The Financial Divorce Blog » Divorce Planning

Handling Debts in Divorce

Dkane — Wed, 27 Jan 2010 01:35:21 +0000

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 [...]

Divorce Information Tips and Strategies to Protect Your Finances

Dkane — Mon, 07 Dec 2009 22:03:02 +0000

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 – Using IRS Form 8379

Dkane — Sun, 15 Nov 2009 20:41:08 +0000

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 [...]

Equitable Property Rules for Property Settlements

Dakane — Fri, 30 Oct 2009 11:56:30 +0000

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 [...]

Divorce is Overwhelming….Where to Start?

Dakane — Thu, 22 Oct 2009 10:59:07 +0000

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 [...]

Child Support Enforcement

Dkane — Thu, 08 Oct 2009 03:42:23 +0000

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 [...]

Using the Married Filing Joint Status during Divorce

Dkane — Fri, 11 Sep 2009 20:58:10 +0000

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 [...]

Taxation on Property Settlements in Divorce

Dakane — Wed, 09 Sep 2009 13:48:21 +0000

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 [...]

Alimony versus Child Support Payments

Dkane — Thu, 03 Sep 2009 03:41:06 +0000

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 [...]

What are the basic divorce issues that have to be decided?

Dakane — Wed, 26 Aug 2009 00:59:55 +0000

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 [...]