ABSTRACT

Part I: Divorce Planning and Conscious Uncoupling .................................................................... 534 Divorce-Prone Medical Specialties ........................................................................................... 534 Divorce-Prone Cities ................................................................................................................. 535 Prenuptial Agreements .............................................................................................................. 535

Life Insurance and Prenuptial Agreements .......................................................................... 536 Divorce Mediation ..................................................................................................................... 536 Choosing a Divorce Attorney .................................................................................................... 536 Overview of Family and Divorce Law ...................................................................................... 537

Custody Options and Parenting Time Issues ........................................................................ 537 Child Support and Other Financial Issues Related to the Children .......................................... 538 Distribution of Marital Assets and Debts .................................................................................. 538 Businesses and Professional Practices ...................................................................................... 539 Pension Plans (Defined Benefit Plans) ...................................................................................... 539 401(k) Plans, Other Qualified Plans (Defined Contribution Plans), and

Individual Retirement Accounts....................................................................................... 539 Real Estate/Marital Residence ..................................................................................................540 Spousal Support/Alimony and Tax Issues Related to Alimony ................................................540 Other Tax Considerations of Separation and Divorce ............................................................... 541

Filing Status .......................................................................................................................... 541 Exemptions for Dependents ................................................................................................. 541 Child Tax Credit ................................................................................................................... 542 Child Care Tax Credit ........................................................................................................... 542 Education Credits ................................................................................................................. 542 Earned Income Credit ........................................................................................................... 543 Child’s Investment Income ................................................................................................... 543 Adoption Credit .................................................................................................................... 543 Marital Review ..................................................................................................................... 543

Part II: Financial Planning for Other Special Situations ................................................................544 Working Abroad ........................................................................................................................544 Noncitizen Spouse .....................................................................................................................544 Dual Citizenship ........................................................................................................................ 545 Expatriates ................................................................................................................................. 545 Spouse Debt .............................................................................................................................. 545 Medical Office Crisis Management .......................................................................................... 545 Employment Crisis Management ..............................................................................................546 Nontraditional Relationships .....................................................................................................546

Although one can hardly plan for an event like divorce, or the other special situation topics covered in this chapter, there are certain steps to take that may lessen the financial impact of them all.