The new tax law will affect people differently, depending on whether they’re paying or receiving alimony. In divorce situations, one spouse or ex-spouse may become legally obligated to make payments to the other party. Because these payments are often substantial, locking in tax deductions for the payer has often been an important issue. Before the new Tax Cuts and Jobs …
Misunderstanding the Type of Retirement Plan to Be Divided in a Divorce:
This is probably one of the most common mistakes in settlement agreements and even final judgments, since often times attorneys prepare the final judgment which the judge simply signs. It often erroneously states “retirement plan” without ever defining the type of plan(s) to be divided. Retirement plans can be defined contribution plans, defined benefit plans or some type of hybrid. …
Tips to Consider when Separating
There may be 50 ways to leave your lover but there’s a heck of a lot more to it than just being creative with the word good-bye. More often than not, the way you handle your exit will determine your ex’s entrance — into your wallet, your circle of friends, and the judge’s predisposition on settlement day. Before you win …
Divorce and Tax Filing Status
Tax law distinguishes filing status because filing requirements, certain credits and above-the-line deductions, tax brackets, and the standard deduction depend on the filing status. Additionally, filing status determines the income threshold for which Social Security is taxed. The main purpose of grouping taxpayers according to filing status is based on the presumption that, with the same income, single people can …
Splitting Up Military Retirement Accounts
Today you may not think twice about splitting military retirement benefits during a #divorce. But it wasn’t always that way. A 1981 U.S. Supreme Court decision, McCarty v. McCarty, actually precluded state courts from dividing military retired pay as an asset of the marriage. In response, Congress passed the Uniformed Services Former Spouses’ Protection Act (USFSPA in 1982. This legislation specifically …
22 Divorce Experts Share What They’ve Learned About Divorce –
No matter your status…thinking about divorce, going through a divorce or moving on after a divorce, there will be work to be done on your part. Your own words, actions and thoughts undoubtedly play a role If you’ve made the decision to divorce your first priority should be creating a process that is beneficial to all parties involved. According …
8 Things No One Ever Tells You about Divorce
Source: Divorce 360 8 Things No One Ever Tells You about Divorce When you decide to divorce, it’s almost as if you’ve entered a club with a super-secret handshake…only no one is quite certain how to do it. So we asked the divorce360.com community what they wished they had known before they decided to file for divorce. From …
2016 Changes to Social Security for Divorced People
2016 has arrived, and for the tens of millions of Americans who receive Social Security benefits, the New Year is a good time to review what they can expect from the program over the coming year. While there are changes every year, 2016 has some unusual changes that you need to know about if social security is part of your …
How Are QDRO Distributions Taxed?
It is said that the only sure things in life are death and taxes. There is no doubt that the Internal Revenue Service wants their share of any income received by US taxpayers, and distributions from Qualified Domestic Relations Orders (QDROs) are no exception. Whether paid by the plan participant or an alternate payee, taxes are an inescapable part of …
Five New School Year Tips For Divorced Parents
The end of summer can be sad, especially for children. It often brings cooler weather, earlier bed times, and of course, school. A new school year brings about a lot of changes that can be both exciting and scary. A new classroom, new friends, new teachers, and even an entirely new school can make even the bravest kids feel nervous. …