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Posts tagged "Divorce"

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.

Divorce, children and financial aid for college

When a couple decides to divorce in Georgia there are many decisions to be made and different issues to consider. Not least among these is the current and future well-being of children involved in the divorce. However, one issue that is often overlooked, particularly if the children are very young, is providing for college education when the time comes.

Divorce can be costly but preparation can help

Divorce is an unpleasant and costly undertaking in Georgia. While little can be done to ameliorate the unpleasantness factor, there are steps that can be taken to possibly reduce or at least to improve the financial implications of a divorce. A little bit of forethought and research can be helpful.

Divorce, alimony and the new tax law

The recently passed tax law will change the way alimony is handled in Georgia for tax purposes, effective Jan. 1, 2019. Since 1942, tax law allowed the person paying alimony to deduct the amount from his or her income and the person receiving the alimony paid income tax on the amount received. Since the income of the alimony recipient is typically lower than that of the person paying alimony, the recipient is likely being taxed at a lower rate than the person paying the alimony.

Finances can surprise in a case of divorce

Divorce is never a decision to be made lightly or to go into blindly in Georgia. In a recent study by online marketplace Worthy, 46 percent of women said they were surprised by one or more financial implications of divorce. Being familiar with family finances can help reduce or eliminate such a surprise.

Different paths to a divorce settlement

The decision to divorce is seldom arrived at lightly in Georgia. But once the decision is made, there are different options available as to how the final agreement can be reached. In a recent high profile divorce, the couple agreed that spousal support would be determined through mediation. There are three principal processes that a divorce proceeding can follow, mediation, collaborative or the more traditional litigation.

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