Uncover the Secrets of Splitting Assets in Divorce!
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- เผยแพร่เมื่อ 15 มิ.ย. 2017
- The tax laws and different rules and regulations are vast when it comes to the division of assets during a separation or divorce. Although, a simple division of property seems to be easiest, very often tax inefficiency comes into play when couples try to take the easy, 50-50 approach.
Take the time to educate yourself and be sure to hire the appropriate professionals that will guide you not only from the legal standpoint, but also with respect to the financial and tax planning side when it comes to your upcoming separation agreement.
In this video Deanna visits with Tracy Kendel from Fairway Divorce Solutions to discuss some of the most important factors when considering the separation of assets and the planning of a separation agreement.
𝑻𝒉𝒂𝒏𝒌 𝒚𝒐𝒖 𝒇𝒐𝒓 𝒘𝒂𝒕𝒄𝒉𝒊𝒏𝒈 𝒕𝒉𝒊𝒔 𝒗𝒊𝒅𝒆𝒐. 𝑩𝒆 𝒔𝒖𝒓𝒆 𝒕𝒐 𝒔𝒖𝒃𝒔𝒄𝒓𝒊𝒃𝒆 𝒕𝒐 𝒌𝒆𝒆𝒑 𝒖𝒑 𝒘𝒊𝒕𝒉 𝒐𝒖𝒓 𝒅𝒂𝒊𝒍𝒚 𝒗𝒊𝒅𝒆𝒐𝒔 𝒃𝒆𝒍𝒐𝒘:
► 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 𝐇𝐄𝐑𝐄: 𝗵𝘁𝘁𝗽𝘀 / @precedenceprivateweal...
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Good to know
I just stumbled across this video. "each spouse walks away with equal net worth" is a joke. How about accounting for efforts put in? I was married for 20 years. My now ex wife had no interest in working, so she didn't. I carried her financially for 20 years. She sat home an relaxed while I went to work week after week all those years. No financial compensation for the work I did at home over the years from house maintenance, child rearing etc. But all of this counts for her. Now, I'm supposed to feel sorry she doesn't have income. No respect for me or the money I earn. She became the type of woman that doesn't want to look at price tags, just buy it if you like it. I can't get far enough away from her because the law is looking to keep her in my pocket. You should work if you want to earn money, not get it just because you need it. How about I sit home for the next 20 years and she works and pays me?
So good that your kids were rise by thenselves.Specially when they were in school age.
Why’d you get married in the first place? Young and naive, I take it?
So you let her sit for 2o years huh? Maybe you force her not to work and why it take you so many years if you notice this
Divorce earlier in life if she was only sitting all day while you work and never cleaning, cooking, doing laundry, bearing your children, groceries shopping, driving the family around to activities, docs and dentists appointments, sleepovers, birthday parties, shopping for the children school items and their activities equipment, etc… After 14 years of all these with two children, I got bored and tired to be “sitting “ at home and asked for divorce, exactly because of such mentality. 😌🇧🇷🇺🇸
@@antwaynieIf she can divorce on her own will, why couldn't she take a job on her own will!??
what do you if there is no pension involved and the house its worth less than 100k?
What about joint savings and liquid investment accounts that can be sold or transferred by either party? How is that protected during a separation? Divorce can take a very long time and It just seems like that should be divided before the divorce or the lawyers. She seems like a reasonable person now, but sure that will change quickly. It would be great if we could set it up so no major moves or transfers could be done unless joint. Also what happens when in 6 months massive spending has happened like never before?
A properly constructed separation agreement should be put in place prior to divorce to protect both parties from these specific types of circumstances. Waiting until the official divorce is both of higher risk to both parties and far less certain.
I got a house, savings, 401k, etc… all earned by myself. No way I’m getting married and potentially losing 50% in a divorce 😂
Very Smart!
Get a prenup.All person from new generations should do that.
I think a prenup would prevent that
@@almontoya5703 No a prenup would not! A judge has full discretion to throw it out at will.
@@t193u wow! If that’s the case what’s the purpose of a prenup then? It defeats the purpose of having one lol. Trying to trick us our hard earned money made before marriage is fully protected if marriage fails.
A half million dollar pension is worth much more than a half a million at the time of withdrawal. I'm glad she's not my attorney.
I don’t get it?
Houses go up in value too. And you’re allowed to sell houses and put the money into stocks if you like.
They talk about pension taxes vs the value of a house but when you sell you have capital gains tax and selling fees. I would think that they would cancel themselves out.
Recall that there is no tax upon the sale of a principle residence. Only income producing rental or commercial property would have applicable capital gains taxes.
@@precedenceprivatewealth2872 You can sell your primary residence exempt of capital gains taxes on the first $250,000 if you are single and $500,000 if married. This exemption is only allowable once every two years. You can add your cost basis and costs of any improvements you made to the home to the $250,000 if single or $500,000 if married.Feb 16, 2020. So if the house is worth more you have to pay something. In any case there are costs involved with selling as well. It ain't free.
You must be referring to US tax. In Canada there is no capital gains whatsoever on the sale of principle residences.
@@precedenceprivatewealth2872 Lucky you. I was referring to Virginia specifically, lol...you are right.
How long can she delay the sale of the house? Could the judge order a fast sale? I am in need of cash.
@basicprogrammer6147, I am not a lawyer, but I can offer some general guidance. In divorce cases, the timing and process of selling a house can vary based on local laws, the specifics of your case, and any court orders in place. It's crucial to consult with a divorce attorney to get advice tailored to your situation.
In some cases, a judge may have the authority to order a faster sale of the house, especially if one party is in urgent need of cash. However, this depends on the jurisdiction and the circumstances of your case. Your attorney can guide you on whether such an option is viable and the steps to take.
If your ex-spouse is causing delays, your attorney may be able to help address the issue through legal means. It's important to communicate your financial needs and concerns to your lawyer so they can work to achieve a resolution that is fair and timely.
Remember, this information is not legal advice, and consulting with a divorce attorney is essential to understand your specific situation and options.
Lol, the lady asking the questions has a ring. I wonder if this was for her husband
I agree to have a mother the my child
Give the bank back the house fk it. No one gets shut
Oh boy 🤦🏼♂️
This made no common sense to modern problems. Visa. Lin’s. Mortage payments. Cell phones. All the normal shit not just huge dollar amounts .
We need a gold digger scanner Asap😭😭
Everyone's a gold digger. The new survival standard
Women get the goldmine men get the shaft
If you get married you deserve it
Goes both ways !!