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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 [...] When it comes time to negotiate a fair settlement, make sure to account for the true value of the associated property. For example, if you determine that the fair market value of the property is $300,000 and the associated mortgage on the property is $230,000, the amount that you will be negotiating over is [...] 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 [...] It’s important to consider your life insurance needs prior to the divorce so that you can include appropriate provisions into your settlement. If you pass while married, in most states, the property passes to the spouse who then presumably passes property along to their children. Divorce makes these decisions and inheritance paths [...] 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 [...] One mistake many divorcing people make is to give the ex-spouse more than their share of the assets in an effort to make the divorce go smoother, more amiably, quicker, or all of the above. This is something that can cause you great regret later. It may seem like anything would be better [...] Your and your spouse’s income and asset information are needed when structuring the key divorce settlement issues: property split and any alimony or child support calculations. If you suspect that your spouse is hiding income or assets, or if you think he/she has the potential to do so, you will gain some protection by [...] Over the years, we have seen cases in which separation or divorce instruments violate the requirements for structuring alimony payments correctly. These situations often produce a negative financial impact for the individual that is paying the alimony and can lead to additional lawsuits and ill feelings. In order to avoid this potential mess, [...] |
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