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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 [...] 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 [...] 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 [...] 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 [...] Most people understand the importance of good credit in starting a new, independent life after a divorce. Unfortunately, many people find that their credit is damaged due to circumstances that occurred during the marriage. In addition to repairing damaged credit and building good credit (topics for future articles), cleaning up your accounts is a [...] There are several issues to consider when contemplating a bankruptcy filing as part of a divorce. Certain debts are dischargeable and others are not. The following divorce related debts are not dischargeable in a bankruptcy filing: Taxes (federal, state, real estate, etc) Debts arising from a marital settlement [...] Nine states are Community Property states: Arizona In contrast, other states follow an Equitable property distribution. Both terms are described below. Community Property Community property states consider all property as being in two categories: separate property or community property. Separate property doesn’t need to be split at the time of divorce but community property does. In a community property [...] |
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