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September 2017 Archives

Tax changes that happen after a divorce

People in California who are divorcing will find that after the divorce, there are changes in how they must file their taxes. One big change is the switch from filing as married to filing as single or as head of household if there are dependents. The person will also be in a new tax bracket. After an annulment, the couple must also file amended tax returns for the years they filed as married.

Rob Kardashian and Blac Chyna reach support agreement

California residents often hear news of celebrity child support disputes, which can become very complex. The dispute over child support between Rob Kardashian and Black Chyna also fits the pattern and after almost a year of conflict, the exes have agreed to terms.

Relationship of work hours and income to divorce rates

Actuaries apparently calculate the chances of their marital success very accurately because people in that profession have the lowest divorce rate. Other people in California who work in careers related to science and mathematics enjoy comparable stability in marriage, according to FlowingData. The organization looked at data from the 2015 American Community Survey and studied the relationship between occupation and divorce rates.

Coping strategies: Can journaling help you after a breakup?

The American Psychological Association (APA) and, for that matter, your local therapist or counselor can offer you a lot of great advice to help you get through the difficult emotions associated with your divorce process. The fact is, everyone will experience some kind of challenging breakup at some point in their love lives, so it's important to familiarize yourself with coping strategies.

Adding structure and consistency to help children adjust

When California parents of young children decide to divorce, they may experience significant emotional conflict. It is important for them to realize that their divorce is affecting their children as well. Divorcing parents should try to set aside their conflicts with each other so that they can help their children process the situation.

Saving retirement accounts during a California divorce

Divorce is a trying process, and it's one that approximately 1.2 million married couples go through annually. Beyond the mental and emotional stress, divorce can significantly complicate finances, especially when it comes to the retirements of the parties.

What to avoid when dividing an IRA because of divorce

When money is taken out of an IRA, it is subject to income taxes, and it may also be subject to a 10 percent early withdrawal penalty. This penalty still applies even if a California resident makes a withdrawal pursuant to a divorce decree. To avoid paying the 10 percent early withdrawal penalty, the money should be sent directly to the other person's IRA.

Strategies for co-parenting after divorce

Divorced parents in San Jose may struggle to coparent with a difficult former spouse. The first step in dealing with this is to consider the nature of the conflict. If it is largely between the two parents and does not involve issues such as domestic violence or addiction, there may be steps one parent can take to reduce the conflict.

Alimony might be deductible if it is set up correctly

In California, some divorces will include agreements to pay alimony or orders to do so. If there is a large wage disparity between the spouses, and they have been married for a long time, alimony orders are much likelier to be issued. While spouses who are ordered to make payments to their exes may not like having to do so, the payments may be deductible on their tax returns as long as the language used and the manner in which the payments are made comply with IRS guidelines.

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