By aphlaw | Published June 20, 2022 | | |
As you begin the divorce process, one thing you will notice is that you will get a lot of unsolicited advice from friends and family about your own divorce. This advice typically comes from a very well-meaning place. People who care about you think they can help you and want to share their own experiences. Read MoreRead More
The economic impact of a divorce can be severe. However, there are some ways in which you can lower that impact, including through tax deductions. Tax deductions can lower your taxable income, which in turn reduces the amount of money you must pay to the IRS in your taxes. Some of the rules for deductions Read MoreRead More
Untangling your assets in the divorce process can be quite complicated. If you also have trusts, the way you proceed with dealing with them will depend on the type of trust you have. Here’s an overview of what you should know. Revocable living trusts If you and your spouse developed a living trust before your Read MoreRead More
The term “joint custody” refers to a shared custody agreement between divorced parents of minor children. Joint physical custody is an arrangement in which parents both spend substantial time with their children (though not necessarily equal), while joint legal custody is when both parents share the power to make important decisions regarding their children’s upbringing. Read MoreRead More
The experience of going through a divorce can be quite challenging, and will involve a great deal of emotional turbulence. However, there are plenty of people every year who get through their divorce and thrive afterward in their new life. Here are a few tips that will make the divorce process easier on you: Find Read MoreRead More
As you work through your divorce, don’t forget the potential impact your divorce will have on your taxes. At the very least, you’ll need to consider the tax filing status you will use while the divorce is still pending. The Internal Revenue Service (IRS) will continue to treat you and your spouse as married as Read MoreRead More
A common mistake people make when preparing for a divorce is a failure to consider the state of their finances moving forward and what sort of budget they should realistically be working with while the case is pending. Before your divorce begins, it’s hard to predict with a great deal of certainty what your financial Read MoreRead More
One of the biggest mistakes people make when going through their divorce process is being indecisive with some of the key issues at stake in their divorce, or with the idea of being divorced altogether. This is not a decision you can drag out for too long. Take the necessary amount of time to weigh Read MoreRead More
During the asset division process, your assets will be placed into two primary categories: separate property and marital property. The former refers to property owned by an individual spouse, such as property owned before the marriage. The latter refers to property acquired during the marriage and/or jointly owned by both spouses. In addition to property Read MoreRead More
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