Planning a wedding can be a bittersweet moment that is fun and stressful at the same time. While Alabama couples are choosing the perfect venue for their wedding, they may also consider a prenuptial agreement. Prenuptial agreements can safeguard spouses’ assets in case of divorce. While some may view a prenup as a lack of trust and intimacy, there’s a difference between a young couple with no assets and an older couple with finances at stake. A large amount of couples may decide to get married at a time when they already have a successful career and own a home. They may also have large retirement savings and a considerable amount in financial assets. Even though a prenup may seem businesslike, it can still help to avoid a protracted divorce settlement in the future. Moreover, relationships can still be successful when a prenup conversation is brought up. It’s recommended that … Continue reading Including prenuptial agreement in Alabama marriages
All posts by The Rose Law Firm
Alabama couples to avoid contingency pitfalls in alimony
Alabama residents who are considering divorce may want to be aware of a pitfall relating to tax deductions. The U.S. Tax Court recently denied a man’s alimony payments that were deducted in 2008. Although his divorce decree stated that the alimony could be deducted and that his wife should report the received payments as income on her tax returns, the termination contingency on the divorce decree invalidated that stipulation. According to the man’s divorce decree, he had to pay a specific amount in alimony per month. His ex-wife was also eligible for a 40 percent portion of his bonus. It was stipulated in the decree that these payments would both terminate in the event of the ex-wife’s remarriage or the demise of either one of the two parties. However, the first termination condition on the decree stated that payments would be cancelled when the youngest child reaches high school graduation. … Continue reading Alabama couples to avoid contingency pitfalls in alimony →
Categories:
Alimony
Share on:
How Alabama spouses can be in the financial know in divorce
Divorce can come with many issues, including child custody and asset division, but one of the most common issues in divorce is over finances. It’s important for Alabama spouses to be aware of where they stand financially. There are ways that spouses can be financially savvy during divorce. One step spouses can take is to become knowledgeable about their financial standing of assets and debts. It’s important for spouses to know how many debts are owed and how much in funds they may have. This can help with creating a financial plan and budget as spouses enter in the single life. While reviewing finances, it’s also important for spouses to check on credit scores to see how many accounts are in their names. Since the divorce process entails exchanging financial information, another step spouses can take is to organize their financial records. Financial records may include joint and separate bank … Continue reading How Alabama spouses can be in the financial know in divorce →
Categories:
Property Division
Share on:
Making the best of child custody in Alabama
The topic of divorce can come up in a marriage for a number of reasons, whether the parties live alone or with a house full of children. In divorce proceedings that involve children, the stress increases and the process may seem more difficult. While deciding on child custody can be challenging, if both parties understand their options and are willing to work together, a solution that works for everyone can be achieved. Parents that are considering divorce in Alabama may benefit from understanding the types of child custody typically available and how to decide which one fits their particular circumstances. Divorce can seem to be a stressful life-change for those involved. For the children who watch their parents make this decision, it is even more confusing and nerve-wracking. As they deal with their own emotions, the parents should make a conscious effort to ease the tension of the transition for … Continue reading Making the best of child custody in Alabama →
Categories:
Child Custody
Share on:
Alabama issues with child custody schedules
The divorce process can bring on multiple arguments between spouses. One of the main issues divorcing spouses argue about is child custody. Many Alabama residents would agree that most parents want to spend as much time as possible with their children. Even after a custody schedule is formulated, there may still be issues present when it comes to weekend visitations. Throughout the years, child custody issues have increased. Some of the most popular scheduled days to appear in a courtroom is Wednesdays, Fridays and Sundays. At some point in time after the schedule is ordered, a parent may end up late in dropping off or picking up the child. In some instances, a parent may not show up at all. Non-custodial parents are may also raise visitation issues when they’re due to see their child. Some will go so far as to request law enforcement to escort them to the … Continue reading Alabama issues with child custody schedules →
Categories:
Child Custody
Share on:
Alabama spouses should not hide assets in divorce
A couple with two children filed for divorce back in 1999. As more time went by, the battle between the two grew even more intense. Although dividing assets is an essential part of a divorce, it is not always cut and dry. Recently, a man was found to have hidden a substantial amount in assets. Alabama spouses may be able to learn from this couple’s experience. The man worked in real estate and as an investor for an electrical company. He threatened to file bankruptcy so that his wife could not get anything, even child support. Eventually, the man filed bankruptcy, but he did not disclose all of his assets. He reportedly put his assets in other individuals’ names in an attempt to cover up millions. To avoid increasing the amount paid in child support, he disguised incoming income through shell companies. After his bankruptcy wrongdoings were discovered, the man … Continue reading Alabama spouses should not hide assets in divorce →
Categories:
Property Division
Share on:
Retirement assets are subject to division during divorce
Many married couples plan ahead and count on assets set aside for the later years in life. However, amid all this planning, people might not count on divorce happening, which can have an impact on existing retirement assets. Knowing that retirement accounts aren’t immune from divorce proceedings, readers might be wondering: How will these assets be split? For the most part, this can be answered based on Alabama family law and when the assets in question were acquired. Alabama is an equitable division state, which means that marital assets are subject to be split in a way that is considered fair to each spouse. In some cases, this means that it might not be an even split. As such, retirement assets that are acquired during the course of a marriage are distributed in accord with state property division laws. Although this provides a very basic picture of how retirement accounts … Continue reading Retirement assets are subject to division during divorce →
Categories:
Property Division
Share on:
Court: Donor must pay child support, despite waiving rights
The face of the American family is changing. Many families are being started and grown through adoption, surrogacy or using a sperm donor. Regardless of a biological connection, two people still consider themselves parents and work to build a family. Under these arrangements, biological parents are typically absolved of any financial responsibility to the children because they aren’t legally — or practically — considered parents. However, a recent family law case is creating a stir across the country. A man, who acted as a sperm donor and waived all of his parental rights with a contract, is now being held liable for child support payments by the state of Kansas. Two women, who were in a committed relationship, sought a sperm donor in order to start a family together. They eventually found a private donor, signed a contract and successfully had a child. At a certain point, the two women … Continue reading Court: Donor must pay child support, despite waiving rights →
Categories:
Child Support
Share on:
How does stay-at-home parenting fit into property division?
When couples reach the decision to divorce, financial matters might be among the first things each spouse considers. Couples typically accumulate assets together during the course of their marriage and must try to untangle them during the course of divorce. As each spouse tries to figure out his or her post-divorce needs, there may be questions about exactly how to formulate the financial settlement. In cases where both spouses have maintained a steady income while being married, property division matters couple be slightly less complex because each individual can expect to have steady income after divorce. This situation for a stay-at-home parent, however, might be a little different. When a person decides to stay at home to raise children, he or she may also being putting a career on hold. Certainly, some parents are more than willing to do so, but having to resume a career after divorce may be … Continue reading How does stay-at-home parenting fit into property division? →
Categories:
Prenuptial Agreements
Share on:
Effective custody plans can ease concerns of parents, children
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 →
Categories:
Child Custody
Share on:
