New tax law eliminates alimony deductions after 2018

Attorney Tabano alimony, law, support, tax

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:

Attorney Tabano divorce, marital assets, retirement, separation, social security, support, tax

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. …

40 Secrets Only Divorce Attorneys Know

Attorney Tabano alimony, child support, custody, divorce, insurance, law, marital assets, qdro, retirement, separation, social security, support, tax

The Divorce process is a stressful process that can easily bring out the worst in people. Some people even see divorce as a way to seek revenge on a spouse by seizing money and assets. Although divorce can get you out of an unhappy marriage, it can also milk you for all you are worth if you don’t know your …

8 Ways To Simplify Your Divorce, According To Attorneys

Attorney Tabano alimony, child support, custody, divorce, law, relationships, separation, support

Divorce, by nature, isn’t easy. Luckily, there are some things you can do that will make the process just a little less difficult. Below, divorce lawyers share their little-known tips. 1. Open a bank account in your own name. “Couples who share a joint bank account should know that either one of them can drain the entire account under the banking laws. …

The Top 5 Mistakes to Avoid When Going Through a Divorce

Attorney Tabano alimony, celebrity, child support, custody, divorce, law, relationships, separation, support

Are you going through a divorce?  You should avoid these very common divorce mistakes which can have long-term effects on your family and financial future. 1. Getting legal advice from friends and family members 2. Interpreting what your divorce attorney tells you as a guarantee 3. Making threats to your spouse 4. Moving or hiding marital funds without the knowledge …

Finding Hidden Assets In Divorce

Attorney Tabano divorce, law, support

One of the unfortunate realities in many divorces is that one spouse will attempt to hide assets from the other to avoid having to divide them down the road. This is particularly problematic for the “non-financial” spouse – the one who took a hands-off approach to involvement with the couple’s finances during the marriage. These non-financial spouses usually will not …

5 tips for making sense of taxes after a divorce

Attorney Tabano alimony, child support, divorce, law, support, tax

Did you know that, in America, there is one divorce about every 36 seconds? That’s nearly 2,400 divorces per day, 16,800 divorces per week and 876,000 divorces per year. With tax season upon us, that means approximately 876,000 people are newly navigating the realm of post-divorce taxes. Taxes are complicated enough as it is, but when you add in assets, …

Money Tips for You After Divorce Settlement

Attorney Tabano alimony, child support, divorce, insurance, law, separation, social security, support

Tips for Financial Security After Divorce Settlement Meet with an Lawyer Even if you’re hoping for a simple divorce, you can still benefit significantly from consulting an attorney who specializes in divorce law. A lawyer can be objective, advising you of your rights, obligations and options and walking you through issues surrounding alimony, child custody and a divorce settlement. During this emotional …

How is a 401(k) Divided in A Divorce – QDRO

Attorney Tabano alimony, child support, divorce, law, support

Dividing a 401(k) in a Divorce – QDRO There are three primary steps to dividing a 401(k) in divorce: the divorce decree actually orders the division, those details are outline in a qualified domestic relations order (QDRO), and finally the plan must be approved by the judge and the plan administrator. Preparing a QDRO is a complicated and technical task. …