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If you have a high net worth and owe alimony after recently ending your marriage or you receive payments from your former spouse, it is vital to have a clear understanding of various legal issues related to spousal support. For example, you need to recognize that...
Because you and your current spouse completed your divorce after 2018, you must understand how current tax laws affect your alimony payment. Payors no longer deduct tax payments, and recipients no longer pay taxes on payments. Forbes offers tips for minimizing your...
It is of course not uniformly the case that divorcing Michigan spouses exit their marriages on a financially equal footing. Notwithstanding that state law mandates a fair division of assets between splitting partners, one divorcing spouse sometimes has a financial...
Some areas of the law are relatively static and often rigidly applied. Other legal subject matter is more fluid and complex, with ample doses of judicial discretion mixing in with statutory dictates and case law holdings. Alimony is a case in point, which we note at...
Surging or exploding stock portfolios can have a huge impact on your financial outlook. During a boom, you may feel your pockets swelling. And when the markets bust, they can leave you feeling hollowed out. But can any of these changes to your assets lead to changes...
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. Why does the IRS care...
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...
Anyone considering a divorce or in the early phases of the divorce process will likely finalize the divorce in 2019. The date of the final divorce agreement is important as it will determine which tax laws apply. Those that finalize their divorce in 2019 will likely...
There may be numerous crucial aspects to address during the end of a marriage, one of which being whether spousal support payments will be required. Addressing this aspect could be crucial, as these payments can have a substantial impact on one's taxes. However, the...
There are numerous aspects involved in the process of divorce. Property division or child custody are often significant issues during this stressful life event, but there are other areas that may require attention. In Michigan and elsewhere, spousal support is a key...
