It seems that engagement rings used to be more modest in size. Recent years, however, have seen a major shift where the ring is one part of a destination wedding on an isolated beach in the Caribbean or a big-ticket hometown wedding.
Part of the process of filing for divorce is creating a list of marital and individual assets. Ideally, the spouses and their lawyers can look at the list and draft a fair and equitable arrangement. While it may be tempting for one side to try to withhold “their money” because “they earned it,” it is a mistake that cause a serious problems for those who are caught.
Family law attorneys are a crucial part of any negotiation involving divorce, custody and other common areas addressed during a couple’s split. However, clients must also consider their own priorities during this process. While a judge has to make the final decision during litigation, the two sides should each determine what those priorities are and work towards achieving them.
The changes to the tax code will eliminate a break for those who pay alimony. The old system allowed those who paid alimony (also called spousal maintenance) to deduct that amount from their income taxes. The change goes into effect in 2019, but any agreement signed before the end of the year will be honored.
Anyone who has gone through divorce knows that it is never as easy or straightforward as it could be. Moreover, divorce involves many financial challenges for couples who have large and complicated estates. An extreme example of this is when an appellate court judge ordered hedge fund manager Remy Trafelet to pay $600,000 in 2017 and $3.5 million more in 2018 to his wife Lara as an interim fee while the divorce is litigated.
The circumstances for a divorce generally involve feelings of anger, sadness and frustration. These are valid feelings, but it is also important to remember that there are a number of strategies that can enable people to look out for their financial welfare.
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.