When going through a divorce, couples can let emotions drive their decision-making process, especially when it comes to such issues as divvying up their assets. The more contentious the divorce, the more likely the scenario of a spouse fighting for assets simply to keep them out of the hands of…
When building a life together as husband and wife you will, no doubt, accumulate a lot of stuff. Normally, this isn’t a problem unless your marriage ends in divorce. At that point, you will be faced with the difficult, and sometimes contentious, task of dividing up your assets. Some couples…
For most couples, the divorce process starts the moment they realize their marriage is beyond repair, long before they get attorneys involved and start the legal process. It can be months, and in some cases years, between the time a couple decides to dissolve their marriage and the time the…
There’s no question that divorce impacts many areas of your life: family dynamics, social relationships, even your credit score. In fact, 54% of women and 42% of men reported their divorce negatively impacted their credit scores. Why is that? Divorce can change your financial habits and obligations. Joint debt accumulated…
When parents are seeking a divorce, some of the biggest issues they will need to resolve involve their children, specifically custody arrangements and child support. On the most basic level, child support is intended to cover the essential, daily needs of the children: food, clothing, and shelter. But support payments…
For most couples, divorce isn’t a decision arrived at overnight. Usually, the decision to divorce comes after long periods of living with irreconcilable differences and numerous attempts to resolve conflicts. It is understandable then why, once the decision to divorce is finally reached, couples just want it to be over…
When negotiating your divorce settlement, it is important to carefully review every detail. Once a settlement agreement is reviewed and signed by both parties, the divorce is considered finalized. What happens then if it is discovered that something has been left out of the agreement? What recourse, if any, do…
The distribution of assets can be one of the most complicated and contentious aspects of any divorce. That applies to the division of retirement accounts, too. Failure to correctly identify the type of retirement plan involved can lead to tax complications down the line. Distributions from IRAs and Qualified Retirement…
The government-issued stimulus checks were intended to help those eligible address some of the financial challenges brought on by the pandemic, but for divorced parents who share custody of their children and pay or receive child support, these payments have proven a major source of confusion in some cases. Criteria…
If you are recently divorced or currently going through the process, even routine matters like filing your annual tax return raises questions. Can we still file jointly? Must I add spousal or child support payments to my adjusted gross income? Which one of us can claim the children as dependents?…