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November 2017 Archives

Asset division can be complicated for entrepreneurs

Business owners going through a divorce in Georgia face particular challenges, both logistically and emotionally. At the end of a marriage, entrepreneurs may find that dividing a family or personal business owned by one or both partners to be incredibly challenging. A company can be subject to inclusion in the division of assets during a divorce, and many entrepreneurs have an emotional as well as a financial connection to their businesses. This is even the case when there are other assets of significant value at stake in the divorce such as real estate, investments and retirement funds.

The pitfalls of retirement account division

Georgia residents who are looking to save money on a divorce may be tempted to split retirement assets on their own. However, splitting such an asset without the proper authorization could result in taxes and penalties. In one case, an individual withdrew $250,000 from a 401(k) without getting a qualified domestic relations order (QDRO). That resulted in $85,000 in income taxes in addition to a $25,000 early withdrawal fee.

Parenting after an abusive marriage

In some cases, both parents will be given access to a child even when violence existed within the marriage or during the divorce. The type of abuse and when it took place may play a role in how parents in Georgia or elsewhere work together to raise their children. Researchers at the University of Illinois performed a study looking at the first year after a marriage that involved domestic violence and its impact on co-parenting.

How tax cuts could impact alimony

If the Tax Cuts and Jobs Act is passed in its current form, Georgia residents and others who make alimony payments may lose a tax deduction. By eliminating that tax break, it may mean more money going to the government and less money going to individuals. Assuming that the alimony deduction is repealed, it would likely have the biggest impact on divorce agreements involving alimony payments entered into after 2017.

There are many common factors that push couples toward divorce

While every situation is different, there are a few common reasons that lead many Georgia couples to divorce. According to the Centers for Disease Control and Prevention, more than one-fifth of couples will have a disruption in their first five years of marriage. This could mean a separation, divorce or widowhood. Over the course of 20 years of marriage, 53 percent of marriages face disruption.

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