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Insight Financial Strategists LLC
Chris Chen CFPÂ® CDFA is the founder of Insight Financial Strategists LLC, a fee-only investment advisory firm in Waltham, Mass. He specializes in retirement planning and divorce financial planning for professionals and business owners. Chen is a member of the Financial Planning Association and the Massachusetts Council on Family Mediation. He is on the Board of Directors of the Association of Divorce Financial Planners.
The change in tax laws affects how alimony and child support are treated, going into effect for agreements signed after the end of the year. So, if divorce is in your near future, it might pay to try to beat the clock.
See More From: Building Wealth
Written into the fabric of the GOP tax proposal is a change in how alimony is taxed. People paying alimony could lose "the greatest tax deduction ever." And that could ultimately affect those receiving alimony, too.
Which is better: more money in your regular paycheck or more tax-free cash in your retirement? Itâ€™s an important question only you can answer.
Your investments should be spread across a variety of stocks and bonds and cover a range of asset managers, asset classes and geographical locations.
Consider keeping a certified divorce financial planner in your corner to help make sure you get the financial settlement that meets your needs.
Harvest tax losses, reassess your investment and retirement strategies, and donâ€™t forget charitable giving.
Pensions and 401(k)s can be tricky to divide during divorce proceedings. Seek expert help.