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Tax implications should be considered in divorce

While the number of marriages dissolutions is declining, the rate is actually increasing for older people in Georgia. With the end of 2018 quickly approaching, aspects of the new tax law will soon go into effect. This can have a significant impact on anyone deciding to divorce in 2019 and beyond.

Property division is complex in divorce later in life

Many people facing the end of their marriages have minor children and are concerned for their children's security and support. The divorce rate is actually on the decrease for younger people, but it is seeing an increase in couples 50 and older in Georgia. Rather than being concerned about security for their children, older parties are typically more focused more on their own security in retirement, and so they tend to focus more on property division in settlement negotiations.

The impact of the Tax Cuts and Jobs Act on divorce in 2019

Ending a marriage can be an expensive undertaking in Georgia. Certain provisions of the Tax Cuts and Jobs Act that go into effect on Jan. 1, 2019 may cause it to be even more expensive. The tax implications of the new laws regarding spousal maintenance can have a negative impact on the financial side of divorce.

Spousal support tax law about to change

The year is rapidly drawing to a close, and as it ends, so does a tax deduction that has been used in divorce settlements. Spousal support is an amount granted to the lower-earning partner in a divorce settlement in Georgia. Until Jan. 1, 2019, that amount is tax deductible to the person paying it.

2019 will bring changes to tax implications of divorce

The year 2018 is drawing to a close. With the new year will come new tax laws that will affect a divorce in Georgia. While the decision to end a marriage is seldom taken lightly, once it is made, familiarity with the new tax regulations may help facilitate an agreement.

Divorce among older couples

Much is being said about the baby boomer generation in Georgia these days. They're reaching retirement age in large numbers. They are also contributing to a phenomenon becoming known as gray divorce. This is the trend of older couples to divorce. While divorce among younger couples is decreasing, divorce for those over 50 has doubled since 1990.

Divorce and the financial pitfalls to be aware of

The financial aspects of a divorce are many and can be complicated. Those considering a divorce in Georgia may benefit by becoming familiar with some of the more precarious financial pitfalls. The first thing to be aware of is that Georgia is an equitable distribution state as opposed to a community property state. In a community property state assets may be split 50-50. In an equitable distribution state the split is not necessarily equal, but is meant to be fair.

Avoiding trauma for children in divorce negotiations

When a couple decides to divorce in Georgia, the impact of that decision may have a long-term effect on others, particularly if there are children involved. While parents may lose sight of this during a contentious divorce battle, the ramifications on their children could be overwhelming and long-lasting. This is currently the situation playing out in the public eye for the children of Brad and Angelina Jolie-Pitt.

Property division and its impact on a woman's retirement

Divorce can have a negative impact on a couple's financial situation in Georgia. Many times the impact on a woman is greater than it is on a man. A recent study at a noted college found that divorcing women may be better off than previously believed. The key determining factor, according to the study, is whether the woman owns a home of her own. This is something to consider when negotiating property division.

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