It’s not entirely uncommon for unhappy couples to “stay together for the kids,” believing it to be better for their children if they have two parents in the household. The reality, though, is that there is never an ideal time to get a divorce. In fact, remaining in an unhappy relationship could actually be more harmful to children than divorcing,…
If you want to get divorced, you can’t go out and make it happen that day—there are mandatory waiting periods in place that you’ll have to weather before you’re able to make it official. But why do these waiting periods exist? Here are a few of the biggest reasons: Possibility of reconciliation: Many states with waiting periods have them in…
With so many American residents stuck at home with their families, prognosticators have predicted that several months down the road, the country could experience a baby boom and a divorce deluge. Unlike a cozy blizzard that keeps you home from work for a few days, a global pandemic that triggers shelter-in-place orders spreading over multiple months might result in more…
Marital property is a legal term used in divorce law in the United States that refers to any property acquired during the course of the marriage. Any property a person owned before entering the marriage is classified as separate property, and property such as inheritance or gifts are also considered separate property, even if acquired during the marriage. The concept…
More married couples today are opting to forego getting joint bank accounts to keep their finances separate after marriage. There are plenty of pros and cons to either approach, however it is important to note that if your marriage ends in divorce, having separate bank accounts will not protect the assets you place in them, even if you deposit only…
Going through a divorce is stressful enough, but the coronavirus pandemic spreading throughout the United States presents additional complications for spouses who have decided to split. In addition to changes that might need to be made regarding custody and visitation arrangements while travel is restricted, negotiations over property division need to address any new economic circumstances. For example, the value…
Marriage Story, a Netflix original movie starring Adam Driver, Scarlett Johansson and Laura Dern, has received critical acclaim and a variety of Oscar nominations and wins. The story focuses on Charlie (Driver) and Nicole (Johansson), who are going through the process of a divorce while raising a son. The pair start off hoping to get through the process amicably, but…
While the divorce rate has seen a drastic drop-off over the last couple decades, there is one demographic for which it is actually surging, and that is people over 50. The rates of “gray divorce” have more than doubled since 1990, according to information from Bowling Green State University’s National Center for Family and Marriage Research. For couples in this…
Interested in finding ways to make your divorce settlement easier? Here are just a few strategies you could consider implementing. Put alimony in a trust The changes in how alimony would be taxed opened up some new possibilities for how you’ll deal with alimony. The spouse paying alimony is no longer able to deduct the costs (for divorces finalized in…
We’re in the thick of tax season now, but it also happens to be the time of year at which divorces surge. Therefore, if you’re starting a divorce process now, it’s important you keep tax considerations in mind. Here are a few things you should know about divorce and taxes. Know your filing status: If you are going through a…