Tag Archives: divorce settlement

New York Family Court Problems Present Another Reason to Seek Settlement

Most New Yorkers who have tried to litigate a Family Court case over the previous few years have faced serious delays and other administrative hassles that have made an already difficult situation much worse. Closures prompted by the COVID-19 pandemic, budget cuts and a shortage of judges have court employees, legislators and activists calling for… Read More »

Legally Withdrawing Funds from a Bank Account Before Divorce

As you prepare for an upcoming divorce, it is important you take whatever measures you can to protect yourself and set yourself up for a stable financial future. You might consider withdrawing some money from a bank account to place it in a personal account, but before doing this you should consider the legality of… Read More »

Can Proving Fault in a Divorce After An Affair Be Beneficial?

People filing for divorce in the United States no longer have to prove fault on the part of the other spouse to be able to proceed with a divorce. However, if your spouse had an affair, you may find it beneficial for your case to demonstrate fault anyway. Here’s what you should know. Proving fault… Read More »

Tax Strategies That Could Help Your Divorce Settlement

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… Read More »

Divorces Continue to Come Fast Thanks to New Tax Law

Attorneys and judges continue to report a flood of divorces — especially those going through accelerated process — coming through before the end of the year. This is primarily because elements of the Tax Cuts and Jobs Act, signed into law by President Donald Trump in December 2017, go into effect as of January 1,… Read More »

Can a Spouse Lease Out Rental Property During Divorce?

Divorced couples are able to own property together, but in doing so they must abide by the same rules any other business partners would. This means one partner must have the other’s permission to take any action with the property, whether that be renting it out, making improvements or selling it. Keep in mind that… Read More »

Can Divorced Couples Split Rental Properties on Their Taxes?

If you and your spouse own rental properties together, you are allowed to continue renting it out after your divorce if you wish to do so. However, you’ll need to come to a mutual decision about how you’ll divide these rental assets and the tax bills. As far as the IRS is concerned, whether you… Read More »

How to Handle Credit Card Payment Responsibilities After a Divorce

In some cases, a divorce court may include stipulations stating that one spouse is responsible for paying debt on credit cards that were taken out in their former spouse’s name. Of course, the concern then becomes that the ex-spouse will take advantage of this arrangement and rack up massive bills in the hopes that you… Read More »

Can I Write My Divorce Settlement Myself?

In many situations, divorcing couples can reach agreements outside of court and resolve their issues without much need for mediation. You do have the legal ability to write your own divorce settlement, but it is almost never advisable to do so. Many issues related to your divorce require a high level of knowledge about the… Read More »

Negotiating a Divorce Settlement with an Abusive Spouse

Divorce is never an easy process. It becomes especially complicated and emotionally trying when one spouse has been physically or emotionally abusive to the other. Before you file for divorce from an abusive spouse, it’s important to be aware that there are court protections available to you. Especially if the abuse was recent, you should… Read More »