5 Tax Implications and Divorce
It’s that time of year again. The holidays are gone. The tree is down. W-2′s will be in the mail and on their way before you know it. Each year tax season brings with it new law, new questions, and new decisions. Adding a divorce or separation in the mix makes things even more complicated. Here are 5 tax implications to consider: 1. Did you receive or make alimony payments in 2011? You may deduct from income the amount of alimony or separate maintenance you paid, and you must include in income the amount of alimony or separate maintenance you received. The IRS does not limit what...
Read MoreDivorce for Couples With High Net Worth
Divorce can be a difficult process for anyone but it can be particularly difficult for couples who have a high net worth. These couples have often worked hard and spent many years delaying spending money on things they want. It may be that both couples are professionals or it may be one spouse stayed at home and raised the children forgoing a career and the other spouse worked. In either case, these couples often have complicated investments and assets that will require some skill to divide fairly. If you are about to file for divorce or your spouse has filed for a divorce you will want to...
Read MoreDomestic Violence Civil No-Contact Orders
Chapter 50C. Civil No‑Contact Orders. § 50C‑1. Definitions. The following definitions apply in this Chapter: (1) Abuse. – To physically or mentally harm, harass, intimidate, or interfere with the personal liberty of another. (2) Civil no‑contact order. – An order granted under this Chapter, which includes a remedy authorized by G.S. 50C‑5. (3) Nonconsensual. – A lack of freely given consent. (4) Sexual conduct. – Any intentional or knowing touching, fondling, or sexual penetration by a person, either directly or through clothing, of the sexual organs, anus, or breast of...
Read MoreDivorce After 50
According to the latest data from the National Center for Family & Marriage Research at Bowling Green State University, while the overall divorce rate has decreased slightly over the past two decades, for those over 50 it has doubled. Divorcing later in life comes with special challenges and issues that don’t necessarily affect the younger generation. Often by the time you are 50 or 60 you have worked many years and accumulated assets. You don’t have the same amount of time to recover if you make mistakes in your divorce. There is less time to start over to build new assets....
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