Life Events - The Tax Implications
Getting Married (Or Divorced) The first three points to consider when you get married will be life insurance, property ownership and money management.
Should you die, you need to ensure that your family can survive on roughly the same income that they had when you were alive.
Property ownership can have huge legal implications so consider this carefully and get legal advice (will the property be owned solely by one spouse, or jointly owned?) As yourself, what are you long term financial goals? You will need to discuss this with your new spouse and resolve any differences as well as create a budget together.
If you are getting divorced you will firstly need to take stock of your situation.
Do you have joint accounts? These will need to be cancelled.
Begin to list all of your financial ties, get your last three years tax returns.
You will also need to work out your post-divorce expenses.
Becoming A Parent Having children will have huge financial implications.
The government estimates that raising a child can cost a family $366.
660 by the time the child hits 17 and that does not even include the cost of college! There are many tax calculators online that can help you to work out the cost of starting a family - remember that issues like medical bills and childcare will all figure in your calculations.
Financial Trouble Life can bring up all sorts of financial problems at any time.
Throughout your life you may have periods of financial crisis and it is important to get support when this happens.
It is too easy to lose sight of what's important when you're losing your head over money.
When this happens, consider the following options:
Should you die, you need to ensure that your family can survive on roughly the same income that they had when you were alive.
Property ownership can have huge legal implications so consider this carefully and get legal advice (will the property be owned solely by one spouse, or jointly owned?) As yourself, what are you long term financial goals? You will need to discuss this with your new spouse and resolve any differences as well as create a budget together.
If you are getting divorced you will firstly need to take stock of your situation.
Do you have joint accounts? These will need to be cancelled.
Begin to list all of your financial ties, get your last three years tax returns.
You will also need to work out your post-divorce expenses.
Becoming A Parent Having children will have huge financial implications.
The government estimates that raising a child can cost a family $366.
660 by the time the child hits 17 and that does not even include the cost of college! There are many tax calculators online that can help you to work out the cost of starting a family - remember that issues like medical bills and childcare will all figure in your calculations.
Financial Trouble Life can bring up all sorts of financial problems at any time.
Throughout your life you may have periods of financial crisis and it is important to get support when this happens.
It is too easy to lose sight of what's important when you're losing your head over money.
When this happens, consider the following options:
- Review each debt, ensuring that the debt is yours and that it is the correct amount.
- Speak to your creditors: They will want to know that you are having problems and why you are struggling.
Be honest with them and you will be able to move forward with a payment plan. - Budget: Gather all of your expenses and work out the ones that are essential (health-care) and work out the ones that are not essential (eating out, entertainment).
Make a plan and stick to it.
You may be surprised at the money you can save by taking simple steps such as taking lunch into work with you; switching to generic brands for laundry and cosmetics. - Review your savings.
If you've saved for a rainy day it's time to get that umbrella out! You can tap into your savings now and reduce those interest payments and inject some relief into your financial life.
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