Money talks January 12th

Brad Zucker explains the tax law changes and goes over a divorce checklist.

"DIVORCE MONTH" BECAUSE SO MANYCOUPLES CALL IT QUITS AFTER THEHOLIDAYS.BUT THE RULES FOR DIVORCECHANGED WITH THE NEW TAX LAW,AND WHEN IT COMES TO YOURFINANCES, IT'S BETTER TO FIGURETHINGS OUT SOONER THAN LATER!LOCAL FINANCIAL PROFESSIONALBRAD ZUCKER FROM SAFE MONEYADVISORS IS HERE TO EXPLAIN THETAX LAW CHANGES AND GO OVER ADIVORCE CHECKLIST.DIVORCE CHECKLIST 2020 Q: WHATCHANGES UNDER THE NEW TAX LAWIMPACT COUPLES SPLITTING UP?

ANEX-SPOUSE WHO PAYS ALIMONY ISNOLONGER ABLE TO DEDUCT THOSEPAYMENTS ON THEIR TAXES.IN ADDITION, ALIMONY PAYMENTSWILL NOT BE CONSIDERED ASTAXABLE INCOME TOTHE EX-SPOUSE RECEIVING THEMONEY.THIS MAY SEEM LIKE A GOOD DEALTO THE PERSON RECEIVING ALIMONYBECAUSE THE AMOUNT THEY RECEIVEIS NO LONGERTAXABLE, BUT THEY MAY RECEIVELESS MONEY BECAUSE IT'S NOWBEING TAXED FROMTHE PAYER.Q.IF A COUPLE IS CONSIDERINGDIVORCE, WHERE SHOULD THEYSTART WHEN IT COMES TO THEIRFINANCES?

TAKE A COMPLETEINVENTORY OF ALL YOUR ASSETS ASA COUPLE AND GATHERTHE NECESSARY PAPERWORK.THIS INCLUDES 401(K)S, IRAS,INCOME TAX RETURNS, BANK ANDCREDIT CARD STATEMENTS.CLOSE YOUR JOINT ACCOUNTS,REMOVE YOUR EX FROM YOUR CREDITCARD ACCOUNTS AND BANKACCOUNTS.YOU WILL EVENTUALLY CHANGENAMES ON YOUR WILL, TRUST ANDPOWER OF ATTORNEY, BUT YOUMIGHT NEED TO WAIT TO DO THISUNTIL THE DIVORCE IS FINALIZED.I HAVE A DIVORCE MONEYCHECKLIST ON MY WEBSITE ATSAFEMONEYADVISORSNV.C OM[SAFEMONEYADVISORSNV.COM] Q: WHY IS LOOKING ATRETIREMENT ACCOUNTS IMPORTANTDURING A DIVORCE?

RETIREMENTAND SOCIAL SECURITY SHOULD NOTBE OVERLOOKED, ESPECIALLY IFONE SPOUSE WAS FINANCIALLYDEPENDENT ON THE OTHER.PERSON.IN THE CASE OF SOCIAL SECURITY,REMARRIED.SIT DOWN WITH A FINANCIALWORRIED ABOUT WHAT'S HAPPENINGPOST-DIVORCE FINANCIALSTRATEGY.REVIEW WHAT YOU SPENT OVER THEINTERESTS IN MIND AND YOUR