After gaining an investment property from a divorce, this reader asks whether it's better to sell the house or continue to rent it to cover expenses. Q: I got divorced last year and from the divorce, I got a house in California. The value of the house is about $600,000. I owe about $250,000 on [...]
Studies have shown time and time again that money stress is bad for marriages and can sometimes even lead to divorce. Last month, in honor of Valentine's Day, Reuters Money got a bunch of financial experts together for a Love and Money Twitter chat aimed at helping couples work through their dollar-based differences and keep their [...]
Americans are living longer, and people typically want to spend those extra years enjoying life and being happy. For some, that means divorce after retirement, a situation that brings with it a unique set of financial hurdles. A recent study from Bowling Green University found that the rate of divorce in Americans over age 50 [...]
No matter the circumstances, divorce can be painful—both emotionally and financially, including issues surrounding various types of insurance policies. As you work through your finances, be sure to consider the insurance implications of divorce. Auto insurance A divorced or separated couple will need to decide who will wind up with any car (or cars), and [...]
As the cost of college continues to increase, many parents opt to open 529 plans in order to help save for their children’s tuition. These plans, which are operated by a state or educational institution, offer federal and state tax benefits and allow the donor—often a parent—to retain control of the account. When it’s the [...]
Quit claim deed and mortgage responsibility don't go hand in hand. Getting your name off the mortgage is possible when refinancing. Q: I did an act of donation on my house to my ex-husband. He is going to give me a fixed payment once he refinances the home. Is there a way to get my [...]
Getting a quitclaim deed after divorce is necessary to remove a spouse's name from the property title and mortgage. Q: When I was married, my wife and I purchased a home with a VA loan. My wife and I later divorced and I was awarded the home in the divorce and it states so in [...]
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.