Malleo Financial Services

Michael A. Malleo 

Phone: 201-321-7041

mike@malleofinancialservices.com

 

State of New Jersey Department of Banking and Insurance Licensed Producer: Title, Life, Health.

 

Title Insurance Terms:

Owner's Title Insurance Policy –  A policy which is purchased by the homebuyer. While it is the buyer's choice, purchasing an "owner's title insurance policy" is the best way to protect your property rights, as well as your trustees, inheritors, and beneficiaries.

 

 

 

 

 

FIDELITY APPROVED CLOSER

 

 

 

 

 

 

 

 

 

FIRST AMERICAN APPROVED CLOSER

 

 WESTCORE APPROVED CLOSER

 

 

*The opinions expressed on this website are strictly those of Malleo Financial Services, LLC and not those of ASH Brokerage Corp.., or any of our affiliates.

 

*Malleo Financial Services LLC cannot and

will not give any tax or legal advice.

 

Adjusting to Life After a Divorce - Part 2

Consider Tax Implications


You'll also need to consider the tax implications of your divorce. Your sources of income, filing status, and the credits and/or deductions for which you qualify may all be affected. In addition to your regular salary and wages, you may have new sources of income after your divorce, such as alimony and/or child support. If you are receiving alimony, it will be considered taxable income to you. Child support, on the other hand, will not be considered taxable income.

 

Your tax filing status will also change. Filing status is determined as of the last day of the tax year (December 31). This means that even if you were divorced on December 31, you would, for tax purposes, be considered divorced for that entire year. Finally, if you have children, and depending on whether you are the custodial parent, you may be eligible to claim certain credits and deductions. These could include dependency exemptions, the child tax credit, and the credit for child and dependent care expenses, along with student loan interest and tuition deductions.

 

Consult a Financial Advisor


Although it can certainly be done on your own, you may want to consider consulting a financial advisor to assist you in adjusting to your new financial life. In addition to helping you assess your needs, a financial advisor can work with you to develop a plan designed to help you address your financial goals, make recommendations about specific financial products, and monitor / adjust your plan as needed.  

 

We at Malleo Financial Services can offer specialized advice and services to recently divorced clients.



For a free consultation, please contact us for an appointment.

 *This blog is strictly the opinion of Michael A. Malleo and not those of

ASH Brokerage Corp., nor any of our affiliates.

 

Malleo Financial Services LLC cannot and will not give any specific tax or legal advice.

Please consult your tax professional or legal professional for such advice.