Tax Breaks for Parents: What You Can Expect After Divorce?
One of the many things that will change after divorce is your taxes. You will have a separate filing status and may be in significantly different financial circumstance. Dependency Exemptions One thing that can change is your dependency exemptions. There are many tax breaks for parents. You can claim a dependent on your taxes to reduce your overall taxed income and take advantage of possible tax credits. Some expenses from…
Read MoreWho’s the Father?: How Paternity is Established
Today, families come in many shapes and sizes. Families can begin and grow before a marriage and not all mothers and fathers are meant to be together. In these cases, you may have to establish paternity to gain certain benefits for your child. There are many reasons why you may want to establish paternity. If you are seeking child support or other benefits for your child, you will need to…
Read MoreWhere Does all the Money Go?: Uncovering Hidden Assets
As part of any divorce, both parties have to disclose their financial information to include income and expenses, assets and liabilities. It is with this important information that the court will determine child support, spousal support and any property division. Every disclosure filed with the court must be done in good faith and truthfully, however sometimes getting to that point is a struggle. Today, many successful people do not earn…
Read MoreTemporary Support: Who Pays for What During Divorce Proceedings?
Often, when couples decide to divorce or separate, one spouse will move out. They do so for a variety of reasons, but rarely are they financial. When one spouse moves out, another household will have to be maintained, especially if children are involved. While it is not required one spouse move out at the point of separation, when and if they do, the courts have allowed for something called temporary…
Read MorePost-Judgment Modifications: Can Spousal Support Change?
Spousal support is generally meant to be only temporary with the purpose of helping the supported spouse eventually become self-supporting. It isn’t payment for wrong doings or retribution for anything; it is awarded by the courts solely to ensure the spouse with less financial resources will not suffer greatly as a result of the divorce. It is also awarded in cases where there are minor children still at home. Both…
Read MoreIntangible Assets: Intellectual Property and Divorce
In community property states, like California, all assets common to the marital community must be divided equally upon divorce. Marital property is anything acquired during the course of the marriage, yet prior to separation. It can also include the appreciation or growth of certain property acquired prior to the marriage but contributed to by the marital community during the marriage. Intangible assets, like patents, copyrights, and royalties, may not produce…
Read MoreInheritance and Divorce: What Happens to My Inheritance in a Divorce?
Your family has your best interests in mind when they leave you an inheritance. Inheritances are meant to distribute and maintain wealth in the family and so when a couple divorces, it can be difficult to know who has a right to what when it comes to inheritances. It also can be worrisome to think about losing what your family sought to provide you. What happens to an inheritance in…
Read MoreIncome and Child Support: What Happens When There is a Change in Circumstances?
Child support is based off of standard formulas that take into account, mainly, the time each parent spends with the child or children, based off of the custody and timesharing agreements, and the parents’ net income. Both these factors can change dramatically post-divorce and so there are procedures in place for changing, also called modifying, a child support order. If you are like many concerned parents, you want your child…
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