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November 2017 Archives

Alimony tax break could be in jeopardy

The House Republican tax plan proposes eliminating the tax deduction for ex-spouses making spousal support payments effective Jan. 1, 2018. Current alimony recipients will no longer be required to pay taxes on any payments made to them. In California, the proposed bill may increase a family's tax burden causing serious financial concerns. If the bill passes, ex-spouses will be ready to renegotiate their alimony agreements with the court system. 

Property division, assets and divorce debt

Statistics show that married couples are in debt with mortgages, cars, credit cards and student loans. Owing money is hard enough to cope with when all is well on the home front, but things can turn ugly fast during a divorce. In California, couples will need to discuss asset and property division, including how to separate debts. 

Tax changes could make alimony settlements more contentious

The process of getting divorced can be a draining experience -- emotionally, mentally and financially. While California residents are obligated to approach property and asset division in a certain manner, other issues such as alimony may be more difficult to agree to, especially in a contested divorce. Now, due to an upcoming change in the tax codes, alimony discussions may become even more contentious.

Women entrepreneurs in high asset divorce cases

There are special concerns and financial challenges for women entrepreneurs during a divorce. Whether the business is a joint venture with an ex-spouse or a sole proprietorship, it is critical that the company's worth is revealed. In California, one must be vigilant about the value and future business earnings during a high asset divorce.

Child custody, co-parenting and divorce

Planning for a family's future after divorce and learning how to parent between two households can be a daunting experience. Trying to schedule visitation with children can be like running an obstacle course, particularly when communication between the parents is tense. Whether a parent is seeking a visitation schedule or full custody, know what is needed from the divorce for the children. In California and in other states, dads are playing a more active role in child custody and co-parenting.

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