Prenuptial agreements can be extremely useful tools for outlining the terms of a potential future divorce before you get married. They help you protect your assets or investments, particularly those you want to preserve for children from a previous marriage. However, prenups can’t be used for just anything—there are certain terms that will not be able to be enforced. Among…
Divorcing couples are required by law to be completely transparent in their disclosures of all assets, including income, expenses and debts. However, it is unfortunately not uncommon for people to attempt to conceal assets during the divorce in an effort to avoid having to split them up with their spouse. They might hide or undervalue certain pieces of marital property,…
Many couples on the brink of divorce try to “wait it out” over the holidays, some in hopes that the seasonal spirit will rekindle their romance, while others simply wanting to avoid the unpleasantness until extended family time is over with. It should come as no surprise, then, that January (and the first quarter of the year in general) often…
There are a lot of difficult emotions that surround the divorce process, and people who are involved in divorces might make poor decisions that are a result of these emotions. One example of such a decision is to attempt to conceal assets to prevent them from being divided in the divorce process. This is a form of financial fraud, and…
Getting divorced during tax season can add to the stress you’d normally experience during the divorce process at other times of the year. It’s important not to let your tax responsibilities go by the wayside while you’re also focused on the legal responsibilities you have in the divorce process. Here are some tips to help you balance your taxes and…
Financial advisors in an average divorce case will frequently recommend against keeping the family home after the divorce. In many cases, it will be too much of a burden financially for one spouse to continue keeping up with all the costs of home ownership on just one income. In recent years, however, holding on to the family home after a…
The overhauls to the tax system that went into effect last year have made matters a bit more complicated for divorcing spouses. Under the new system, alimony payments are no longer tax deductible for the person paying them, and are no longer considered taxable income for the person receiving them, which reverses a practice that had been in effect for…
For the small percentage of divorces that do go to trial, you can expect there to be some issues that will require at least a temporary solution before your trial date arrives. You and your spouse have the ability to make your own short-term agreements for certain hot-button issues related to your divorce, but a failure to agree on such…
One stipulation of your divorce might be that you will sell the family home and split the proceeds from the sale. But how much can you expect to reasonably make from the sale of your home? If you wish to get a realistic estimate of what your home might be worth, here are some strategies to employ. Hire an appraiser:…
Perhaps the most difficult part about beginning the divorce process is breaking the news to your children. At some point, however, it must be done, and it is important to do so tactfully and gently. Here are a few tips to help you properly break the news of your divorce to your children. Make sure you’re certain: You should not…