There was some concern as the recently pass tax billed made its way through Congress that the adoption tax credit would be discontinued. Fortunately, for parents who are thinking about adoption, legislators preserved the credit. While we know that the adoption tax credit is still available to for families, there remains a great deal of confusion surrounding it. Below are elements of the tax credit that adoptive parents should be aware of: Overview of the credit: The adoption tax credit is a nonrefundable credit. This means it cannot reduce a taxpayer’s tax burden below zero. However, if there are unused tax credits, they can be carried over to next year. It is important to note that there is a five-year limit for adoptive parents to fully use the credit. Eligibility: People may be able to take advantage of the adoption tax credit when adopting a child who is under the … Continue reading 5 key things to know about the adoption tax credit
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Tips for taking some heat out of heated custody exchanges
Sharing custody of a child can be an incredible challenge for parents across Alabama, especially if the parents do not get along with each other. Under these circumstances, exchanging custody can be particularly contentious and heated. In some cases, parents can set aside their animosity for the brief time they are in contact with each other. In other cases, this is all but impossible. If you fall into the latter of these groups, then you might want to consider ways of making exchanges less volatile. To alleviate some of the tension and anxiety during custody exchanges, you can: Meet in a public place or neutral location. Schedule custody exchanges to line up with school or daycare pickups and drop-offs. Avoid having any conversations that have the potential to cause an emotional response. Make plans for after the exchange so that you have other things to focus on. Be on time. … Continue reading Tips for taking some heat out of heated custody exchanges →
How can I avoid delays in my divorce?
Once you or your spouse files for divorce, you might want the whole thing to be over as quickly as possible so you can move on to the next chapter of your life. However, this can be more difficult than you expect if you run into complications or issues that delay your divorce. While you may not be able to avoid every obstacle that arises in a divorce, there are some steps you can take to ensure you are not holding up the legal process unnecessarily. You can prioritize peaceful alternative dispute resolutions, like collaboration or mediation. These methods allow two people to work together with the help of a neutral third party to find their own solutions to issues like child custody and spousal support. Litigation is often a lengthier process because everyone is at the mercy of the court’s schedule and procedures. You can get organized. Have your … Continue reading How can I avoid delays in my divorce? →
9 social media mistakes that can hurt you in a divorce
Social media can be a source of great comfort and support when people are going through difficult situations, including divorce. It can also give people an outlet to vent their anger and frustration. Because of this, many people going through a divorce often turn to social media. However, social media can also do considerable damage to your case if you engage in certain behaviors or post certain types of information. In fact, you could wind up damaging your reputation in the eyes of the court, revealing lies you might have told or even jeopardizing your rights as a parent. Mistakes that can damage your image Harassing your ex through unwanted contact, bullying or making threats Hacking into an ex’s accounts Posting inflammatory, untrue and/or hurtful comments about an ex Mistakes that challenge your honesty Sharing pictures of extravagant purchases that you did not disclose during property division discussions Being active … Continue reading 9 social media mistakes that can hurt you in a divorce →
5 factors that could improve your chance to collect alimony
If you are getting divorced, financial stability in the aftermath of your split can be a top concern for you. After all, you will have to support your own household without the help or contributions from a spouse, and you will have to divide your marital assets with your spouse. In light of these financial changes, you may be wondering whether you will be in a position to collect spousal maintenance, or alimony. Because this type of support is not awarded in every divorce, it can be difficult to know what to expect with regard to when alimony may be awarded. Factors that can strengthen a case for alimony Numerous factors may be considered when it comes to assessing a need for alimony, be it in the form of periodic payments or a lump sum. Some of these factors include: Being at a financial disadvantage after the divorce Being married … Continue reading 5 factors that could improve your chance to collect alimony →
Understanding the potential income tax implications of divorce
During a divorce, there are a number of issues that need to be agreed upon by the two spouses. One of the biggest issues that will need to be resolved is the financial component of a divorce agreement. People often know that there will be some financial implications when going through a divorce. What they may not know is that a divorce can also affect their taxes. Both taxes and divorce are complicated topics. As with all complex subjects, a lot of questions often arise when determining how a divorce agreement impacts someone’s taxes. These are three of the most common tax issues that could arise during or after a divorce is finalized. Alimony If a spouse is ordered to pay alimony, those payments may be tax deductible. In order for the alimony to be eligible for a tax deduction, it must meet the following seven criteria established by the … Continue reading Understanding the potential income tax implications of divorce →
Prenuptial agreements on the rise, especially among millennials
Prenuptial agreements may have once had a negative stigma attached to them. These days, an increasing number of couples are signing a prenuptial agreement before tying the knot with their partner. A recent survey from the American Academy of Matrimonial Lawyers (AAML) discovered that more than half of attorneys surveyed reported an increase in the number of requests for prenuptial agreements by millennials. It’s not just millennials that are increasingly using prenuptial agreements. 62% of attorneys stated that they’ve seen an increase in the number of requests for prenuptial agreements among all of their clients over the past three years. What is a prenuptial agreement? To clarify any confusion, it’s important to define what a prenuptial agreement can accomplish. A prenuptial agreement is a document that allows couples to define the terms of their marriage. They are used to protect both spouses’ property rights and ensure both parties are protected … Continue reading Prenuptial agreements on the rise, especially among millennials →
Back to school time: 3 key things divorced parents can do
When parents get divorced, everyone in the family is affected in a different way. For people with school-age children, a primary concern is making sure that kids are able to keep to their routines as closely as possible. While children are incredibly adaptable, sometimes much more than adults often realize, major disruptions to their family situation can have a ripple effect on other aspects of their lives, such as success in school. All over Alabama, stores are turning their displays to back-to-school themes. While the calendar tells us it’s still the middle of summer, make no mistake: a new school year is right around the corner. And for kids who are entering their first autumn with divorced parents, this school year comes with unprecedented change. Most parents will say that there is no “good time” to get divorced when it comes to their children. However, there are some crucial issues … Continue reading Back to school time: 3 key things divorced parents can do →
Common stressors in a co-parenting relationship
While divorces are hard on everyone involved, they can be especially difficult on the kids. One way to help make the divorce easier for your children to get through is by having a strong co-parenting relationship with your ex-spouse. No matter how strong a co-parenting agreement may be, there are things that can create tension between the two parents. Below are four of the more common things that can cause strain in a co-parenting relationship. Putting your ex-spouse down Talking negatively about an ex-spouse in front of a child may feel good in the short term. However, doing so can hurt a child’s self-esteem. Children may feel like they’re part of the reason to blame for the negativity directed toward an ex. If there are any issues, be upfront and talk about them directly with your ex. Being proactive about discussing your concerns helps prevent them from becoming larger issues … Continue reading Common stressors in a co-parenting relationship →