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June 2018 Archives

How new tax laws could change retirement for divorced people

The passage of the Tax Cut and Jobs Act will bring about a number of changes that may affect people in Georgia during their divorce. One of those changes is that alimony will no longer be taxed or tax-deductible. This means the alimony recipient may have a low reported income and benefit more from investment assets in the divorce than from keeping the home because he or she may qualify for a capital gains tax rate of 0%.

How divorce can affect retirees

Given that approximately 1 out of every 10 people living in Georgia has experienced a divorce at some point in their lives, locals are no strangers to how deleterious the dissolution of a marriage can be, especially to their finances. In fact, people who have been divorced have a higher chance of running out of assets come retirement and have a lower net financial wealth when compared to those who have never filed for divorce.

Restrictions during a divorce

Once the divorce process has begun, Georgia residents should check with their attorneys before taking certain financial and parental actions. Many restrictions and rules are set in place during a divorce, and violating these boundaries can result in legal trouble.

Can my career be used against me in divorce?

You've spent years in your career, putting in long hours and making sacrifices to provide for your children and supporting the family's lifestyle. But what happens when one parent is the nurturer and the other has worked long hours away from home? If your marriage is falling apart, or you are separated from your spouse, can that be used against you to get custody of the kids?

Tips for making the divorce process less difficult

There are certain steps people in Georgia can take to make the process less difficult. People should think about their priorities and the difference in what they want and need as well as what they are willing to let go. This will help them in the decision-making processes ahead.

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Hecht Family Law
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