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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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 [...] As mentioned in an earlier article, most states follow the Equitable Property rule when considering how to distribute property. The application of this rule is subjective and ultimately the court has the discretion to allocate property very disproportionately between the spouses, based upon what it considers “just and equitable.” Non-marital property (such as an inheritance or gift, or property that was attained [...] Many people find themselves in marriages that are destructive but are too intimidated by the process and the unknowns to know where to start. This is one of the reasons divorce lawyers make so much money – they help people navigate the system, and are a shoulder to lean on in a very tough [...] 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 [...] When divorcing and structuring your property settlement, there are important tax considerations to keep in mind. Internal Revenue Code section 1041 provides guidance on the taxation of transfers of property between spouses. The general rule states that property transfers between divorcing spouses are treated as tax-free gifts and no gain or loss [...] 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 [...] Before a divorce can be finalized, there are minimum decisions to be made in several areas. Determine child custody arrangement and visitation rights: Who has physical custody of the children (sole physical custody or joint physical custody)? This defines who the children live with. Emotionally and financially, this is an important aspect to be decided. The [...] |
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