Divorce is a tough subject. It’s taxing, it’s complex — and yes, it’s stressful. There are a lot of facets to a divorce, and all of the legal terms and procedures a divorcing couple may be encountering for the first time can be overwhelming. However, being well-informed can help alleviate some of the anxiety created by this life-changing event.
Divorce can be a messy and hard-to-negotiate process, and the recently passed Tax Cuts and Jobs Act may make that process even more difficult for couples with its abolishment of tax deductions on alimony payments. Before the TCJA, alimony payers could deduct payments that met the tax-law definition of alimony for federal income tax purpose, and alimony payment recipients always had to pay income tax on those payments. Now, for alimony payments required under divorce or separation instruments that are executed after December 31st, 2018, the deduction will be eliminated, and recipients of the affected payments will no longer have to include them as taxable income. With December 31st looming on the not-so-distant horizon, the pressure will be on some divorcing couples to finalize their divorces before the new rules on alimony deductions take effect in 2019, but for others, delaying a divorce until the new law takes effect may prove more beneficial.
If you or someone you know is a domestic violence victim, HoganWillig can help.
Contemplating a divorce can be very stressful. The last thing most people want to do during one of the most difficult times of their lives is talk to a stranger, that they may have misconstrued, preconceived perception of, about the issues of their marriage and their finances.
Money tops the list of reasons for divorce. The risk that any marriage will end in divorce is about 45 percent. One of the major discrepancies that come up is in how men and women view money—women tend to view money as a means of security, while men conversely view it as a source of power and status.
One of the most frequently asked questions I am asked by a client who is getting divorced is whether his or her spouse can be forced to move out of the residence they are living in together. At face value it is a fair and logical question, it seeming to be simply common sense that in all but a few instances where the parties are able to peacefully coexist, living together during a divorce is likely to be stressful, acrimonious, and uncomfortable.
One of the most frequently asked questions I receive from a divorce client is, “Can I be charged with abandonment if I move out?”
Although the end of any relationship is very emotional, if you follow these five steps, you can significantly cut down on cost, wasted time and some of the agony typically associated with the divorce process.
Prenuptial Agreements or "prenups" still have a stigma despite the potential of being very helpful to couples planning a marriage. No one gets married with the intention of getting divorced, but some people assume that if their future spouse brings up the topic, they have no intention of staying married. Believe it or not, a prenup can actually help a marriage. As part of wedding planning, couples should consider the following, which may be addressed in a prenup:
On June 26, 2015 the Supreme Court of the United States (SCOTUS) legalized same-sex marriage nationwide. In New York, same-sex couples were granted the freedom to marry in 2011. It’s important to know what rights were granted under the Marriage Equality Act—especially now that marriage equality is the law of the land.