The upcoming Father’s Day celebrations provides an opportunity to discuss some of the tools we, as parents, can use to proactively build our relationship with our children. Divorce changes our roles as parents, but we can take steps to better ensure the change is positive.
IRS ramps up review of divorce
The Internal Revenue Service (IRS) is not a government agency that people are excited to deal with. Add this agency to the already difficult emotional landscape that comes with the parties navigating a divorce and things could get interesting.
What happens if you need to change your child custody order?
Maybe one of you got a new job, has started a new relationship or simply wants to move to be closer to family. Whatever the reason, parents may feel the need to change a child custody arrangement.
If you find yourself in this situation, you are not alone. Life changes, the courts understand. However, in an effort to better ensure the children’s best interests are met the court does have certain requirements before it will allow parents to change child custody orders. The process will vary depending on the state, because family law is generally governed by state laws. This piece will focus on the process for those who are attempting to make the change in Michigan. It is also important to note that the current child custody agreement is in effect until a judge signs a modification.
This tax planning strategy could help with spousal support
You likely noticed how difficult tax season was this year. News update after update discussed unforeseen problems and unexpected tax obligations. The reason for the surprises: a new tax law.
The Tax Cuts and Jobs Act (TCJA) went into effect on the 2018 tax returns. As a result, many taxpayers were scrambling to make sure their tax returns were in line with the new law.
Three steps to take after the divorce is final
Even an amicable divorce is an upheaval in one’s personal life. Once the negotiations and court dates are complete, both parties can generally put the legal side of things behind them and get on with their lives.
Are your digital assets prepared for divorce?
Digital assets are a part of our everyday life. These assets can range from social media sites to online banking accounts. Whether the account provides a fairly innocuous financial benefit or is a sizable asset, it is important to account for our digital belongings when navigating a divorce.
How do we account for digital assets during divorce?
Divorce terms may be revisited if hidden assets surface
Most anyone in the high-income bracket isn't there because they are lucky. They tend to know what it takes to maximize revenue potential and minimize financial liabilities. In some cases, this might mean following strategies to hide assets from public view.
In the context of divorce, hiding assets is not an acceptable practice. Yet, it happens. Trust might have been a feature of a couple's relationship at one point, but it can wither under the pressure of marital dissolution. If that has happened in your case or trust was misplaced to begin with, it's entirely possible that assets may have been squirreled away over a long period of time.
Getting divorced and don't know what to do with your timeshare?
You have many things to consider as you file for divorce. You may need to put child custody arrangements and support agreements in place. And like most couples, you and your soon-to-be ex must also make choices about how you will divide your property.
As you work to determine the full extent of your marital assets, you likely wonder what you will be entitled to. Perhaps you would like to keep the home in which you have raised your family. But do you know what happens to your timeshare when you divorce?
Divorce: Does timing matter?
Whether initiating or not, those who are in the midst of a divorce likely have many questions. One question to take into consideration: does the timing of my divorce matter?
In short, the answer is yes — when you get divorced matters. More specifically, the date you finalize the divorce matters. The Internal Revenue Service (IRS) will treat a couple as married or unmarried based on their status December 31. If their divorce is finalized the last week of the year, they are considered unmarried for the entire year for tax purposes. If not, the IRS considers the two married. In this case, the two can choose either to file joint or separate tax returns.
Spousal support and divorce in 2019
There has been a change to the United States tax system with the implementation of the Tax Cuts and Jobs Act (TCJA). This law resulted in major tax reform. The TCJA essentially doubled the standardized deduction rate and gave business owners new rules to follow when filing returns.
Another area impacted by changes to tax law: divorce. The TCJA impacted divorce in many ways, but the most notable change involves spousal support.
