You may have seen changes in your take home pay caused by the Tax Cut and Reform Bill signed in 2017. However, you may not be aware of the affect the tax bill will have on divorces especially those with alimony provisions finalized after December 31, 2018. Prior Tax Treatment of Alimony There are several [..]
Your divorce has been finalized and you are adapting to life as a divorced parent with the financial struggles and child custody arrangements that are your new reality. Your children are also learning to adjust to custody/visitation exchanges and living in two households. This can be difficult for children even when parents work well together. [..]
You and your spouse purchased your dream home. You have spent years decorating and making improvements. Your children attend school nearby and have made friends in the neighborhood. You think everything is perfect until your suburban dream is shattered when you are served with a divorce action. Typically, parties will agree to sell their home [..]
Persons marrying later in life, or entering into second marriages, have often acquired separate property in the form of real estate, investments, and other assets prior to the marriage. Protecting separate property from division by a Tennessee divorce court requires proper identification and management of the separate property. Tennessee divorce courts must classify property as [..]
Under the new tax law, divorcing couples may find a new road block in reaching an agreement on important issues Calculation of alimony has always been complicated. It also varies state to state. One of the constants in this otherwise confusing areas of the law has been that alimony is deductible by the person who [..]
The new tax law will bring substantial changes to how alimony deductions are treated The Tax Cuts and Jobs Act (TCJA) has sent tax experts and those effected by changes in tax laws scrambling. A complete overhaul in tax law, TCJA has far reaching implications for people across the U.S. One of the substantial changes [..]
Let your teens know that sexting carries legal consequences With advances in technology and increased technology use, new legal issues have come to light. One such issue involves teens engaged in “sexting.” Sexting refers to transmitting nude or suggestive photos via text message. It has become increasingly commonplace as more and more teenagers have access [..]
The dependency tax exemption is a significant financial benefit. Find out what happens to it after divorce Only one parent is able to claim the dependency tax exemption each year. Additionally, the IRS will not allow divorced or legally separated parents to split the dependency exemption. So, what does this mean for divorced couples? Who [..]
Make sure you are always covered for health insurance, even after divorce. Health insurance provide critical benefits and gaps in coverage can have serious consequences. That said, health insurance coverage should always be addressed as early as possible in divorce proceedings. This will help ensure that you continue to have access to coverage despite the [..]
The starting of the new year can mean the ending of many marriages January means the start of a new year, the end of the holiday season, and has also come to mean the end of many marriages. Divorce lawyers across the country claim that business is always thriving in January, leading the month of [..]
