Financial Decisions

Sheila Russian recently attended, “Financial Divorce Settlements From Start to Finish,” sponsored by the National Business Institute. The seminar included valuable information about:
• The tax consequences of traditional IRAs and Roth IRAs
• Taxes on Military Pensions and Federal Retirement Plans
• Cost of living adjustments
• Finding and enrolling in health insurance after divorce
• Foreclosures and short sales of homes
• The IRS interpretation of divorce settlements
• Tax filing options during separation
Financial decisions are a key component of divorce mediation. In order to work effectively, people share financial information. For example, in order to decide how to file taxes during separation, people bring in previous tax forms, current W-2’s, information about mortgage interest and property taxes, home equity loan statements, and charitable contributions. People review this information, ask each other questions, and discuss options.
The goal of mediation is to reach informed decisions. In order to reach informed decisions about how to file taxes during separation, Sheila Russian frequently recommends that people consult with a tax advisor and/or individual attorney before making final decisions.
For more information about Sheila Russian’s mediation services: http://www.baltimoremediationservices.com

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