Under the Tax Cuts and Jobs Act, the tax deduction for spousal support payments will no longer be available for divorces executed on or after January 1, 2019. This change to tax advantages may cause a change in the alimony negotiations divorcing New York couples will face. However, IRAs may provide an alternative to help payers retain some of the tax benefits, depending on the certain conditions.
As the true benefits of prenuptial agreements become widespread knowledge, more couples are considering them. Before choosing to create a prenup, it is important to understand all that it entails.
Every person values different things in their lives for different reasons. Some items are also considered to be valuable by others, while others may just hold sentimental value to the owner. When a divorce occurs, asset division can be a contentious battle between the couple if both value the same shared property. New York couples with valued collections may be interested in an elderly couple's battle over antique shaving mugs.
Dealing with a high-conflict personality may have played a role in many New York residents choosing to end their marriages. Though the decision may have felt right in order to move on to a happier life, parties likely know that they must first get through the divorce proceedings. Just the idea of going through tumultuous legal proceedings may seem draining, but getting ready to face the necessary process may help.
Almost everyone has heard of the saying that knowledge is power. When it comes to divorce, having the right knowledge can make a considerable difference in the outcomes of the proceedings. Asset division in particular can cause many New York residents issues if they do not fully understand what aspects could play significant roles in the process.
Many New York residents who have gone through the process of dissolving their marriages were likely glad to see the proceedings end. They may have moved on with their lives and found love again only to end up in another situation where the marriage is coming to an end. Going through a second divorce can have certain complexities not faced the first time around.
A person's home typically acts as a place of security and comfort. Because many memories are often made in the family house, a strong attachment can commonly form to this piece of property. However, when a couple decides to divorce, the home could become a point of contention when it comes to asset division.
The idea of getting a prenuptial agreement may cross the minds of many New York residents who are considering marriage. However, numerous people forgo creating such an agreement due to fear that their soon-to-be spouse may be offended by the idea. Though it may be a sensitive topic to approach, individuals may wish to seriously consider such an agreement in order to prepare for the possibility of divorce.
Having the right information can help New York residents work toward the outcomes they desire in a variety of situations. Divorce is once situation in which knowledge can be a valuable tool, especially when it comes to determining how such a process may affect a person financially. Therefore, individuals may wish to take necessary steps to prepare for their proceedings.
Many individuals often become attached to their homes because of the memories made in them. However, when a couple goes through divorce, they may have a hard time deciding what to do with that home. When it comes to addressing the house during asset division, New York residents have a few options.