Handling your debts in the divorce can break you financially if handled incorrectly. Most individuals we meet are more concerned about the asset (property) side of the equation and often overlook the liability (debt) side of the equation. Divorce settlement proceedings often break down when it comes to dividing up the debt in [...]
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For tax year 2009 and after, the rules for the Child Dependent Exemption Tax Deduction related to divorce have been changed. The Internal Revenue Service amended the tax code related to the Child Dependency Exemption Deduction. Being able to claim the exemption for your dependent child has many significant tax advantages to the parent claiming [...] No one goes into their marriage thinking that they are going to have to pull things apart and pick-up the sometimes unfamiliar role of managing their finances. To some, this is what they are used to dealing with and to others, it becomes a very stressful task that is piled onto an already stressful [...] Are you an Injured Spouse? You are considered to be an injured spouse if you file a joint return and your overpayment of taxes (tax refund) is expected or has been applied (offset) against your spouse’s share of past due federal income tax, student loan, child support, alimony (spousal support), or state income tax. This is [...] We receive inquiries on the topic of CALCULATING CHILD SUPPORT payments and determining the child support guidelines for specific states. Based on these inquiries, we have put together a comprehensive listing of all fifty states with the related links to the child support agencies to help in answering many of your child support questions. [...] We receive many questions on the topic of enforcing child support payments. The individual state Child Support Enforcement (CSE) sites listed below can answer many of your questions. The most common questions center around the following: Enforcing child support orders Locating absent parents and their property Getting an order of paternity, if the father needs to [...] An area that needs to be examined while you are going through the divorce process is determining the tax filing status that will be the most advantageous to you. During the pre-divorce year(s), you have a couple of options that can increase or reduce your tax liability depending on which filing status you [...] What is Alimony? Alimony is also often called spousal support. Alimony payments are used to provide the spouse that is making a lower-income with funds to cover expenses that are not provided for through child support or through the division of property. Many factors come into play when determining the amount of [...] The second trap that many people fall into is rushing the divorce process. It’s common to wish to move through the divorce as quickly as possible. Unfortunately this can lead people to rationalize making decisions that aren’t optimal or giving in to the wishes of the spouse. It’s good to compromise, but there’s [...] In the next few posts we will address some common emotional issues that get in the way of acting rationally during a divorce. One misconception people going through a divorce often have is that the terms of the divorce can be changed later if things don’t work out for the best. This is [...] |
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