Because of the recession, 2009 saw a large decrease in the number of divorces in Georgia and throughout the United States. However, many divorce attorneys are now remarking that divorce rates may have returned to their normal highs in 2010 as the country lifted itself out of the Great Recession. As more couples decide to file for divorce, it is important to be prepared for tax season as a newly single individual.
In our last post, we discussed the growing number of older couples in Georgia that are getting divorced. Because most baby boomers will have spent decades together before they decide to divorce, they often have more complex financial assets than younger couples who file for divorce.
According to data from the National Center for Family & Marriage Research, while the overall divorce rate has slightly decreased in the last 20 years, it has actually doubled for Americans who are 50 years of age and older.
As discussed in the previous post, divorcing couples should consider how the decisions they make today will impact their future financial security. In the last post, we discussed three areas that divorcing parties must understand: division of property, the definition of property, and assets. In this post we will present three more areas that should not be overlooked.
We live in an age in which divorce is an ever-common occurrence. However, with the end of marriage, many individuals also develop a sense of entitlement - an expectation that an ex spouse will continue to support them financially. Alimony (also called spousal support) is a financial payment that may be awarded to one spouse to help him or her maintain the style of living to which he or she has is accustomed to.