What is the Average Cost of Divorce?

An uncontested DIY divorce could cost $300. For a messy, high-stakes parting, add zeros (knowing that the sum will be short of Jeff Bezos’ $38 billion). When the nuptial knot frays, average divorce costs add up to several thousand. Specifically, $13,000, on average, when a full-service lawyer handles the split, Nolo found. But all kinds … Read more

“They’ve Asked Me To Take a Pay Reduction. What Do You Think?”

Question: Dear Steve, I am 47, divorced, 2 teenagers, work full time as a radiological technologist at a privately owned company out of the state. The doctors’ group that read our films owns our building. After my divorce, I filed for chapter 7 bankruptcy. I reinstated my van, rent a townhouse in mid-lease. I have … Read more

Can My Client Get Out of Paying Taxes on Cancelled Debt After Divorce?

Question: Dear Steve, I have a client who divorced. He received a letter from the IRS stating he owes taxes on $19000 of canceled debt. He didn’t receive a 1099-C. In the divorce he was required to pay 75% of debts, she 25%. The full debt was around $25000 for a car, held in both … Read more

Student Loan Debt Leads to Divorce

It can come as no surprise the financial problems is a major cause of divorce. A marital split is an understandable outcome from substantial relationship pressure. CNBC is reporting 1 in 8 divorces are caused by student loan debt, “13 percent of divorcees blame student loans specifically for ending their relationship, the report found. Student … Read more

My Ex Says I Need to Claim 1099-C But I Don’t Think So

Question: Dear Steve, My wife and I were divorced in 2014. The court ordered our house sold and my ex was responsible for the 1st mortgage payments and the HELOC. When the HELOC was taken out, she was the borrower, I was not. I had no access to the money and didn’t spend any of … Read more

My Ex-Husband Committed Suicide With Me Still On His Credit Cards

Question: Dear Steve, My ex husband died, suicide. We have been divorced 7 years. We had no outstanding credit card debt when divorced. There is an attorney handling his estate and I was contacted and told that there are 2 credit cards that still have my name on them and there is now a balance … Read more