One key component of a divorce is the award of support – including spousal and child support. In most cases, one of the former spouses will be awarded this type of support either because of an already-established agreement between the couple or due to a decision by the court. If you’re in this situation, and the support award has been determined for either you or your former spouse, you may be wondering what happens next. The Q&A’s below can help you to know what to expect.
If you’re getting married, are you considering a prenuptial agreement with your soon to be spouse? Or, have you already entered marriage and are now considering a postnuptial agreement? Many people feel that having a prenuptial or postnuptial agreement in place helps to take the stress out of marriage so that, if they were to divorce, the plan to resolve the financial aspects of the marriage and divorce are already identified. If the thought has crossed your mind, below is some information to help.
If you are separated or divorced and have a custody agreement or order with your ex or parent of your child, an unsettling thought may be the idea of relocation. What if your former spouse decides to relocate to another state – or even another country? What would happen with your custody agreement? Would they take your child? Those questions can make you feel uneasy, but rest assured that there are statutes and rules that must be complied with in order for any relocation to occur. (more…)
At Wilder Mahood McKinley & Oglesby, we know there is a lot to consider when going through a divorce or separation. We also know that when children are involved, the amount of considerations is taken to a whole new level. Ensuring the children involved in a separation or divorce are properly taken care of is of the utmost importance, and as part of this, child support will likely be a topic of discussion.
Divorce proceedings, including equitable distribution, can be complicated. While there are many components involved in the resolution of a divorce, alimony is one of the main areas of discussion. The importance given to the topic is justified as it’s something that can have an impact on each spouse involved. If you have earned or are earning substantially more money than your spouse and you’ve been married for several years, you may be required to pay monthly alimony after you are divorced.
When your child is getting a divorce and going through a custody battle, you may wonder how it will affect you as the grandparent. You may worry that it could prevent you from seeing your grandchildren, and affect the close bonds you may have established with them. The relationships that children develop with their immediate family is important, and because of this, it’s a topic that should be discussed when your child is going through a divorce.
Are you going through a separation? If so, you may be wondering how the separation, as opposed to a divorce, will affect your beneficiary status under your spouse’s life insurance policy or pension plan.
Below are some general rules to keep in mind regarding life insurance policies and pension plans during a separation. It’s important to note that these guidelines may differ for each situation, and due to the complicated nature of these topics, we advise that you consult an attorney early on in the process (separation and/or divorce).
If you’re going through a separation or divorce, it may not be clear what to expect regarding health insurance coverage for you, your spouse and/or your children. You may wonder what your obligations are during the support or divorce proceedings and what may happen afterwards. As part of a support order, it’s possible that one of the parties involved will be ordered to maintain health insurance for his or her spouse and/or children. The payment of health insurance for a spouse and/or children is factored into the total support award (child or spousal support) with adjustments to the total award occurring based upon the payment of health insurance.
Filing your taxes can be a complicated task, and for those that have a custody schedule or order for your child, you may have additional questions when it comes to your income tax return. You may be wondering if you are able to claim your child as a dependent and what factors are considered when this decision is made.
Separation and divorce will impact your tax situation. Questions will abound as to filing status, dependency exemptions, and liability for tax issues. Should you file jointly? Is a written agreement as to taxes necessary? How do tax issues intersect with support payments? What tax issues will arise with the transfer of marital assets?
If you’re in a situation where you’re paying or receiving alimony, there are a few rules to consider when filing your taxes. Unless agreed upon otherwise in your settlement, spousal support, alimony pendente lite (support during the pendency of the divorce) and alimony payments received during the year are treated as taxable income while payments made during the year are treated as tax deductible. There are other factors to consider when filing your taxes if alimony is involved, and below are a few questions and answers to help. (more…)
