MIAMI, Florida. If you have provisions in your prenuptial agreement for how much money you’ll pay in alimony should you get divorced, now might be the time to revisit your agreement. The new Trump tax plan has provisions that could affect an individual’s taxes should he or she have to pay alimony in divorce, meaning that your prenuptial agreement might result in a more expensive arrangement for you and your partner than you may have initially planned for.
MIAMI, Florida. More and more couples are opting to sign prenuptial agreements before they get married. Surveys of divorce lawyers have found that the number of couples seeking out prenups before they get married has gone up substantially. While prenuptial agreements were once the province of the rich and famous, average couples now use them to protect their rights, their pre-marital assets, and to clarify how property, assets, and debts will be divided should they divorce. Even poorer couples are choosing to draft prenups to protect future inheritance or to clarify who owns which debts. According to the Huffington Post, prenuptial agreements can often clarify gray areas of the law. For example, if a relative promises you a family home after he dies, but you get married before he dies, the inherited home could be considered community property, unless you draft a prenup.
MIAMI, Florida. If you are considering buying a home after getting divorced, or if you are getting divorced and want to someday buy a home, take a moment to consider some important ways that your divorce could impact your ability to buy a home or get a home loan.
MIAMI, Florida. According to NPR, falling behind on unpaid child support can have serious legal and financial consequences. You can lose your driver’s license, have your tax refund garnished by the government, and even have your wages garnished from your pay check directly. You could lose access to certain government benefits, have your passport revoked, and be denied the right to renew a professional license. The consequences are serious, so it is important to take paying your child support seriously. Individuals can even face jail time. While there are certainly cases where people with money simply refuse to pay child support, more commonly, the people who face child support debts are those who simply can’t afford to pay. If you believe you owe more in child support than you can afford to pay, it is important to understand that you have rights and options under the law.
MIAMI, Florida. You are young, poor, and are getting married. Many young couples don’t think that they need to worry about prenuptial agreements because they don’t have any money. Other young couples don’t want to think about the possibility of divorce. But, even if you are young and poor, you might still want to consider getting a prenuptial agreement before you tie the knot. Why?
MIAMI, Florida. If you get divorced in 2019 and expect to receive or pay alimony, watch out. In 2019, a 75-year old tax deduction for alimony payments will be eliminated. Individuals who get divorced before 2019 will keep the deduction. This is causing many divorce lawyers to counsel clients to get divorced sooner rather than later if they want to see tax savings going forward.