Going through a divorce may at times seem overwhelming. You are making decisions impacting you and your family for the rest of your life. Unfortunately, the divorce process often takes a significant amount of time to resolve. Things may occur during the process that you had not anticipated, including incapacitation, arrests, bankruptcy, other financial issues, child support, and parental responsibility issues, to name a few. Remember, during the divorce process, you are still legally married to your soon to be ex-spouse.
If you are considering divorce, you should know the court divides assets and debts of a married couple equitably, not equally. In other words, the court considers what is fair, not what is equal. However, in order to begin to determine how to divide assets and debts, the court must have a complete understanding about the assets and debts of a married couple. A credit report can be a good starting point for finding this information.
Understanding What is On a Credit Report
Your credit report contains a variety of important pieces of information. It lists your debts and liabilities. It will also include credit accounts where you are an authorized signer to the account. If your spouse has credit in their name only, and you are not an authorized signer, you will not be provided that information.
As April 17, 2018 inches ever closer, you may find yourself directing your attention towards your taxes. If you have divorced recently, you may have new tax questions this year. At Eric C. Cheshire, P.A., we understand how the first tax filing after divorce can feel overwhelming. Here’s a starting point for tackling this year’s taxes.
Know Your Filing Status
The Internal Revenue Service (IRS) has a bright line rule about marital status. If you were divorced before midnight on December 31 of 2017, you will file separately. Of course, if you are the custodial parent, you may qualify for head of household status. However, even if you were married for 363 days in 2017, your completed divorce at the end of December takes you out of the “married” filing status.
At Eric C. Cheshire, P.A., we know how to approach a high asset divorce. Here are just some of our top tips for you.
Take Your Time
Often, people getting a divorce seek to rush the process. This is rarely beneficial. Particularly in a high asset divorce, taking your time is essential to a fair and equitable settlement. Property must be valued, future earnings must be calculated, and debts must be assessed. These things take time.
Carefully Account for All Debts
One of the biggest mistakes made in high asset divorces is a failure to account for all debts. It is in everyone’s best interests to avoid this mistake. Debts must be identified so they can be included in the final divorce decree. Failure to do so could result in an inequitable division of assets and debts.
When couples divorce, they spend a lot of time discussing how they might separate the marital property, how they will divide parenting time with the children, and who will have what legal rights and responsibilities to the children. Many couples, however, are at a loss as to how to tell their children about the divorce.
Embracing an age appropriate strategy minimizes confusion. While adults see a divorce as something with many moving parts, children crave concrete, child specific information. Below are age appropriate disclosures at any age.
If you are considering divorce, or if you are in the midst of divorce proceedings, you should know your social media accounts could provide your soon to be ex-spouse with information they may later use against you. If you use any social media whatsoever, take a few moments to consider some or all of the following steps to protect yourself.
Social Media and Divorce: Change your Passwords
Even if you and your soon to be ex-spouse aren’t even speaking to each other now, there was probably a time when you were close enough they either knew, or could make a pretty good guess at your passwords. Even if you think they don’t know your current password, it is a good idea to change your password again. Change it in a way that isn’t personal to you, such as your birth date or your firstborn’s name. Instead, come up with a password as random and impersonal as possible to prevent anyone guessing at the passwords. Consider all of your accounts, even those you don’t use regularly. It costs nothing to change the password, so why not do it as a precaution?
Domestic violence is defined as any violence between members of a family, whether or not those individuals are legally married.
For example, a boyfriend who regularly assaults his girlfriend, who he lives with, is committing domestic violence in the same way as a husband who abuses his wife.
According to the FBI, 66 percent of all marriages in the U.S. experience some type of domestic violence, 85 percent of domestic abuse victims are women, and women ages 25 to 34 are the most likely to suffer abuse at the hands of a partner.
If you are considering a divorce, but are putting it off over the holidays, you are not alone. While March holds the record for most divorces filed, divorce filings start to increase in January, and rise even more in February. Many people believe this is due, in part, to an unwillingness to begin divorce proceedings before the holidays. When planning for a divorce, there are several steps one can take in anticipation of meeting with a divorce lawyer. This planning will make your first meeting go smoothly. It can also reduce the cost of your divorce, as family law attorneys charge by the hour. Every document you secure ahead of time reduces the amount of leg work your attorney will have to do later. Here are some steps to take while preparing for a 2018 divorce.
Holidays have a way of bringing out strong emotions in divorced couples as it relates to their children. And often, those emotions may turn into conflict if parents can’t agree on who should have the children and for how long.
In some circumstances, divorced parents may decide to spend the holidays together with their children. We think it’s important for you to understand some of the benefits and drawbacks of this type of arrangement.
Benefits of Divorced Parents Spending The Holidays Together With Their Kids
Some of the benefits of this time sharing arrangement include:
Getting a divorce can be emotionally exhausting. Often, the last thing divorcing couples want to deal with is the minutia that comes with updating legal documents. However, a failure to update these documents could result in your spouse getting your life insurance policy, or being in charge of your medical decisions.
In other cases, a failure to update your important documents may lead to considerable delay and future complications which could have been avoided. Below are some essential documents that require review. Where appropriate, document modifications, reflecting your change in marital status, should occur.