There’s no getting around it: Divorce will change how a family functions. This, however, shouldn’t stop a person from choosing divorce. It is a stressful experience, but many people realize that it might be best for the entire family in the long term. As couples are dealing with divorce, during and after the process, it may be easy to overlook all of its effects. According to a recent study published by the Huffington Post, parents may not be aware of how their children are coping with the divorce. The survey says that nearly 40 percent of kids hide their true feelings about divorce, suggesting that many parents are left in the dark. At first, children may not be able to understand why their parents got divorced. Of the children who responded to the previously mentioned study, 13 percent blamed themselves for their parents splitting up. Of course, these results show … Continue reading Effective custody plans can ease concerns of parents, children
Monthly Archives: December 2013
Alimony payments may be considered tax deductible
Although many people might not know exactly what to expect when deciding to file for divorce, it will certainly provide lifestyle adjustments. Of course, couples can work together to ease that transition for themselves and any children involved in the split. Some people may consider requesting alimony payments as part of a financial settlement. Spousal support in this form isn’t a mandatory aspect of divorce, but it can help ease some financial difficulties created by divorce. For example, one spouse may have a much higher income than the other. During marriage, both individuals become accustomed to the lifestyle associated with sharing income, so alimony payments can help balance out changes caused by living with a single income. Of course, before drawing any conclusions about a divorce settlement, it can be helpful to be aware of the ramifications for specific decisions. When couples reach an alimony agreement, for example, they may … Continue reading Alimony payments may be considered tax deductible →
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Alimony
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Unraveling the tax consequences of asset division
On a basic level, the goal of property division is to allow couples to split up the assets and property they acquired during the course of their marriage in order to provide a financial footing for post-divorce life. Of course, every couple enters divorce with a unique financial situation, but Alabama family law provides guidelines for how the assets included in divorce should be divided. Like most states, Alabama’s property division laws follow the principle of equitable division. Rather than a basic 50/50 division of marital assets, they are to be divided in a way that is fairest for both spouses. Even though equitable division seems like a way for both spouses to exit divorce with relative financial security, it should be noted that there may be tax consequences for handing over certain assets. In addition to a completed divorce settlement, a freshly divorced person could be handed a tax … Continue reading Unraveling the tax consequences of asset division →
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Property Division
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