One effect of the 2017 Federal tax overhaul is that alimony is no longer tax deductible after December 31, 2018. Under the Tax Cuts and Jobs Act, Pub. L. No. 115-97, § 11051(c), sections 62(a)(10), 71 and 215 of the Internal Revenue Code were not included in the new law. Read More “NO TAX DEDUCTION FOR ALIMONY AFTER 2018”
The interplay between shared credit cards and financial liability is complex, and much more so when working through a divorce. Prenuptial and postnuptial agreements attempt to straighten out the asset and debt details upfront, but when such an agreement is not in place, it will take an expert to sort everything out. In some cases, the idea of facing financial hardship or ruinous credit can compel someone to stay in a marriage they would otherwise seek to dissolve. Read More “Handling Shared Credit Cards And Liability In A Divorce”
Legal Marriage Annulment
A legal annulment means a marriage was not valid from the beginning. It is different from a religious annulment. A legally divorced person might get a religious annulment. The religious annulment has no effect on the divorce or on the ability to get a legal annulment. Read More “Can I Annul My Marriage?”
The treatment of credit cards in divorce can have a long-term impact on both parties’ finances. The disposition of credit card debt deserves special attention in marriage dissolution, especially during the planning phase. Read More “Treatment Of Credit Cards In Divorce”
If you’re getting ready to tie the knot and want to create a prenup, or if you already have one and need to know how to defend a prenup in your divorce proceedings, you should know the four most common mistakes that can invalidate the contract.
- Involuntarily Signing the Agreement
A good way to defend against accusations of involuntariness is to create the contract well ahead of the wedding date. Each party should have adequate time to read and review the document and consult legal counsel. Deciding to draft and/or sign a prenuptial agreement can be a difficult decision to make, and is not something that anybody should be forced to consider the day before the wedding.
- Not providing fair and reasonable disclosure
You should fully disclose all assets and liabilities in the agreement. If any missing information is revealed or if any disclosures that you provide are found to be false, the contract may be invalidated by the court. Minimally, the divorce will become more expensive because there will be issues to litigate.
- Not being fair and reasonable
The details of your prenuptial agreement are largely up to you and your partner. However, if the agreement is unconscionable, it will be vulnerable to dismissal by the court.
- Creating illegal clauses
This should go without saying, but you cannot include clauses that are contradictory to the law. A good example of such a clause is one which limits child support as this is to be determined by the court.
Knowing how to defend a prenup in divorce cases is important, and you should consider consult legal counsel who can give you definitive advice specific to your circumstances.