In Georgia, judges have a lot of leeway when it comes to deciding alimony (spousal support) amounts. Ten judges could look at the same case and come away with 10 different payment amounts. Each case would have a well-reasoned explanation behind the award.
Georgia residents may not know the ramifications of failing to change beneficiary designations after a divorce. Revising a will to disinherit a former spouse will not affect beneficiary designations on most policies.
Georgia residents who are dealing with divorce may wish to learn more about how alimony can affect income taxes. According to the IRS, alimony is any money paid to a spouse or former spouse as part of a court order during divorce or separation. Any money that is paid without legal obligation is not considered to be alimony for tax purposes. Furthermore, it does not matter if the alimony is to be paid on a permanent basis or included in a temporary decree., and it may be possible to claim payments to a third party as alimony.
Georgia doctors, dentists, pharmacists and others working in the health care field may have lower divorce rates than the general public despite the stresses of the profession. This was the conclusion of a study that was recently published, and it will likely surprise many people who thought otherwise.
Getting a divorce can be an expensive process in Georgia, but there are ways for individuals to keep the costs in line. Financial planners encourage those going through one to prepare for the divorce ahead of time by developing a better understanding of their assets, income, living expenses, and debts. Worksheets can be used to work through the process, and specialists can help in cases where there are family businesses or high-value assets.
Divorcing couples in Georgia already have a lot to deal with emotionally, but remembering a few tips early on could reduce stress and eliminate headaches later. Ending a marriage can put both parties in a different tax bracket, and preparing for that as soon as possible can help avoid a shock at tax time. The preparation process can include making decisions on joint debts and assets, how employment income could affect alimony payments, and child custody issues.
Infidelity is a common cause of divorce. If you or your spouse has decided to end your marriage due to cheating, you might be wondering how adultery affects the divorce process in Georgia. You may have heard, for example, that Liberty Ross and Rupert Sanders recently settled their divorce and Ross walked away with "guilt money."
People here in Georgia often associate alimony with an image of a wealthy man paying spousal support to his unemployed ex-wife. This traditional vision, however, is nothing but a stereotype. In fact, in many cases both the payer and payee of alimony work, but there is a substantial difference between their incomes or between their abilities to earn an income. Additionally, in this day and age, it is becoming more common for women to be the payers of alimony. According to the Pew Research Center, the woman is actually the higher income earner in about 37 percent of married couples with children.
While the divorce rate for spouses under 50 has decreased since the 1980s, the divorce rate among older Americans has doubled. In fact, "gray divorces" seem to be a form of relief for many people over 50.
Anytime a couple divorces, there are numerous elements that must be considered. Couples in Marietta must consider matters related to parenting plans and asset division. However, couples who have large or complex assets also have additional matters to consider.