Stearns Financial Group's Haleh Moddasser Releases Book Update Guiding Women Through Gray Divorce

North Carolina Wealth Advisor Continues Commitment to Financial Education and Empowerment for Women Investors

CHAPEL HILL, N.C., Feb. 6, 2023 /PRNewswire/ -- Stearns Financial Group, a Registered Investment Advisory firm based in North Carolina and serving clients nationwide, announced today that Senior Wealth Management Advisor Haleh Moddasser, CPA has published Gray Divorce, Silver Linings: A Woman's Guide to Divorce After 50 (second edition). The new book reflects changes in tax law implemented through the Tax Cuts and Jobs Act (TCJA).

"Data shows that 66 percent of the time grey divorces are being initiated by women," explains Moddasser. "However, unless you're Melinda Gates or MacKenzie Bezos, getting a divorce after 50 can be devastating on a woman's financial security," explains Moddasser.

Moddasser writes from experience with her own divorce journey plus over a decade of advising Boomer-age women, to provide a step-by-step guide to help women avoid the pitfalls of gray divorce, secure their financial futures, and move forward in life as confident investors.

PAY ATTENTION TO THE TAXES

When both parties are retired or near retirement, the division of assets in a gray divorce can be challenging. Adding to the complexity, the TCJA's biggest impact on divorce proceedings involves how alimony is taxed: It is no longer deductible for the person paying it, and no longer claimed as income for the person receiving it. 

Divorces finalized before tax changes took effect are grandfathered in under the old rules. However, any change to that agreement could trigger adherence to the new laws.

Moddasser urges women to remember the impact of taxes during the division of all property, because what may look equal on paper could turn out to be significantly unequal when those assets are taxed. For example, an IRA and a Roth IRA both have $50,000; the Roth is actually worth more because the taxes have already been paid.

"Once, a woman came to me after settling for a $1 million lump sum from her divorce – an amount equal to what her husband was receiving," says Moddasser. "What she didn't realize, however, is that her portion had never been taxed, while his portion had. In effect, hers was worth about 30% less than $1M, which made it impossible for her to keep the home she wanted. Sadly, taxes are rarely top of mind during negotiations, which is why it is so beneficial to have the right team in place – each member with their own area of expertise supporting you through the process."

Gray Divorce, Silver Linings: A Woman's Guide to Divorce After 50 (second edition) is available for purchase on Amazon.

ABOUT THE AUTHOR AND STEARNS FINANCIAL GROUP

Haleh Moddasser, CPA, is a partner and senior wealth advisor at Stearns Financial Group, a fee-only investment management firm located in Chapel Hill, NC. Moddasser also leads Stearns women's advisory practice where she focuses on issues surrounding women and finance, including sustainable investing as a tool for creating social change. She is the author of two books; Women On Top: Women, Wealth & Social Change (4/28/2017) and Gray Divorce, Silver Linings: A Woman's Guide to Divorce After 50, second edition (10/7/2022). Haleh speaks at local and national events and serves as a media resource on a wide range of financial topics. Learn more at StearnFinancial.com or HalehModdasserAuthor.com.

Journalists who would like to receive a copy of the book for review can contact Karen Embry at [email protected].

MEDIA CONTACT:
Karen Embry
Impact Communications
913-649-5009
[email protected]

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SOURCE Stearns Financial Group