If you and your spouse have decided it's best for the two of you to go your separate ways, there are many boxes to check and emotions to be processed. At the heart of the situation, your children may be confused, angry and depressed about the changes. As a parent, you can calm their anxiety by having a solid plan in place and answers to common questions before presenting your offspring with the divorce. Statistics show that less than half of children under the age of 18 live in a traditional family, highlighting the fact that the issue must be addressed and dealt with to protect millions of lives.
All children deserve financial support from both parents, which is a presumption child support orders all over the country address. Although each state has the ability to create its own child support guidelines, many adhere to the same standards, including at what age a child support order will terminate.
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 may be interested to learn about two recent New York decisions in which courts allowed people to serve respondents in their family law matters via Facebook. While no Georgia court has yet allowed service in this manner, many attorneys and other observers expect that such service methods may become increasingly accepted in jurisdictions throughout the country.
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.
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.
Georgia parents who may be going through a divorce may be more worried about which parent will be awarded child custody than their taxes. However, decisions made regarding how the child's time may be split up can actually affect a parent's taxes once the divorce process is complete. As such, tax incidence should be taken into account during the divorce process.
Divorce or separation may be a difficult prospect in any situation, but when children are involved, the scenario can become much more complex. Child support laws can vary by state, but in Georgia, both parents' incomes are considered when the court is deciding the amount to be paid. The courts may also look at severance pay, pensions, lottery winnings and bonuses, among other financial considerations.
There are a number of different things to take into account when a Georgia couple wishes to end a marriage, particularly how any and all children shared by the spouses will be cared for into the future. One of the most difficult parts of the entire divorce process comes when one party is asked to meet certain child support obligations with the other.
Divorcing Georgia couples dividing up their financial assets may be able to learn from the experience of Hollywood actor Terrence Howard. Howard and his ex-wife are divorced, but he has told the court he cannot afford to pay her the $325,000 in spousal support stipulated in the divorce settlement. The reason, he said, is that all of the income he makes from his movies goes directly to his first wife to pay spousal and child support. After taking out the money, she then writes him a check, leaving him with less than $6,000 a month.