Claiming one or more dependents on your tax return can yield significant benefits. However, sharing equal custody of your children with someone else may complicate your tax situation. Fortunately, the IRS has specific rules in the tax code to determine which parent...
Making ends meet can be challenging for families, and financial planning for divorce can add another layer of complexity. Inflation and rising living costs exacerbate these challenges, particularly for families with children. Quality childcare is expensive and...
You and your ex likely shared finances and budgeted together during your marriage. These practices make sense in a marriage but require careful reevaluation during a divorce. Divorce necessitates a detailed review of your income, expenses, and assets to make crucial...
During most marriages, the finances of most couples become intertwined. It's normal to combine funds, share accounts, and budget together. These are normal and advisable practices during a marriage, but financial issues can often become complex during a divorce....
For many couples, financial matters are difficult to address during a divorce. They can be complex – and this is even more true for couples who have children. Most parents want to support their children as much as possible throughout their lives – and to plan and...
For many people, Social Security benefits are an essential source of income following retirement. This is true regardless of whether you’re married, single, widowed, or divorced. As with any legal matter, the law surrounding Social Security benefits can be complicated...
Most people realize that following a divorce, both spouses will continue to have an obligation to support and care for the children – but what about caring for and supporting your ex-spouse? Spousal support, also known as alimony, is one of many issues that couples...
Many difficult issues can arise in a divorce – and issues regarding how to divide the property you've accumulated during your marriage are certainly among them. This is true concerning all types of property – cars, real estate, family heirlooms – and it can be...
Divorce brings its fair share of difficulties. That’s no secret. Certainly, it’s an emotionally difficult process – coming to the end of a journey and a relationship that you might once have thought would last a lifetime is painful. There’s no question about it....
While you may pick a pet out and purchase it just like many other things you own, anyone who has a pet knows well that a pet is more than simply something you own. Without question, pets are valuable and important members of the family. They are loved, and truly add...
Throughout a marriage, particularly if it has been a marriage of significant length, a couple will often accumulate a significant amount of property. Of course, as part of the divorce process, that property must be divided – and figuring out exactly how that will...
When most people walk down the aisle, they truly believe they’re making a lifetime commitment. Especially in the early stages of a relationship, it can seem as if love will, indeed, last forever. Sometimes, that ends up being the case. In other cases, however, things...
No matter what, even in the best of circumstances, divorce isn’t easy. Ending one chapter of your life, especially a chapter as significant as a marriage, and beginning a new one is bound to have its share of stress and difficulty. This can be even more true if there...
If you have been divorced and are obligated to pay alimony, can that payment amount be reduced due to financial difficulty? The short answer is yes – if an appropriate motion is made, and a substantial change in circumstances is shown. Let’s take a closer look...
Divorce. In any number of ways, it can be difficult – both emotionally, and practically. That's simply the nature of the process. Deciding to divorce is emotionally difficult – and addressing all of the issues that come after can seem like a complicated, and even...
Owning a business can be a very worthwhile and rewarding experience in many ways. You get to bring your dreams to life. You get to be your own boss. You have the chance to build something from the ground up, something that may bring financial rewards, personal...
If you and your spouse have made the difficult decision to pursue a divorce, it is likely a highly emotional time for you and probably a very difficult one in many ways. On top of the stress you are already feeling, the last thing you need is added financial stress...
Deciding to divorce is only the first step in a lengthy process – one in which couples will find themselves confronting many issues, and asking many questions. One of the most common is – when it comes to dividing up our property, who gets what? It's a good question...
Deciding to get divorced is difficult. There's no question about it. Even when you know the decision is for the best, it's not easy – and making that initial decision is only the first step in a series of difficult decisions you'll have to make. While this is true for...
Even under the best of circumstances, most of us don’t relish the idea of paying taxes. This can be particularly true in difficult times. Facing a divorce and worrying about how your divorce might affect you from a tax perspective is doubly unpleasant. It’s an...
Many couples have spent most of their married lives – often decades – saving for retirement. If a couple decides to divorce after many years of marriage, these retirement accounts are an important issue in the divorce. Most couples want to know – how do we divide our...
Who’s Entitled to It – and Why? Alimony. Also known as spousal support, many people who are contemplating divorce are familiar with the term – and many know that alimony is support paid from one spouse to the other in the event of a divorce. What fewer people...
When couples contemplate the divorce process, without question, there are many issues that may seem intimidating to tackle. Certainly, highest among them are issues involving children, if the divorcing couple has them. But following closely behind are many issues...
Changes are inevitable. This includes tax changes. When a tax change occurs someone will be affected, but the question is, is that someone you? Based on the 2018 Tax Cuts and Jobs Act (TCJA), those who make alimony payments may find themselves affected by this tax...
It seems like almost every day something new is being discovered. From social media outlets to cryptocurrencies, our world is changing right before our eyes. But when our world changes with these new technological advances, so does our lives and as it pertains to...
You’ve been separated for one year and a day….check. You’ve decided to go through with the divorce….check. You’ve hired a divorce attorney…check. You’ve decided to divide your marital property….check. Now what? Though you may think that all of your I’s have been...
When you are going through a divorce, your emotions can range from sadness to anger to frustration and confusion. Depending on the role you played in your spouse’s life, as a supportive spouse, you may want to be compensated for everything you put into the marriage as...
It is not uncommon, these days, for people to own their own business. Whether a small mom and pop shop or a large law practice, people are choosing to own their own business as opposed to working for other people. Some of these businesses can be the main source of...
There are many questions that arise during the divorce process. Who gets the house? Who will have primary custody of the children? Who will pay support, and alimony, and how much? And among these questions, one of the most commonly asked, but one which people...
The decision to get married is, in so many ways a decision to make two lives one – and finances are no exception to this rule. More often than not, married couples combine their debts, assets, and bank accounts, and budget together. This is understandable, and is...
If you're a professional with your own practice – whether as a partner, a shareholder, or owner of a private practice – chances are that you've taken the necessary and essential steps to set the practice up in the most advantageous way, and in a way that will ideally...
Just as every person is different, so too, is every married couple – and every marriage. It only stands to reason, then, that every divorce is going to be different too. While all divorces may have some of the same legal elements, and while divorcing couples may face...
If you are in the midst of a divorce, or if you are contemplating a divorce, you are probably aware that this process means far more than simply the legal dissolution of your marriage. It also means choosing to enter into the complex and often difficult process of...
Taxes. Most of us don’t love thinking about them, and most of us would certainly agree that in many respects, tax time is a headache. This is true almost every year, but in some years, it is more true than others. If you are in the midst of or have recently finalized...
While the vast majority of people enter into their marriages hoping that they’ll last forever, sometimes this simply isn’t the case. Whether you are contemplating a divorce, or whether you find yourself in the midst of one, there are certain important steps you should...
If you rely on your spouse’s income, you may qualify for post-separation support.
During the divorce process, custody and support can impact your tax situation. There are various child-related tax implications that must be addressed upon divorce and separation.
Not every couple is able to agree to a property settlement and may find it necessary to have the court distribute their property. The process of property distribution by the court is called equitable distribution.
There can be different tax liabilities associated with spousal and child support, as well as divided property.
When divorce proceedings involve couples with high net worth, issues like property division and alimony can become even more complex.
The legal term for dividing a couple’s assets and debts is called equitable distribution. A four-step process is used to determine how to divide property in North Carolina: Identification, Classification, Valuation and Distribution.
Determining child support usually a pretty cut and dry process, but it is much more complicated when an entrepreneur is involved because it can be difficult to calculate income.
Many people feel the need to modify their alimony obligations when their small business becomes financially strained.
North Carolina General Statute 50-16.3 explains who is entitled to alimony and how the courts make decisions regarding alimony. This statute will help you understand your rights and what the court is looking for.
Alimony and post-separation support are available in North Carolina without any fault. However, it maybe considered when deciding if alimony is available.
Most people typically think of alimony when considering monetary support and divorce. However, if you rely on your spouse’s income, you may qualify for post-separation support.
Sex during the separation period can cause complications and potentially have a negative outcome on divorce proceedings.
Post-separation support orders or alimony can be modified even after a divorce has been ordered and finalized by the court.
If you are a dependent spouse, you may not have to pay attorney’s fees for your claim for alimony.
Many people feel the need to modify their alimony obligations when their small business becomes financially strained.
Today, most issues in divorce proceedings are resolved between the parties without court involvement. However, the need for alimony may not be readily apparent.
The absence of sex in a marriage can be important for establishing fault in other circumstances, such as awarding post-separation support, awarding alimony, and obtaining a divorce from bed and board.