Articles Posted in Uncategorized

The new tax overhaul will remove a 75-year-old tax deduction for alimony payments. The new rule will not affect anyone who divorces prior to 2019; however, it will certainly change divorce negotiations. What’s changing? Currently, the spouse paying alimony can deduct it from their taxes and the spouse receiving the alimony pays taxes on it.…

Ten ways in which a divorce could affect your credit score: 1.) Having to refinance your home 2.) The splitting of the debt was uneven 3.) Going from two incomes to one 4.) Not disclosing all debt during the proceedings 5.) One party doesn’t pay his or her agreed-upon share 6.) One party still has…

While the overall divorce rate is decreasing, the divorce rate for people over the age of 50 has increased from 1 in 10 to 1 in 4. MarketWatch created a checklist to help mitigate the financial risk associated with divorce over age 50. Below is a list of items to consider, prior to filing for…

Researches have come up with 7 common reasons couples end their marriage. 1.) Infidelity 2.) Substance abuse 3.) Lack of commitment 4.) Too much conflict and arguing 5.) Growing apart 6.) Financial problems 7.) Getting married too young If any of these issues have affected you, and you are considering filing for divorce. Contact the…

For 2018, the estate tax exemption has increased to $5.6 million per individual, increased from $5.49 million in 2017. Thus, a married couple will be able to shield $11.2 million from federal estate and gift taxes. The annual gift tax exclusion has finally increased to $15,000, after remaining at $14,000 since 2013. For more information…

A canadian couple was able to agree on the majority of their divorce terms; however, they had to have a judge decide who would get their Edmonton Oilers season tickets. Beverly and Donald McLeod separated in 2015, with Donald agreeing to pay Beverly $15,000 per month in spousal support. However, the couple needed a court…

Family law is making headlines this week, as a Hawaii mom faces jail time for illegally taking her son to Japan, amid a bitter custody battle. Eileen Tojo took her infant son and three other children from another father from Oahu to Japan for four and a half years during a bitter custody dispute, even…

Currently, spousal support is tax deductible for the payer, and taxable for the payee. However, a proposed change in the tax reform bill would eliminate the tax deduction for spousal support and make alimony income tax-free to the recipient for divorce judgments that are executed after December 31, 2017. Currently, in most cases, the spouse…

If you have a family business, you will want to have a plan in the event of death or divorce of any of the partners. Not only will you need to plan – but you will need to plan early. Valuing businesses and determining which percentage will be awarded to the non-owner spouse in a…

Divorce is in the news this week, as Miguel Cabrera is involved in a divorce proceeding with his soon-to-be ex-wife Rosangel Cabrera. Cabrera has been married for fifteen (15) years, and met his wife in high school. However, the couple is calling it quits. Rosangel Cabrera filed for divorce, stating that the relationship with baseball…