Financial

Divorce and Tax Implications

DDB_blogimageThere are a multitude of tax implications when two people decide to get a divorce. There are some good ones and some bad ones. Some of the items to consider are whether only one of the spouses earned income outside of the home during the marriage, whether the spouses filed separate tax returns during the marriage, whether there are children, and whether there is property to be divided for which gains or losses will have to be recognized when filing taxes. Continue reading

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The Business of Marriage: Alimony

blogimagesAs many of you know, there are a few different parts to a divorce, depending on every situation. Each divorce is different. A petition for divorce can be filed by itself, or with a request for the Court to decide on ancillary matters. Ancillary matters consist of the division of property between the spouses, alimony that may be awarded to one of the parties, and/or the decision as to which party pays the other’s costs and attorney’s fees. Alimony is the one ancillary matter that many bread-winners do not want to deal with. Continue reading

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What’s mine is yours…till Divorce do us part

30156300-prenuptial-agreement-and-divorce-law-concept-as-a-justice-scale-with-wedding-rings-as-a-symbol-of-a-One of the more complicated parts of a divorce is when the Courts have to decide on the property division aspect of your case.  This part of the process can be extremely grueling and time consuming.  However, being prepared for what is to come can only help. Continue reading

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SHOW ME THE MONEY!

ShowMeTheMoneyThe financial aspect of a divorce proceeding can become very burdensome.  Initially, there is the emotional impact of separating from your spouse and getting a divorce, if your divorce is not a simple one, you then have to consider the financial aspect of your case.  The Court looks at each parties’ monthly expenses, income, assets, debts, and more to determine how much to award in alimony and what percentage of property each party is entitled to.  See below summaries of some actual Family Court cases. Continue reading

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The Door to Which I Found No Key

keylessNot everyone sees the end coming.  For some there has been a little talk of the end and for others there has been too much.  Often, though, the talking ends when someone moves out of the marital home.  What happens then when that person returns to find that the locks have been changed?  Continue reading

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Great Expectations

InheritancePip, the orphan from Charles Dickens’ Great Expectations, found himself unexpectedly in receipt of a large sum of money.  “You consider it, undoubtedly, a handsome sum of money.  Now, that handsome sum of money, Pip, is your own.”  So too in Family Court, inheritances, whether a handsome sum or not, belong solely to the recipient as his or her “own” money.  Continue reading

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Prenuptial Agreements in Delaware

PrenuptialPrenuptial agreements reduce much of the financial litigation that may result from a divorce.  A prenuptial agreement is executed prior to the marriage and is designed to govern the distribution of assets and debts in the event of a divorce.  In Delaware, a prenuptial agreement can also be established for a finite period of time, rather than be triggered only by a divorce, in order to give the couple assurance that the marriage will last.   Continue reading

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Social Security Benefits Not Subject to Division! Yikes!

social security benefitsFederal law prohibits the direct division of social security benefits from a spouse in property division hearings.  Social security benefits, according to the law, are not ‘transferable or assignable at law or in equity, and none of the monies paid or payable or rights existing under the Social Security Act shall be subject to execution, garnishment or other legal process…” [42 U.S.C. §407]. Continue reading

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What you need to know when dividing marital assets.

dividing property assetsIn an action for divorce in Delaware, a party may request the Court to equitably divide all marital property and allocate marital debts.  In order to accomplish the division of marital assets, the Court relies upon the law, specifically 13 Del. C. §1513. Continue reading

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Your marriage may not last forever, but alimony can.

alimony moneyConsidering filing for divorce in Delaware?  Get your calculators out to determine your length of marriage first because you may be on the hook for paying alimony to your ex-spouse for a very, very long time. Continue reading

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Ali –MOAN –y!

alimonyNothing begins and nothing ends that is not paid with a moan.[1]  For most, nothing sums up the thought of paying alimony better.  The thought alone has deterred several of my clients from even filing for divorce, no matter the circumstances.  Continue reading

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Financial Aspect of Your Divorce

holding documents

Always keep in mind if your divorce claim includes ancillary matters, you will most certainly be asked for a great deal of financial information.  Here are some documents that you should have handy to provide to your divorce lawyer or the Court: Continue reading

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