If taxes aren’t confusing enough, the Child Tax Credit will change substantially in 2021, impacting 2020 filings and beyond. These changes will add complexity to filing for couples going through a divorce. The new tax credit will also create complications for divorced parents with dependents...
There are many ways to approach the divorce process. The options you have to get from deciding to get a divorce to finalizing your divorce and the ways you might even mix and match these methods throughout your journey can impact the rest of your...
Divorce is a tumultuous time where couples race to the finish line. Although the temptation is understandable, it is important to slow down and prevent as many post-decree disputes ahead of time. The following tips will help save a tremendous amount of brain power and...
How are taxes handled next spring for couples who are in the midst of a divorce and unsure if it will be finalized by the end of the year? Various possibilities exist and should be written in the separation agreement to avoid costly mistakes and...
Divorce, separation, breakup. Whether you're the one who initiated it, or the one on the receiving end, going through it remains a very difficult life transition. The end of a relationship is not something we plan ahead or hope for usually, and there's often an element...
The Tax Cut and Jobs Act (TCJA) that went into effect this year for divorcing couples has drastically changed the financial landscape for individuals from prior years. The most significant change is that spousal support (alimony) is no longer deductible if paid or taxable income if...
Managing living arrangements during a divorce is tough and is typically the first item on the to-do-list as a divorce moves forward. Determining who is going to keep the house, where someone is going to live and where the money is going to come from are...
Your divorce is final, you can finally breathe and start to rebuild. The next item on your to-do list is complying with your agreements and facilitating the division of property. Transferring property can be tricky and sometimes trigger unintended tax consequences. Typically this happens to...
The Coronavirus pandemic has sparked mass unemployment across the US, affecting numerous divorced families with court ordered support obligations. Many unknowns remain during this time such as how long local shelter-in-place orders will remain in effect, if and how many furloughed employees will be rehired...
When dividing assets in divorce most people, individuals, mediators and attorneys alike, tend to focus on the property division spreadsheet. Current values of assets are listed along with outstanding debt balances that are deemed to be marital. Typically, above all else, the focus and end...