from college, are both working and ... Read More
Divorce Financial Planning
Marriage and Social Mobility
In the last presidential election cycle we heard a lot about the 99% and the 1% and the rising divergence of the fortunes of these groups. But have you heard of the 26%? That's the percentage of households headed by single moms and dads which is way more than double that of the 1950s. More than almost any other individual tax, fiscal or global economic or business policy, the trend toward ... Read More
Protecting Your Credit Score in Divorce
Remember your high school teacher warning you about how your bad behavior would end up on your permanent record? That was nothing compared to the impact that a bad divorce can have on your credit scores. Most of us were never as lucky as Ferris Bueller so there was plenty of angst over what was in that file. Flash forward a couple or three decades and that 'permanent file' is hanging over you ... Read More
Financial Planning Roadmap
Wouldn't it be nice if money came with a user manual or a road map? Well, here it is, folks. You have asked and the financial planning powers that be (or at least the folks at Bloomberg BusinessWeek) have answered. Click here for the Financial Planning Flowchart. For the Do-It-Yourselfer in all of us, this fun, interactive chart is a great tool. But like any tool, it's not right for all ... Read More
Women Need Advisors Before Divorce
Gray: The Color of Divorce Attention! Considering going through a divorce? Then run, don't walk, to your nearest qualified financial planner on the way to your divorce lawyer's office. That's my read on an article published earlier this month in Financial Advisor magazine . The article noted a recent study by the National Center for Family and Marriage Research at Bowling Green State ... Read More
Splitting the 401k After Divorce
Ask the Boston Money Coach: Divorce Financial Planning Question from another financial planner: I have a client who has been divorced since October 2006. My client had a 401k leading up to the divorce and on 10/25/2006, when he filed for divorce, the 401k had $19,000 in it, and was 100% invested in a Fidelity MM fund. Now the value is closer to $20,000. His ex-wife is now asking for her ... Read More
Ask the Adviser: Tax Deductibility of Alimony
Is alimony tax deductible? I paid alimony to my ex-wife last year (2011) and I'm just wondering if I can claim it as a tax deduction on my taxes? Boston Money Coach Answer: When dealing with a divorce, not much is deductible, but alimony and spousal support certainly is. You have to be aware of the particular rules that apply in order to deduct alimony or spousal support ... Read More
DivorceFinancePros.com of Boston on Boston’s WRKO Radio
Recently, Clear View Wealth Advisors with offices in Amesbury, Lawrence, Wilmington and Woburn, Massachusetts was featured on Boston's WRKO radio promoting the Divorce SHIELD plan and divorce financial planning services offered through DivorceFinancePros.com. Click on the link to listen. Free Divorce SHIELD Plan Provided by Divorce Finance Pros: Divorce Financial Planning Services Described ... Read More
Top Financial Mistakes of Divorce in Boston, Massachusetts: Part 5
5. UNCOORDINATED ADVICE MISSES THE 'BIG PICTURE' (5th Part in a Series) Rowers need to all be pulling in the same direction for the boat to move forward. Too often professionals and clients do not coordinate or collaborate resulting in differing advice. This potentially can lead to costly mistakes. While advice from different professionals may be correct, if not taken in context and ... Read More
Top Financial Mistakes of Divorce in Boston, Massachusetts: Part 4
4. SETTING UP AN UNREALISTIC HOUSEHOLD SPENDING PLAN (4th in a Series) Whether or not you are organized, most folks tend to underestimate their actual cost of living expenses. Too much is at stake here and mistakes may lead to future bankruptcy. You'll be "downsizing" into a one income household and you'll need to be aware of the need to update your lifestyle as well. To regain the ... Read More
