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September 2017 Archives

Potential errors in splitting assets during divorce

Georgia couples who are getting a divorce may have various approaches to splitting property, but it is important for each person to understand the value of assets and avoid common mistakes. Alimony and child support recipients may also want to guard against the potential loss of income by taking out a life insurance policy on the payer.

Divorce has an impact on income tax

Divorce law varies widely from state to state, but federal tax law is uniform across the country. In Georgia and the other states, for example, the Internal Revenue Service considers parties unmarried for the entirety of the year during which the divorce decree was finalized. Among the other ways in which divorce will affect taxes are with regard to alimony, dependents and certain tax breaks.

Divorce rates by profession

In Georgia, people end their marriages for many different reasons. A study reveals that people in certain professions may be much likelier to get divorced than those who work in other types of jobs. In general, those with the highest incomes are less likely to get divorced than those with lower incomes.

Providing stability for children after a divorce

Georgia parents who are divorced will need to continue working with their exes to raise their children. This can get complicated when there are two households that have completely different rules. By keeping the best interests of their children at heart, however, parents can provide stability, order, constancy and structure during an otherwise chaotic time.

Dealing with retirement during property division talks

Divorcing couples in Georgia often focus on their immediate needs during property division negotiations, but the decisions they make can cast very long shadows. These discussions frequently become mired in acrimony over assets with high sentimental values, and people sometimes make decisions that jeopardize their long-term financial security in pursuit of short-term goals.

Avoiding retirement penalties in complex asset division

Confusion over the division of retirement assets during divorce can lead to costly mistakes for one or both parties. Couples in Georgia seeking a divorce may not realize that tax law treats 401(k) plans differently from traditional IRAs and IRA variants. Penalties can result in an enlarged tax bill and a number of negative consequences if it cannot be paid on time. Fortunately, there is a right way to go about retirement asset division that completely avoids tax penalties.

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