Subscribe to this list via RSS Blog posts tagged in divorce finances

IL divorce lawyerUnderstandably, divorce can be a very emotional process. Many people getting divorced struggle to make good financial decisions and not let their emotions dictate their behavior. Some of the most common divorce mistakes stem from short-sightedness and haste regarding finances. Fortunately, there are steps you can take to avoid adding superfluous expense to your divorce. Read on to learn about some of the ways that divorcing individuals inadvertently increase the cost of their divorce and how you can avoid these financial pitfalls.

Mediation is an Affordable Alternative to Court Intervention

Cooperating and negotiating with a soon-to-be-ex-spouse can be one of the hardest parts of the divorce process. However, working with your spouse to come to an agreement on divorce issues is much less expensive than courtroom litigation. If you find it difficult to talk to your spouse about property and debt division, child custody, spousal support, or other divorce-related concerns, mediation may be a useful option. During mediation, a specially-qualified mediator acts as a neutral third-party during negotiations. The mediator helps the divorcing couple reach agreements about divorce issues so that the couple does not need to take the matters to court.

Unhealthy and Expensive Coping Mechanisms Can Cost

Ending a marriage can be an incredibly stressful undertaking. Because of this, many people getting divorced find themselves indulging in comforts like food, alcohol, or fun activities. Experts say that some self-pampering can be beneficial during divorce but overindulging can create serious problems. One recent study found that the risk of developing alcoholism increased for both men and women following a divorce. Using drugs, alcohol, gambling, or excessive retail therapy to avoid negative emotions during divorce can quickly escalate and lead to financial disaster in the future.

Carefully Consider What to Do with Your House

If you are like most people, you have a sentimental attachment to the place you call home. During divorce, the last thing you may want is to be uprooted and forced to move into a new house or apartment. However, it is not always in your best interest to keep the house when you get divorced. Making a monthly mortgage payment and maintaining a home alone is usually much harder than it is with a spouse. For other divorcing spouses, it makes more financial sense for them to keep the home than to sell it. Make sure to consider all of the possible options when it comes to the marital home and consider the long-term consequences of selling or keeping the house.

Contact a Kane County Divorce Lawyer

If you are getting divorced, contact a St. Charles divorce attorney from Shaw Family Law, P.C. to get the help you need. Schedule a free, confidential consultation by calling our office today at 630-584-5550.

...

IL divorce lawyerThe two areas that cause the most deliberation in divorce cases is child custody arrangements and the division of assets. Going through your finances and properties can cause ugly sides to come out of divorcing couples. Some will claim that certain assets are theirs alone while others will complain that they are not receiving enough in the division process. In Illinois, all marital assets are eligible for equal distribution between both spouses. This can seem unfair to the spouse that is the primary breadwinner of the house or can cause panic for the spouse that relies on these assets to get by after the divorce. These mix of emotions can cause spouses to make illegal attempts to conceal assets.

Common Hiding Places

Hiding assets is not typically done by putting wads of cash in the cookie jar. There are various common tactics used that can attempt to avoid a paper trail of evidence:

  • Watch Your Bank Accounts: The first place to start your search is your personal and shared bank accounts. Monitoring purchases and monetary movement may give initial proof to your suspicion.
  • Unreported Income: If your former spouse is involved in any form of cash enterprise, they may be pocketing funds without notifying the government for tax purposes. While this can be difficult to prove without professional help, comparing your spending habits to your spouse’s and looking back on your financial situation throughout your marriage can be a start.
  • Debt Payments: Some people will spontaneously owe their friends “debts” then have the friend return the money after the divorce is finalized. This will allow them to set money aside and avoid dividing it with you.
  • Shady Business: If your spouse has their own business, they could be using this to their advantage. Sometimes they will wait to charge clients for services until after the divorce. In other cases, they will pay an “employee” who does not actually exist and file the money into an account that they can access after the divorce.

Seek Professional Help in St. Charles, IL

Locating hidden assets can be extremely difficult for someone who does not have experience doing so. While these may be common places to hide money, there are many others that should be looked at to ensure that you receive your equal share of finances. At Shaw Family Law, we work with an experienced forensic accountant and other financial experts to analyze all possible areas of hidden assets. If you suspect that your spouse could be hiding assets from you, contact our Kane County divorce attorneys at 630-584-5550 for a free consultation.

 

Sources:

...

IL divorce lawyerGetting divorced is stressful on many levels. It is emotional and can be financially burdensome at the time of the divorce and in the future. Young couples filing for divorce are not often thinking about retirement; however, properly preparing for the future should be on the mind of divorcees throughout the proceedings. One of the best ways to secure your future financially is to obtain a qualified domestic relations order (QDRO). This is an order that ensures the recognition of a second party in receiving a portion of the retirement benefits from their former spouse’s plan. While you may believe that you are entitled to your ex’s retirement benefits, the only legal way to secure this money is through a QDRO.

Who can receive money through a QDRO?

This legal document has limitations regarding who is considered eligible to receive financial assistance. The recipient is known as the “alternate payee” while the plan holder is known as the “participant”. Alternate payees can include spouses, former spouses, children, or other dependents of the participant.

What should be included in a QDRO?

Each retirement plan has individual requirements; however, there is certain information that must be included on every QDRO request. These include:

  1. The name and address of the participant and alternate payee
  2. The name of each plan to which the order applies
  3. The dollar amount or percentage of the benefit to be given to the alternate payee
  4. The number of payments or time period of the order

Can I get a QDRO after my divorce?

QDROs can be filed at any time. Whether you are in the middle of the divorce process or have been divorced for a decade, QDROs do not have a time limit. This is done in part because financial situations can change over time. While some may have a retirement plan with their job at the time of their divorce, they may change jobs later on and find themselves in need of financial support. QDROs can also be filed for after the former spouse’s death; however, it must be consistent with the terms of the retirement plan. QDROs can be filed for long after the divorce is finalized but it is best to obtain one and file the QDRO with the retirement plan as quickly as possible.

Obtaining a QDRO with the Help of a Kane County Attorney

All legal processes go much smoother with an experienced attorney by your side. If you are in the middle of your divorce, you should notify your attorney that you may need the financial assistance later in life. You may also need to contact the plan for information about your spouse’s plan if your spouse is not willing to provide you with that information. At Shaw Family Law, we draft QDROs during or after divorce to ensure that you receive the proper allotment of finances later in life. If you are considering divorce or need assistance drafting a QDRO from a divorce that happened years ago, contact our experienced St. Charles, IL divorce attorneys at 630-584-5550 for a free consultation.

...

Posted on in Divorce

IL divorce lawyerMarriage is known to be one of the few opportunities to reduce your tax payments. Once married, spouses can file a joint tax return. This obviously changes once the divorce papers are signed and complete. Because your incomes are no longer considered tied, they cannot be filed together whether or not you have children together. For some couples, this makes little difference to them. While for others, the money from a tax return can help keep them afloat. Some couples go so far as staying separated to keep this financial benefit. This is typically not an idea that is suggested by an attorney since tax returns can be unpredictable. Couples that are in the divorce process but have not finalized it yet can still file their taxes together until the year that they are officially divorced. Most people do not consider the effect that divorce will have on their taxes until they have to file for their taxes for the first time post-divorce. Continue reading to learn about the different areas of your tax return that will need to be adjusted after your divorce papers get signed.

Areas of Adjustment

  1. Dependents: This is the area that is most familiar to those that do not work in the financial field. Any child is considered a dependent and must be claimed on tax returns. For those who are divorced, the custodial parent is the only one allowed to claim their child as their dependent. In other words, the parent that spends the most time caring for the child can legally claim the child on their taxes.

  2. Medical Expenses: This is similar to claiming a dependent. If you have a child that has extensive medical expenses, you can legally claim that on your taxes. This is only allowed for the parent who paid for the majority of the expenses, even those that are not considered the custodial parent. Just because you do not house the child does not mean you cannot claim some of their expenses.

  3. Alimony Payments: This is another term for spousal maintenance. If the law is requiring you to pay a significant amount of money to your ex-spouse to help support them, you can legally claim that in your taxes. In a way, this is the most similar alternative to filing jointly.

  4. Asset Shifts: Divorce settlements often result in properties being divided between the two former spouses. This means that these payments also transfer from one hand to the other. On the bright side, the recipient will not be required to pay taxes on the property’s transfer. However, if the recipient decides to sell the property, he/she will have to gains tax on all the appreciation before and after the transaction.

    ...

Posted on in Divorce

IL divorce lawyerMost couples have some form of debt that they have incurred over the years, especially if they have been together for a long period of time. You buy expensive things, put it on the credit card, and worry about it when the bill comes in. This usually only becomes an issue if the couple cannot find the means to pay off the debt when it is due or if the couple decides they are filing for divorce. Continue reading to learn what to do if you are filing for divorce and have incurred a significant amount of debt throughout your marriage.

Dividing Debt when Going Through Divorce

Most married couples sign credit cards and make large purchases together. While this is convenient throughout the marriage, it also makes it much easier to incur debt jointly. “Joint debt” does not necessarily mean that all of the purchases were made together, it just means that they were made on a joint account. This is important to note if you are considering getting a divorce. In the eyes of the bank and court, all purchases made on joint accounts are liable by both parties. Banks do not change their policies based on a couple’s marital status, thus they can and will come after you if your spouse is not paying off the debt and vice versa.

There are ways to avoid being on the hook for purchases made by your spouse that were not under your approval. Noting which purchases are yours and which are not is a good start to officiating which debt is yours. Providing your attorney and/or financial planner with this information is one of the first steps in trying to unravel the debt that you and your spouse are tangled in. The best way to avoid financial issues after your divorce is finalized is to pay off your debts before your divorce is official. Whether you and your spouse divide it personally or need legal assistance to do so, paying off this debt is the best way to avoid any problems throughout the divorce process.

There is a loophole that many couples do not realize exists. If the card is under the name of one spouse and the other spouse is just listed as an additional cardholder rather than a co-signer, the debt will be solely on the one spouse. The best way to ensure that your debt is your own is to cancel all joint cards and sign them solely under your own name. This is the only way to be sure that your spouse will not run up your debt and card throughout and after your divorce.

Contact a Kane County Debt Allocation Attorney for Help

Proving that debt on joint cards is not your own is almost impossible without experienced legal help on your side. Attorneys can offer you a variety of different solutions to avoid being on the hook for your ex’s debt. If you are considering filing for divorce and have incurred debt throughout your marriage, contact our St. Charles, IL divorce attorneys at 630-584-5550 for a free consultation.

...

IL family lawyer Getting a divorce affects every aspect of an individual’s life. One has to readjust their living situation, parenting schedule, and finances. Most couples have their finances intertwined, especially in terms of insurance policies. Sometimes this is because only one individual has a job; however, often times couples will use one person’s insurance policy over the other based on the benefits that job provides them with. Although jobs usually provide some sort of insurance policy, this is not always the case. Some couples seek out insurance policies of their own but still remain tied to their spouse. Continue reading to learn how your impending divorce will affect your various insurance plans.

Life Insurance

Filing for divorce can unlink you and your former spouse’s life insurance plan; however, some divorce agreements require ex-spouses to be beneficiaries. This is common if children are involved. By naming your ex-spouse as the beneficiary, you will have a “backup plan” for your children. This is often done by the spouse who is paying alimony. In case of an emergency, the life insurance will become a safety net for your children and continue providing alimony payments if one can no longer pay them.

Health Insurance

Remaining a beneficiary on your ex-spouse’s health insurance plan is not possible after the divorce papers are signed if their health insurance plan is provided by their employer. Most divorcees will utilize their own employer’s health insurance plan if they have not already. For those whose employer does not provide coverage, they will need to seek out health insurance themselves. One can stay with the same health insurance provider as long as they seek out their own plan.

Car Insurance

Many people fail to remember that their car insurance will also be affected by their marriage’s termination. After the cars have been divided between the two of you, each person should contact their insurer to let them know about the divorce. Each party will be removed from the other’s insurance plan. If you decide to find a new insurance provider, looking at various providers is important. Married couples often get breaks in pricing; however, the same is not usually true of divorcees.

Contact a St. Charles Divorce Lawyer for Legal Help

Divorce is a complicated process, especially in terms of finances and insurance plans. Our attorneys understand that insurance policy changes can be difficult to understand, particularly when major life changes are happening. If you are considering divorce, contact our Kane County divorce attorneys at 630-584-5550 to help you through the process.

...

IL divorce lawyerDivorce is the legal process of dismantling a marriage, and as such, the divorce process involves many financial decisions like dividing a couple’s marital property and determining whether spousal maintenance is necessary and appropriate. For the individuals getting divorced, the divorce process can be expensive. It also involves individual planning on each partner’s part to ensure that he or she does not face financial hardship after the divorce. Your discussions with your lawyer should cover every financial topic related to divorce, such as the tax obligations that come with certain marital assets and how to divide your retirement accounts through a QDRO. On your end, take the following initiatives to make the divorce process as financially straightforward for yourself as possible.

Completely Sever Yourself from Your Spouse Financially

Before the divorce is finalized, work with your spouse to close all your joint accounts. If he or she is an authorized user on your credit cards, remove him or her from them. You might choose to divide your outstanding credit card debt yourselves by transferring it to two new, separate credit cards. This is also the time to determine how to divide your shared investments.

Determine Your Post-Divorce Obligations and Create a Budget

After your divorce, you will probably be living off just your own income. This significant change in household income warrants a new budget.

...

Posted on in Divorce

Illinois divorce lawyerOnce you determine that your marriage is over, you have a lot to do before and after you file for divorce. One important step is to start working with an experienced divorce lawyer to ensure that your rights and interests are protected and promoted through the divorce process.

The other steps you take before you file for divorce can make a big impact on your divorce’s progress and its ultimate outcome. During your initial consultation with a lawyer, talk about what you can do to streamline the divorce process. Every divorce is unique, but most benefit from taking the following actions:

Separate your Finances and Create Preliminary Property Division Plans

Your marital assets and debts will need to be divided between you and your spouse in your divorce. You can let the court handle the division process on its own or you can be proactive and make your own property division choices. This latter route generally enables the couple to retain greater control over how their property is divided.

One of the simplest steps to take before your divorce is to divide your bank accounts and credit card debt on your own. Transfer the balances on your joint credit cards to separate cards and close the original accounts. You can also do this with checking and savings accounts.

...

Illinois divorce lawyerIn an Illinois divorce, the couple’s assets must be divided equitably. This is only possible when both partners are transparent about the assets they own and the assets’ values.

Sometimes, dishonest individuals use their partners’ lack of knowledge about their marital assets to try to keep the assets out of the property division process and leave the marriage with more than their fair share of these assets. If you are thinking about doing this, stop that train of thought. You should not try to hide assets from your former partner in your divorce, and this is why:

Your Former Spouse Can Find the Assets You Hide

If your spouse has a feeling you are hiding assets, he or she can uncover them through some detective work with his or her lawyer and/or a forensic accountant. There is no “safe” way to steal assets from your marital pool – whether you think you can hide assets by transferring them into a custodial account for your child, having a friend “hold” your assets in their account for you, or making cash purchases to liquidate the money in your joint accounts, your spouse can always trace your steps and find the money if he or she is willing to do so.

Your Unwillingness to Cooperate with the Court Can Haunt You Later

...

Illinois divorce lawyer, Illinois family attorneyRegardless of where you stand with money matters throughout the course of your marriage, the moment your relationship comes to an end, your financial security can change drastically, in a short period of time. Whether you have been accustomed to a very comfortable life or have always struggled to make ends meet, the moment you undergo divorce, your financial well-being is exposed to a number of risks, and many of those risks have the potential to affect your bank account and the overall quality of your life for many years to come.

Thinking Ahead

Many individuals are able to prepare for the financial implications of divorce well ahead of time, months before they even begin divorce proceedings. Others are left scrambling at the last minute or after the split to figure out how to put the pieces together and provide for themselves. Whatever your divorce circumstances, planning is key. Here are some ways you can take steps toward successfully standing on your own feet once your marriage is over:

1.Explore potential maintenance options - Once referred to as alimony, maintenance is a form of spousal support that requires the spouse who earns the larger income to provide payments to the other spouse. In the state of Illinois, not all lesser-earning spouses are guaranteed maintenance, and granted maintenance is usually temporary, but it is important to at least speak with an attorney to inquire about your potential options for receiving payments to ensure you aren’t missing out on funds that could help you provide for yourself. The court will look at a number of different factors when deciding whether or not to award maintenance payments, so do not rule out pursuing a maintenance order until you get all the facts.

2. Create a financial snapshot - In order to know where you stand before and after your divorce, it is essential to create a general snapshot of your finances. This means gathering as many details as possible and assembling lists of any and all debts, assets, and newly opened accounts. You will need a clear picture of what you owe versus the income you will bring in on your own, without your spouse, in order to sit down with a financial planner and create a new budget for your post-divorce lifestyle.

...

b2ap3_thumbnail_divorce-filing.jpgMany couples must ponder the idea of whether or not there is truly a “right” time to divorce when faced with the decision to call it quits. Is there really such thing as a good time to break the sad news to friends and family? No one is ever truly prepared for the emotional toll that divorce entails, so it is completely understandable when a couple chooses to delay the decision. Some couples hold off with hopes for possible reconciliation, while others feel it may be best to stay together for the children.

Identifying Priorities

Whatever the personal circumstances surrounding your imminent separation, weighing various factors that may ultimately shape your divorce experience for better or worse before officially ending the marriage can be beneficial. Evaluating these factors can help you identify your priorities in the divorce process, which can help you decide the best time to make the jump.

Explore some of these key areas when looking at the timeline of your divorce:

1. Financial Standing

...

Illinois divorce attorney, Illinois family law attorneyAs a parent undergoing divorce, you have your work cut out for you. Not only do you need to address the legal technicalities of the split in the midst of experiencing the grieving process, you also need to tackle all the issues that accompany the end of a marriage, including everything from the division of assets and parenting time (visitation), to parenting plans and inventory of your personal finances. For the stay-at-home parent, divorce requires a complete lifestyle overhaul, which can trigger a number of concerns for the spouse who has been the primary caregiver at home.

Safeguarding Your Rights as a Stay-at-Home Parent

The idea that the stay-at-home parent will be able to continue to live the lifestyle they were originally accustomed to prior to the divorce is sadly not always a realistic one. While there are laws that vary from state to state that allow certain protections for the stay-at-home spouse, the parent’s lifestyle will inevitably change as their financial circumstances evolve due to the divorce. Parents used to staying home to raise their children can still make the effort to safeguard their rights during the transition in the following ways:

Explore the possibility of maintenance - Here in the state of Illinois, the law may entitle you to maintenance (alimony), which is sometimes awarded to account for a significant difference in income and earnings between spouses. The amount you may be eligible for and the length of time you may receive the award is determined by a mathematical formula and factors summarized in the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/504). The court will look at everything from the current and future earning capacity of each spouse, joint property and assets, and the needs of each spouse, to the standard of living that was established during the marriage and how long the union lasted. Exploring your eligibility for maintenance can help you plan, prepare, and protect your financial well-being

Assess your assets - In order to protect your livelihood after your divorce, you need to first get a clear snapshot of what your finances currently look like. This will help you gauge what you are walking into after the divorce, and help you know what needs to be addressed when consulting with your attorney. Take stock of everything from your mortgage and car title to basic monthly expenses and debts, and also jot down any potential employment options as well as educational pursuits you may explore, which may incur additional expenses on your behalf.

...

Posted on in Divorce

Illinois divorce attorney, Illinois family law attorneyWhile countless studies have shown that life following a divorce often leads to higher depression rates, more stress, and overall dissatisfaction, those who spend a prolonged period of time in an unhappy marriage to begin with tend to thrive once the marriage is over. Experts have a number of theories for this, most notably the idea that the benefits of leaving behind an emotionally exhausting (and in many cases, emotionally or physically abusive) marriage usually end up outweighing the disadvantages.

Increasing Your Chances of Success

Examining the overall quality of a marriage before calling it quits is important in the overall outcome for each party. Once you’ve decided it is in your best interest to end the marriage, there are certain steps you can take to increase your chances of enjoying a fulfilling, balanced post-divorce life. Channel your energy into the following three areas after the split to ensure a healthier, happier lifestyle:

Finances - Although the divorce process is undeniably an emotional struggle, it can also be incredibly challenging where your finances are concerned. Spending adequate time doing an evaluation of your money matters prior to the divorce and directly afterward can make a world of difference in the quality of your life once the separation is official. This is an important step in creating a secure financial foundation for your future. Do your best to assess debts, a savings goal if your existing savings plan is minimal or nonexistent, and work with a professional attorney to understand the value of your assets.

Family Plans - Divorce can be especially traumatizing for children in the family, which is why it is so important to talk about, create, and follow through with a proper parenting plan once the divorce is final. You can reduce your stress and your child’s stress by establishing routines, making time for fun quality time, and ensuring everyone understands visitation arrangements.

...

Illinois divorce attorney, Illinois family lawyerNo matter which way you slice it, there is nothing fun about the divorce process. Even under the most civil, loving circumstances, the actual split and all it entails can be emotionally - and financially- draining. One area most people do not like to think about but are confronted with very early on in the process is money. Regardless of how peaceful the separation, the subject of money can test anyone’s patience and place them on the defensive, especially when it involves their lifestyle and livelihood following the divorce.

When it comes time to protect your quality of life and all you are accustomed to at the end of your marriage, how you handle your assets is critical. Even the smallest mistake can cost you a lot when it is time to negotiate settlements, and if you’re not careful, some errors can continue to cost you long after the divorce is over.

Here are three ways you could end up hurting your assets and their value when you divorce:

1. Keeping joint accounts

One way you can do serious damage to your funds when you decide to separate is to keep all of your accounts connected. For example, if you and your spouse share checking and savings accounts, credit cards, auto loans, or a mortgage loan, having your name on any of those accounts makes you liable in the event something goes wrong. If your spouse misses a payment on your mortgage, you are held responsible. If you have money tucked away into a savings account and both your names are on the account, all it takes is one heated disagreement for your spouse to potentially drain the account of those funds. Close joint accounts and separate your finances now. Do not wait for the divorce to be finalized or until an argument surfaces, placing your money at risk.

...

Illinois divorce attorney, Illinois family lawyerProtecting your finances as you prepare for the divorce process is perhaps one of the most important tasks you can take on before your marriage officially ends. Planning is everything, as divorce can easily wreak havoc on your financial standing if you are not careful. Protecting your assets and monetary funds is critical if you want to maintain the lifestyle you are currently accustomed to and ensure your financial future is secure.

Constructing a Game Plan

As a divorcing spouse, you are already facing an emotional toll; the last thing you want is to tack on additional stress due to financial trouble, especially when some of that trouble can be avoided if addressed early on. Here are some important steps you can take to safeguard your finances amidst your impending divorce:

Take inventory - As overwhelming as it might be, taking financial inventory is a must. Sit down and create a list of every account and asset you share with your soon-to-be ex-spouse. You will need to take stock of joint accounts and pay special attention to lines of credit, as well as wills, retirement accounts, and any pending purchases or joint business investments. Also take note of any life insurance policies you opened up while with your spouse. You may wish to modify the policy if you had them listed as a beneficiary. Once you have a clear, thorough list of all your debts, accounts, and belongings, it is time to sit down with your spouse and speak civilly about what you would both like to see happen with each respective item on the list.

Establish your own credit - Whether you are at the beginning of the initial separation process, have a hunch that your marriage is on the rocks, or are diving straight into divorce, it is never too soon to try and establish your own line of credit. If you are on the verge of separating, you are at an advantage; the sooner you establish your own credit, the better off you will be post-divorce. This goes for standard bank accounts, as well. The moment you see your marriage coming to an end, start shuffling away some cash of your own. The divorce process itself costs money, and you will need funds to get by on your own afterward. This is imperative, especially if you have never lived alone or will be on your own for the first time in years.

...

Illinois divorce attorney, Illinois family law attorneyThe divorce process can trudge up a myriad of emotions and bring a lot of unresolved conflict to the surface, especially when you are getting down to the wire. The closer you get to the finish line, the more stressful the situation tends to be, as it is a taxing experience for everyone involved. Despite these common bumps in the road, many divorces run smoothly and end on a mutual, peaceful note. The entire process can prove to be a positive path for the whole family, as it often removes everyone from an unhealthy environment.

Even when you are fortunate enough to skim through a divorce without much tension, one area that can be significantly affected in the aftermath is your finances. This doesn’t mean your financial well-being needs to suffer, however. Here are three ways your divorce can affect your money and how to combat those changes so they don’t take a turn for the worst:

1. Tax Changes

When you divorce, the change must be reflected in your filing status. For example, if you are still married on December 31st, the IRS considers your status “married” even if you have been separated and the divorce is in progress. You can avoid needless trouble with the IRS by simply ensuring you choose the correct status. In short, couples cannot file a joint return for the year that their divorce decree became official.

If you have children, another area you will need to address is the Dependent Exemption. The spouse who is eligible to claim their child on the return is entitled to certain tax credit benefits, but you must meet specific requirements to claim this advantage. If your child resided with you longer than they resided with your ex-spouse during the tax year you are filing for, you might be eligible to claim the exemption. These details can be tricky, so it is important to work with a qualified accountant and attorney to properly address any questions and concerns when you file.

...

Recent Blog Posts

Categories

Archives

Contact Us

How Can We Help?

NOTE: Fields with a * indicate a required field.
*
*
*
AVVO LL BV