Couples will often split up an IRA as part of a divorce agreement. While getting divorced can be challenging or downright unpleasant, additional financial mistakes can make the process even more painful. A Michigan couple recently found this out when it lost a case against the IRS where the husband transferred $140,000 from an IRA to a checking account and failed to pay income taxes on the money.
Most people think of Silicon Valley as the home of the startup, but New York can give them a run for their money. Many New Yorkers have embraced the startup lifestyle by founding and running their own businesses.
Dividing property is usually a complicated process that involves a lot of back-and-forth negotiation. There is one piece of property that can be especially difficult to deal with: The ring. Wedding rings are more than just symbols of marriage. They are often expensive pieces of fine jewelry and a major asset for a couple.
Divorce usually takes a huge toll on finances. First, it is a notoriously expensive process. Second, you must figure out how to disentangle your finances from your spouse’s. When the process is over, your personal finances may look totally different than they used to.
When you are dividing assets in a divorce, you will have to consider your bank accounts, your home and many of your possessions. But what about your inheritance? If you received an inheritance from a late family member, will you have to divide it with your former spouse?
Given the choice, most people prefer not to think about taxes until the April deadline rolls around. The year 2017 was a bit different, though. Last year's massive, nation-wide tax overhaul will affect millions of Americans’ taxes—and will likely have other important implications, as well.
When you and your spouse began the divorce process, you had a reasonable estimate of your marital assets’ value. But now the time has come to divide your property, and you are stunned to find that your spouse has been deliberately wasting assets so that you will receive less than your fair share. This is a spiteful move called dissipation of assets that, unfortunately, some spouses will resort to in a divorce.
High-asset divorces can be more contentious than most. There is so much at stake: Assets, real estate, money, businesses and more.
Approximately 50 percent of marriages in the United States end in divorce, and approximately 60 percent of American households own a pet. It should go without saying that many couples that are divorcing also have pets.