June 2018 Archives

This high asset divorce continues to rage on

Most Florida couples reach a point in their divorce when they accept the end of the marriage and begin to focus on their futures as single people. That, however, is not always the case, as evidenced by a high asset divorce in which the parties remain deeply mired in bitterness and anger even after their divorce was made final. It's hard to imagine why two people in their 60s and 70s would choose to continue to fight when they divided assets worth nearly $2.5 billion. 

Estate planning during and after a high asset divorce

With the recent tragic loss of two high profile personalities, many in Florida are talking about estate planning and divorce. Both Kate Spade and Anthony Bourdain were separated from their spouses, but not yet divorced. While there is no way to know why either Spade or Bourdain chose to delay a high asset divorce, what is clear is that in doing so they complicated their estate planning. 

Time is running out for claiming alimony as a tax deduction

For those in Florida who are planning to end their marriage in the coming months, timing could play a big role in how the financial side of things works out. The Tax Cuts and Jobs Act will eliminate the alimony tax deduction, starting with divorces made final after the last day of 2018. That may seem like a long time away, but in reality, time is running out to reserve the right to claim that tax benefit. 

Child support modification: Read this before filing a petition

The marital break down you experienced with your former spouse before you divorced has nothing to do with your children, meaning your divorce was not their fault. Like most Florida parents who have gone through similar situations, you may realize this but find it challenging to convince your children of the same. That's because kids often internalize their parents' issues. However, with love and support, you can help your children cope and understand that they did not cause the situation.

Helpful ideas for post-divorce summer time with the kids

If your children were upset when you told them you were getting divorced, it was not an uncommon reaction. Many kids experience a wide range of emotion upon learning that their parents are ending their marriages. As a non-custodial parent, you may be wondering how to make the most of the time you'll have with your kids this summer. You want them to know your divorce was not their fault and that you're there to support them as they adapt to their new lifestyle.  

Time's running out on claiming alimony as a tax deduction

For those in Florida who are preparing to divorce, timing is a very important consideration, especially this year. Under the Tax Cuts and Jobs Act, spouses will no longer be able to claim alimony payments as tax deductions beginning in 2019. That means time is running out to take advantage of this important tax benefit. For some spouses, the ability to claim those payments as deductions makes a big difference in the bottom line each year. 

Don't let a military divorce tank your health

Ending a marriage can place a toll on Florida residents and can even cause negative health ramifications. According to researchers, people who divorce have a higher likelihood of serious health consequences as compared with those who are married. Understanding these statistics can help Florida spouses take steps to protect their health and wellness during and after a military divorce.

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