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Getting Divorced Before Year-End? Here’s Why You Need An Accountant

Many couples that visit our website to read our online divorce reviews are in the planning stages for a divorce at the beginning of the year. To them, it’s much easier to wait until you share very little financial data to make a clean break, and to an extent, they’re correct.

However, you and your spouse may not be in the position where you can afford to wait. If that’s the case, then you want to file as soon as possible, and if there is a chance that you’ll be divorcing before year-end, then one of the first things you’ll want to do after the forms are final is find an accountant. Why?

Because, for starters, divorce complicates taxes.

Preparing and paying taxes in a way that doesn’t put you at risk for an audit is hard enough to do on your own when you have substantial debts and assets or own a business. Throw in a marital rift before the end of the year, and you have a very complex situation that demands the expertise of someone who is trained to deal with such a matter.

While most tax accountants are equipped to handle this sort of thing, you might want to take the following steps to ensure that the process goes smoothly.

  • Keep clear financial records of how debts and assets are divided per the order of the court. You will owe tax liabilities on properties that end up being transferred to you, provided that you sell the asset. You will also be able to claim tax deductions for any support that you provide in way of alimony, but not for child support.
  • Be honest about exemptions. If your child lived with you five months and your ex seven months, then you’re probably not going to be able to claim the child as a dependent so don’t even try. After all, it’s not like your ex will forgo filing their taxes, thus allowing you to get away with it.

If you are ready to get a divorce and aren’t sure whether to go the attorney route or with a DIY service, stick around our online divorce review site and read up on your options.

 

5 Tips to a Divorce!

Before you begin your divorce process, attached are five simple financial tips that can make your divorce a bit easier.

Tip # 1

Be sure to copy all of your legal documents and gather all of your financial information that you have accumulated over the duration of the marriage

First you will need to get a hold of all your finances like never before.  Whether you are a financial pro or whether you have not worked outside the home in years.  You will need to know everything possible in regards to your finances for the divorce.  One reason it is so critical to do this before the divorce process begins is that this information can often disappear once the divorcing begins.  It can become more difficult to find regardless of the cause or circumstances.  How can you know or plan for what to divide if you don’t know what you currently have?

Tip # 2

Begin to seek out expert advice to help you figure out what is next

Some of the financial information you’ve collected above you can start establishing your priorities. This may not sound like a financial step on the face of it but when you sit down and write the things that you’d like to have from your marriage, or try to envision what you might like or need in order to carry on into the future – these can and will actually be translated into numbers.  Do you think you and the children want to stay in the same neighborhood or house?  Do you want to hold onto most or all of your pension? If these are your priorities they will have a range of dollar signs eventually attached to them.

Tip # 3

Protect your Credit

Order a copy of your credit report early from all three reporting agencies: This is very important since you can now have this as a base line to know where you stand now, at the end of your marriage.  This way you’d be able to see whether any new unauthorized debt is being added in your name only and if you have no credit in your own name now, you may want to apply for a credit card.  To begin building your own credit now may be far easier while still married than after, all things being equal, especially if you have not been the primary breadwinner.

Tip # 4

Check up on your Insurance
Get to know the details of all the kinds of insurance that helps to protect your family.

Just the sheer number of types of insurance may be overwhelming, but take it one step at a time.  The goal is to get your hands around what coverage’s your family has and needs.  What are your policy numbers deductibles, limits, premiums?  Life, car, medical, dental, home-owners, renters, flood, insurance and the list goes on and on.  How important it is to keep your insurance related financial issues in order can not be over emphasized.   One example: On your life insurance policies, it’s really quite important that you locate and know now about who are the owners of the insurance – you, your wife/husband?  A family trust, your spouse, your children?  Knowing this now is essential  if for no other reason, you’ll now have this on your radar.

Tip # 5

Be sure to have your taxes prepared in a way that you will be comfortable for sometime

If it is tax season and you are preparing for a divorce, this may be notice that you should proceed with caution.  Be sure to contact your accountant or financial adviser and have him or her advise you not only the possible tax savings now that married jointly filing couples enjoy, but also on the potential future liability you could face in should the returns be found deficient.   Know that on returns where you sign jointly, you will be jointly held responsible.  This is most often the case whether or not you have any first hand knowledge of the all the financial information on your return.
As always, the best offense is a good defense and to arm you with knowledge is often the best first step in trying to achieve an equitable, fair outcome.  By trying to anticipate problems ahead of time you may avoid serious financial issues.  Be sure to get good advice throughout your entire process starting as early as possible in the process.

Now that you have a few pointers to remember during your divorce process, now is the time to decide how you want to go about your divorce.  There are several ways that you choose from.  These days many people are choosing to do there own divorce online.  This way not only saves you time but can also save you a lot of money as well.  You can begin this specific state down-loadable divorce process by simply going to www.mydivorcedocuments.com today.

FAQ on a Divorce!

Do I need to hire an Attorney?

Hiring an Attorney is not mandatory.  You are able to represent yourself. However, given the complex of all the issues that can occur, it would help with hiring a lawyer who is familiar with the law and experience.

How is the divorce commenced?

An action for divorce is commenced by the personal service of a summons upon your spouse.  Sometimes, the summons is accompanied by the complaint which sets forth the grounds for the divorce.

What are the grounds for divorce?

In some states, there are six grounds for divorce.  Of the six grounds, four of them are based on the “fault” of one of the parties. They are:

  1. cruel and inhuman treatment
  2. abandonment for one or more years
  3. imprisonment for three or more years
  4. adultery.

Living apart for one year under a separation judgment granted by a Court or under a separation agreement signed by the parties are the two grounds that are not fault based.

Can I receive child support or maintenance before I am divorced?

Yes. You can make a motion requesting that the Court grant you temporary maintenance and/or child support.  If ordered to pay, your spouse will be required to you these sums during the action for divorce.  Keep in mind that every divorce is unique in its own way.

I cannot afford a lawyer.  What should I do?

In addition to ordering your spouse to pay you maintenance or child support during the divorce, the court could require your spouse to pay your attorney and any experts you may need to hire.

Will marital fault impact on my rights to a property settlement?

Generally, marital fault does not impact on the economic issues of the divorce.  However, there are exceptions, particularly when one spouse is found to have wasted marital assets.

How quickly can I be divorced?

There is no way to predict how long it will take to obtain a divorce.  The time it takes to obtain a divorce differs from case to case and is solely dependent upon the extent to which the divorce and any of the related issues are contested.

If the divorce is not contested (that is, both spouses agree to the divorce and have worked out all issues relating to the division of marital assets, child custody and support), the divorce can be processed by the Court and granted quite quickly.

Can my spouse and I retain the same attorney?

No.  Divorce, even when uncontested, is an adversarial process.  You and your spouse have conflicting interests. Since an attorney could only represent one of your interests, it would be improper and unethical for an attorney to represent both spouses.

How much will a divorce cost?

The cost of the divorce is directly related to the complexity of the case and to the extent to which the issues are contested.  An uncontested divorce will obviously cost much less than a divorce where, for example, there exist hotly contested issues as to child custody or the division of marital assets.

An attorney will generally require the payment of a retainer at the outset of the representation.  You can expect to be billed on an hourly basis for work performed in the course of the representation. If the initial retainer was insufficient to cover all the legal fees and costs, you will receive periodic invoices, which you are expected to pay promptly.

In addition to paying your attorney, you will be responsible to pay court filing fees and the other costs incurred in the course of the divorce.

What if my spouse does not consent to a divorce?
Even if your spouse does not want a divorce, you may still be able to obtain one; your spouse cannot force your to remain married. In a contested divorce, you will be forced to prove, at trial, that the grounds for the divorce are true. If you can prove your case, you will be granted at divorce. On the other hand, if you fail to establish grounds for divorce, then your divorce will be denied.

Is there always a trial?

No.  A lot of cases are able to settle.  While it may appear at the commencement of your case that the divorce will be contested and that you will be forced to go to trial that it is seldom the case.  It generally takes some time for the parties to work out all the details of the divorce.  Often with the aid of the parties attorneys and the intervention of the court, the parties are able to work out their differences and, ultimately, settle the divorce.

Will the Court papers in my divorce become public records which anyone can read?

No.  By law, in order to protect the parties privacy, the courts limit access to papers in matrimonial cases to court personnel, the parties and their attorneys.

Now that you are a bit familiar on what to expect during your divorce you can simply begin your divorce process now.  Simply go to www.mydivorcedocuments.com and start your low cost no-attorney specific state divorce process now.

What is YOUR Financial Status before Divorce?

Assessing Your Financial Condition

One of the situations that we see in many family situations is where one spouse is the primary caretaker of the financial responsibilities for the family.  This person may have been in charge of paying the bills, making investment decisions (stocks, bonds, real estate,  etc.), maintaining insurances (health, life, disability, long-term care), managing the credit cards, and filing taxes during the marriage.

As you consider the impact of a divorce, we understand that if you have not been involved with these activities that they can be daunting to you and can cause a considerable amount of stress when dealing with these issues for the first time.

No matter what your situation, your divorce attorney, divorce financial planner or the domestic relations court is going to need this financial information.  Some topics will apply to you and others will not.  Take the time to investigate and list out your financial assets and liabilities.  This inventory will help you and/or your advisors assess your financial condition and will provide a basis to make recommendations that best fit your overall divorce financial strategy.

It is important to identify all of your assets and liabilities.  The court is looking to split your assets and liabilities in a fair and equitable allocation between you and your former spouse.  It is in your best interest to be up front and honest  by that, we mean do not hide assets, income sources, or liabilities.  You have the potential to be found in contempt of court and could have some very negative financial penalties imposed on you through the settlement divorce process.

Below is a listing of some of the financial areas that you will need to identify and value:

  • Real Estate
  • Bank Accounts
  • Retirement Accounts (IRA, 401k, Etc)
  • Investment Accounts (Brokerage)
  • Physical Securities (Stocks, Bonds, Etc)
  • Life Insurance Policies
  • Business Interest(s) (Partnership)
  • Other Personal Property (Auto, Artwork, Antiques, Etc.)
  • Secured Debts (Mortgages, Auto Loans, Etc.)
  • Unsecured Debts (Credit Cards, Personal Loans, Etc.)

If you are unsure of how to gather this information, or are concerned that you will have a difficult locating all of the pertinent facts, you may consider hiring a professional financial expert such as a certified accountant, certified financial planner, or certified public accountant to guide you through this process.

In the interest of getting a fair settlement, it is imperative that you get a clear financial snapshot of all assets and liabilities.  This will provide the foundation to putting together a sound financial divorce strategy and will hopefully put you in a good position to start your new independent financial life.

If you are all situated financially and are ready to move on to your divorce process.  You can simply begin by going to www.mydivorcedocuments.com and begin your low-cost specific state do it yourself divorce process now.

The Male Perspective of Divorce

Divorce can be ugly and it doesn’t take Freud to unveil the facts. A married couple who at one point had the assumption that as life partners they would grow old together decide to go separate ways, there is resentment, hatred and a fury of mixed emotions which makes “irreconcilable differences” seem far too gentle of phrase. While there have been plenty of articles, blogs, websites, and LifeTime Network movies made for divorced women focused on handling depression and other negative effects of divorce; Hardly any attention gets shined on men’s reactions to divorce. MyDivorceDocuments.com examines the issue.

As of 2008 there was an estimate that close to 40% of marriages ended in divorce. The stats for second marriages are even less impressive. And while we are led to believe that most men are at fault for divorce for not showing enough affection at best and abuse at worst-no one disputes that divorce is hard on everyone. Most men can ponder what will happen in terms of child support and custody laws but once the ruling is made, most men can begrudgingly accepts it.

In general, men are defined by more than just their status in a marriage. A lifelong bachelor with a successful career never gets castigated of question yet an older woman in similar circumstances gets branded a spinster. A man who doesn’t want children isn’t looked at it in the same light as woman. A man can get judged by his job, his car, his hobbies and ironically men are effected more by employment status then marital status. If a man can pay the child support and have more time to golf-he probably isn’t going to think the divorce process a bad decision.

In stark contrast; men do not suffer the depression women do and tend to be far more impacted by employment status. Yet post divorce studies show an amazing statistic in that a woman’s standard of living drops by 73% while the man’s standard of living increases by 42%. It’s going to get a whole lot better soon. Probably a good thing that most men do not know this stat as I am sure many men on the marital fence would probably have visited MyDivorceDocuments.com yesterday. But once again; the pull of providing for spouse and children is a powerful and compelling reason to stay and given that men typically won’t research divorce law or child support laws there tends to be a blind eye cast to the subtle nuance of divorce law.

Lets examine it-a man gets divorced. Now what? He still has his job, friends, business associates and a social support system that he probably lamented not being able to spend more time with. Since Time and Memorium men have been raised to be the Hunters, Breadwinners, builders, police and fireman rolled into one; knowing the ins and outs of Divorce Law take a backseat to the needs of the family.

Studies show that men suffer disproportionate health effects on a far higher scale for employment factors then marital factors while the stats for woman are quite the opposite. The facts are no one looks eagerly towards divorce and very few men endure the divorce process unscathed. It is however time to admit that emotional factors and baggage due to divorce isn’t always solely reserved for women.

Negative Energy; Divorce’s Ugly ByProduct

Of all the emotions that can be rendered from the divorce process, Anger is truly the single most dangerous emotion that rears its ugly head when divorce is involved. Making matters all the more troubling is that when the process is over and considered a closing chapter in your life it is not uncommon that these two emotions though will last a great deal above and beyond what should have been the initial benchmark for closure.

Anger and resentment are natural responses to being emotionally damaged and are all too uncommon feelings that are experience and held onto during the divorce process. It is perfectly normal to feel some or all of these things when you have been hurt. These feelings may seem impossible to let go of, especially if issues of child custody and child support are concerned, but for a platitude of explanations but hanging on to them and letting those feeling linger and fester will only have an end result of long lasting negative effects on your mental and physical well-being and without question compromising your ability to start working towards rebuilding your life. The attitude of rebirth and a second chance to start with a better, more fulfilling life should never take a back seat to residual negativity.

Anger, resentment, guilt, and other negative emotions can slowly eat away away at the stability of your life in the following ways;
Anger is an energy that is draining and sadly the process of divorce and divorce laws can set up an overwhelmingly negative situation. That energy of anger robs you and depletes you of your positive power by transfering it to the person you are mad at. How much energy it takes to be mad at your ex? How much time and energy have you spent thinking and lingering over it? Time and Energy both have finite resources and no one has ever benefited by letting negative energy take over the positive and proactive abilities at your disposal.

An instinctive reaction to a grievance is resentment. Stemming and forming from the perception that you have been wronged or somehow being treated unfairly. Resentment can be defined as an inherent binding to bitterness and can be linked to the dangerous road toward outright hatred. These emotions can slowly and surely start to negatively impact the mind, body, and heart not to mention these two negative emotions of resent and anger are unquestionably socially destructive. Have friends stopped returning your calls or emails? It is probably not that they no longer want to be friends as much as it is that spending time with an angry, resentful person is unpleasant. We are not the first to realize that the fastest way to alienate others is to perpetuate yourself as one who cannot let go of the emotional baggage of anger and resentment. When someone who used to be known as “the fun friend” is now known as “the angry friend” you can expect luncheon invitations will start to decline. And while an online divorce kit can help start the divorce process we also recognize that factors of post divorce emotional well being.

In essence-do not lot divorce define your life and who you are. No matter how negative and emotionally draining the divorce process may have been letting it define you as a person is the surest way to limit your post divorce possibilities.

Divorce-Weighing the Cost Spectrum

 

We here at Mydivorcedocuments.com often get asked the question How Much Divorce Really Cost? Its a good question and based purely on the number of variables there is no direct nor scientific answer. If you or your spouse choose to battle tooth and nail of every small step of the divorce process and with high priced legal teams then you are probably looking at both spouses filing for bankruptcy as the end of court proceedings.

Then again the pendulum can swing in the other direction as well , if you can sit down like adults and decide without the assistance of OJs dream team on how best to separate; the costs associated will be infinitesimally smaller by contrast as you and your ex to be can hammer out the details and use a Do It Yourself or DIY Divorce Kit. Keep in mind that with the legal process of divorce there are always going to be some marginal cost associated with the process in itself.

But lest we kid ourselves the data is staggering and overwhelming that Divorce is business unto itself in the US and according to some statistics divorce can be a $28 billion annual industry with the average costs of divorce estimated to be roughly $ 20,000. We must attest this figure largely buoyed by celebrity and other high profile divorces we have covered here in previous blogs.

If you are thinking and weighing your divorce options, then one must assume both the short term and long term costs to consider. While short term costs are mainly associated with the attorney fees the long term ramifications include questions of finance and lifestyle. Thus the DIY Divorce is finding a niche for responsible adults who want a fair and amicable split without the legal rhetoric and courtroom haggling. Divorce kits include legal forms based and custom designed for all US States and cover the gamut of details that need to be decided on like personal property and real estate issues, child support, legal name changes and more. You can simply file and submit these documents to the court with some state laws not even including the provisions of making a date with a judge to explain the reasoning or logic. If it is a nofault uncontested divorce and the documents are fair and reasonable then the divorce can become final. Make no mistake-this is the cheapest way to divorce.

Examining the route of traditional Divorce which sees most couples hiring opposing lawyers to battle out the property, alimony, child support and other issues out in the court of law the costs of divorce can be staggering. With most lawyers charging an hourly rate you can expect to pay somewhere between $ 100 and $ 450 per hour. At at a minimum of $100 bucks a pop-do they really have an incentive to settle amicably and see to it that proceedings happen in a quick and efficient manner? This is not to say that divorce lawyers are all cut from the same cloth as many do have varied philosophies to the divorce process and in the manner they handle most divorce proceedings. But once again- the idea of divorce is to make the split amicable and rationally-the more you can keep a level head and the emotions tame the better off both spouses with be with the outcome. No Fault Uncontested DIY Divorce Kits can make this option a tangible reality.

File For Divorce Online; An Idea Whose Time has Come

 

Back in the day, the idea of divorcing your spouse was a challenge and invariably lead to rumors or innuendos that one spouse must have committed some grounds of divorce as as unspeakable, unsavory or sordid act like committing adultery, spousal abuse or emotional abuse and utilize these as leverage on the assumption they would serve as ammo or the necessary needed proof that your spouse had acted improperly and thus be granted a divorce. Think about that-two adults who wished to make the split almost being forced to attack the other simply to earn the right of being freed of matrimony.

Fortunately, those days are behind us divorcing your spouse is much easier. Most couples can simply divorce sans courthouse using the downloadable divorce kit without the stigma and horror of having you and your family forced to ride the roller coaster of divorce court and the possibility of children having to listen to mom and dads lawyers making each of their parents out to be horrible people. With the theatrics and working knowledge of the courts and the divorce process some lawyers are very adept at stretching a court case out far longer then it other wise would need to be.

If there are children involved-avoiding the courtroom altogether is the best decision possible as it considers the feelings of children and avoids the high probability of humiliation and trauma of sitting and listening hearing about mom or dads worse personal traits paraded through the court.
All states nowadays allow for “no fault”, “no contest”, or uncontested divorce which essentially means that both spouses can agree on the terms of a divorce and amicably work out their own settlement. Considered in this process is the sorting out of assets and loans, cars and houses, child custody, alimony etc etc.

With the notion of a long term courtship or knowing your soul mate after 10 minutes becoming far less frequent- we have seen a distinct rise in couples who are either getting married far too young or simply getting married after a very short time after meeting. As much as we smirk and snicker at the idea of a downloadable divorce kit; A “no contest’” divorce also has the benefit in that a couple can simply decide to split without having to give a reason.

And without question in almost all instances an uncontested divorce kit will surely avoid attorneys, lawyers, and court rooms which also equates to a “no contest” divorce being far more cost effective. Basically seeing both spouses work out the details by themselves to the benefit off all parties involved in an adult, rational decision.

Post Divorce Dating; A Brave New World

 

The court case is over and the papers have been filed, the signatures have been applied with the I’s dotted and the T’s thoroughly crossed. If you completed a no fault uncontested divorce using an online divorce kit it probably means a better position for both parties. If you are a man it means being able to catch a football game with the guys whenever you like without asking for permission. For Women it means being able to spend more time with a close friend and visit all of the places you couldn’t visit when you were married. And once again the possibilities of dating and new exciting relationships linger and ever present.

The facts are though that dating post-divorce can be an exciting yet scary thing. Of course a lot of your attitude will depend on how your divorce went. A no fault uncontested amicable divorce will allow you to enter the new realm on a positive note; while a bitter divorce that may not have ended with the results you wanted may leave you timid, angry, bitter and in no position to once again be the life of the party you were pre-marriage. Every potential dating prospect may remind you of your ex which may set off a self fulfilling prophecy. If you are coming out of a long term marriage the dating game has drastically changed.

New found freedom post-divorce especially after a time consuming relationship can be a wonderful chance for you to get in touch with yourself. This is also a great time to pick up old hobbies or learn more of subjects of interest hat you’ve always wanted more information about but simply didn’t have the time due to marital and familial obligations. It is a shame more dont give out this type of divorce information. Go out and try something new! Make sure you are emotionally prepared and honest with yourself that you are prepared to enter the dating game. Do not look for a new relationship as a band aid or some sort of bridge.

When you take the first baby step into the dating game, tread lightly and slowly. Consider if you are one who likes group settings or more intimate company. There is nothing wrong with preferring conversation to a loud and noisy nightclub. If you used downloadable divorce forms you are probably aware of the new realms offered online. The Internet has opened up an entire new world allowing chat and email communication which means you will probably know far more about your dating partner then the old days of blind dates and pick up joints. Another benefit of online correspondence? You can take the relationship on your pace and terms; not to mention knowing your next date has at least moderate typing and computer skills.

Take advantage of the scenery change! Did you ex take up activities you didn’t like or had some personality quirks you found grating? Look at this as the opportunity to find your soul mate. If you ex had light skin and red hair you can opt for a more dark complected partner. If your partner wasnt the most talented you can find a Karaoke Buddy to spend time with. The Ex was stingy or obsessed with money? Some local art classes or community theater may all provide options for those with a taste for the arts over that of the Benjamins. Do not settle for less! This is a fantastic opportunity to do things on your terms-and if you remarry maybe the last for quite sometime. But remember- if the next marriage doesnt work out there is always do it yourself divorce courtesy of MyDivorceDocuments.com.

Divorce and Adultry

Some recent studies have suggested that fewer marriages are ending due to infidelity, on the face it sounds like a huge step in the right direction for the age old institutional practice of marriage and maybe not the best thing for a company that makes a living with its online divorce kit. 

Though this recent trend is a positive sign and without question a step in the right direction; we would be remiss to the pretend that cheating and marital infidelity has disappeared. It also begs the questions how many acts of martial infidelity go undetected throughout to the life span of marriage. But as we pose the question at heart we ask why does infidelity occur in the first place?

Here is some more divorce information you will find useful. Some Research being done by our friends up north in Canada did a recent study of a group of 1,000 men and women. Those findings offered some interesting perspective into the factors that sway people to seek gratification from a partner other then their spouse.

Amongst the findings it was revealed that stat breakdown was that 23 percent of the guys and 19 percent of the ladies involved in the study had previously cheated on a partner. The study defined cheating as a sexual interaction “with someone other than your primary partner that could jeopardize, or hurt, your relationship.” In Addition, researchers found that women were in fact far likelier to cheat when they felt some amount of low relationship satisfaction. The is some interesting divorce information indeed. The study showed a woman who was in an unhappy relationship with her partner was a full 2.6 times more likely to stray. Other factors such as sexual incompatibility led to a full 2.9 times more likely chance of woman having an affair. Meanwhile, men who report high sexual inhibition due to performance anxiety were more likely to cheat.

Clearly the report indicated that cheating tends to come and stem from factors that effect all relationships at some point. It is not as if these factors are those that any relation ship has never suffered from or ever experienced.

What would seem to be the most obvious factor then in prohibiting marital infidelity is to continually monitor the lines of conversation and foster a relationship build on openness, trust, and honesty. of course there is always the option of do it yourself divorce but a couple who fails to communicate; fails to remain a viable couple. With age comes wisdom and being able to express feelings as well as being open up to take and relate to relationship criticism is seeming the road to a happy marriage And barring a couple who have entered into the bond of holy matrimony for all of the wrong reason and without a sound foundation-there is hope for almost any relationship for those willing to try.