High Asset Divorce

Tax Day is approaching. Are you ready?

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via FindLaw

Tax Day is coming up on April 15, and many of our clients have questions about their tax obligation now that their family's legal matter is resolved. FindLaw provides an excellent resource to help you navigate your deductions and obligations: https://bit.ly/2UNwOxl

What's considered "marital property"?

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via FindLaw

Married couples usually commingle their assets and purchase goods together, so the lines of ownership are blurred. This is a non-issue when couples are happily married and sharing resources, but can become a big headache after a divorce filing. Items that are purchased or otherwise acquired by a married couple are collectively referred to as "marital property." All other, non marital property is called "separate property." Dividing marital property can be difficult and stressful.

Check out this checklist from FindLaw to help with navigating how to divide your marital property: https://bit.ly/2EpgeOL

This is how credit card debt gets split up in a divorce

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by Jesse Campbell via moneymanagement.org

Divorce is an unpleasant process, even if the outcome is in everyone’s best interests. Part of the unpleasantness comes from splitting a single household into two. Over the course of a marriage, you collect a good many things together – including debt. And since debt happens to be one of the few things you’ll fight to not keep, you may be wondering exactly what happens to your debt when you get divorced.

Read Campbell’s insightful article here: https://bit.ly/2QPEnFR

Business Owners and Divorce

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Whether you are a business owner or an individual married to one, you may have many questions about what will happen to the company during divorce. After all, a successful business may be one of the most valuable assets you and your soon-to-be ex-spouse own.

We can help explain why a business valuation is very important to your divorce: https://www.thomasfamilylaw.net/divorce

Spousal support: Deciding between modifiable and non-modifiable Divorce

via Avvo

After determining the amount of spousal support, or alimony, that will be paid, it's important to consider whether this agreement will be modifiable. The decision whether to make spousal support, also known as alimony, modifiable or non-modifiable is one of the most critical decisions the parties and their attorneys will make regarding spousal support in finalizing a divorce case.

Learn more here: https://bit.ly/2V6ljBD

New tax law eliminates alimony deductions— but not for everybody

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by Bill Bischoff via MarketWatch

Some divorcing taxpayers will want to delay their divorces, while others will want to get it done as soon as possible. For individuals who must pay alimony, these tax changes can be expensive -- because the tax savings from being able to deduct alimony payments can be substantial.

Learn more: https://on.mktw.net/2E6M2Gp

There Is No Crying In Baseball And There Is No Winning In Divorce

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iStock

by Heather L. Locus via Forbes

The emotions of divorce are overwhelming. They may have you thinking in terms of winning and losing. Here’s the thing...NOBODY WINS in divorce. If you asked one hundred divorced couples who they thought got the better end of the deal when they finalized their divorce, it’s a safe bet that most, potentially all, would say, “my ex.”

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Will my ex-spouse get my inheritance?

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Inheritance is separate property, which means it belongs only to the inheriting spouse. However, you must take care not to treat it as marital property owned by both spouses. There are things you can do to prevent an inheritance from being treated as marital property subject to equitable division.

Check out these recommendations from DivorceNet.com: https://bit.ly/2v2C84i

4 Reasons To Finalize Your Divorce In 2018 To Save Money

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by Heather L. Locus vis Forbes

If your marriage is on the rocks, you need to be thoughtful about the timing of decisions -- the government has recently enacted many tax laws that impact divorcing couples, especially those with high net worth. How do you decide if it is in your best interest to settle this year?

First, take a deep breath.

Second, consider these four items and what impact they will have on you: https://bit.ly/2K8KNfS