Divorce Matters’ Post

Separated or divorced? Take a minute to think about your Will. Does it reflect your (new) situation? When relationships end, it’s crucial to update your estate plan immediately. Without updating your will, ex-partners might still be listed as beneficiaries, potentially receiving assets against your wishes. Avoid these pitfalls: 🙊 Accidental inheritance If your ex-spouse remains a beneficiary, they could inherit your assets. 👶 Outdated guardianship plans Your children's guardianship wishes might not reflect your current preferences. 🤑 Tax implications Failure to update your estate plan can result in unintended tax consequences for your estate and heirs. There’s never been a better time to take control of your future. Draft a new Will as soon as you separate, and review it again once your divorce is finalised. This ensures your assets and loved ones are protected according to your current wishes. Don't leave your estate to chance. Contact us today to secure your legacy. #EstatePlanning #Divorce #Separation #Family #ProtectYourAssets #AusLaw

We have published an article by Hannah Rhianne Newberry, a solicitor at Hugh James Solicitors. Hannah provides a brief overview of the update to the Pension Advisory Group’s guide to pension sharing on divorce. Read here: https://bit.ly/3Q9LzJD #FamilyLaw #Pension #Divorce

Navigating post-divorce finances? 🔍 Peter Marples, Editor at The Divorce Magazine and Director at Fair Result, shares some practical tips on budgeting, debt management, insurance, investments, asset division, estate planning, and taxes. Find out more here: https://ow.ly/reAB50Qnjri #TDM #DivorceTips #FinancialSettlements #DivorceSupport

Navigating a divorce can be challenging, and understanding how it impacts your taxes is crucial for a smooth transition to the next chapter of your life. 📝💔📊 Here are key points to keep in mind: Filing Status: Your marital status as of December 31st determines whether you file taxes jointly or separately for that year. Alimony Changes: For divorces finalized after 2018, alimony payments are no longer deductible by the payer, nor taxable to the recipient. Child Support: Unlike alimony, child support has no tax implications for either party. Asset Division & Retirement Accounts: Transferring assets or dividing retirement accounts as part of the divorce agreement can have significant tax consequences. Remember, it's essential to consult with a legal and tax professional to navigate these complexities. At Johnson/Turner, we're here to guide you through every step, ensuring you're informed and empowered to make the best decisions for your future. 💼❤️ Need more guidance on divorce and taxes? Contact us to ensure you're making the right moves for your financial well-being. https://lnkd.in/gx753cqQ #Divorce #Taxes #LegalGuidance #JohnsonTurner

Unraveling Hidden Tax Traps in Divorce: Key Insights on the Housing Assistance Tax Act of 2008. Read my full article for valuable insights and make informed decisions about your housing and financial future! https://lnkd.in/eSswdrMx Divorce and real estate often intersect with complex tax laws, such as the Housing Assistance Tax Act of 2008. This legislation, aimed at stabilizing the housing market, introduced challenges around capital gains and depreciation recapture. What You'll Learn: 1. Overview of the Act 2. Impact on Capital Gains Tax Rules 3. Risks for Divorced Spouses 4. Tax Mitigation Strategies Explore how this Act affects divorced homeowners and discover ways to navigate these tax complexities. Share this essential read with anyone dealing with divorce and real estate. Knowledge is power. Avoid unexpected liabilities by understanding these tax implications. #AmicableDivorce #DivorceProfessionals #EthicalPractice #FamilyLaw #Collaboration #DivorceProfessionals #FinancialClarity #NJAPM #collaborativelaw #DivorceMortgagePlanning #familymediation #divorceattorney #mediator #familylaw #NJSBA #CDFA #CPA #divorcelawyer #NJLawCommunity #LawyersofNJ #Divorce #DivorceAfter55 #familylawattorney #FinancialStability #divorcemediation #amicabledivorce #NewBeginnings #lifeafterdivorce

We understand how important it is for you to have the financial details of your divorce negotiated and settled as quickly as possible. Part of this process is drafting Consent Orders, which sets out how the matrimonial assets, properties, pensions, debts, and income from shares and other investments will be divided upon divorce. A Consent Order is a legal agreement and protects you should your spouse change their mind about any financial arrangements you have mutually agreed to. https://lnkd.in/eGC5PKWr #consentorders #klrsolicitors #divorce #planforthefuture #mediation #solicitor #klrsolicitors #solicitors #solicitorssidcup #solicitorserith #solicitorsbexleyheath #familylaw #familylawyers #FamilyLaw #LegalAdvice #LawyersWhoCare

🚦 Proceed with Care in Divorce 🌐 At the Law Offices of McKenzie & Tehrani, we emphasize the need for careful consideration when it comes to dividing retirement accounts in a divorce. Why? Because the tax repercussions can heavily impact your financial future. 📊 Divorce is more than just splitting assets; it's about making informed decisions that safeguard your financial security. Let us help you understand the nuances and prepare accordingly. 💼 Before you make a move, make a plan. Contact us for expert guidance and ensure your financial stability is not left to chance. 🔍 Ready to take the next step? Reach out to our team today! https://loom.ly/WhnIjWY #DivorcePlanning #RetirementDivision #TaxImplications #FamilyLaw #LegalAdvice #McKenzieTehrani

Unraveling Hidden Tax Traps in Divorce: Key Insights on the Housing Assistance Tax Act of 2008. Read my full article for valuable insights and make informed decisions about your housing and financial future! https://lnkd.in/eSswdrMx Divorce and real estate often intersect with complex tax laws, such as the Housing Assistance Tax Act of 2008. This legislation, aimed at stabilizing the housing market, introduced challenges around capital gains and depreciation recapture. What You'll Learn: 1. Overview of the Act 2. Impact on Capital Gains Tax Rules 3. Risks for Divorced Spouses 4. Tax Mitigation Strategies Explore how this Act affects divorced homeowners and discover ways to navigate these tax complexities. Share this essential read with anyone dealing with divorce and real estate. Knowledge is power. Avoid unexpected liabilities by understanding these tax implications. #AmicableDivorce #DivorceProfessionals #EthicalPractice #FamilyLaw #Collaboration #DivorceProfessionals #FinancialClarity #NJAPM #collaborativelaw #DivorceMortgagePlanning #familymediation #divorceattorney #mediator #familylaw #NJSBA #CDFA #CPA #divorcelawyer #NJLawCommunity #LawyersofNJ #Divorce #DivorceAfter55 #familylawattorney #FinancialStability #divorcemediation #amicabledivorce #NewBeginnings #lifeafterdivorce

🚦 Proceed with Care in Divorce 🌐 At the Law Offices of McKenzie & Tehrani, we emphasize the need for careful consideration when it comes to dividing retirement accounts in a divorce. Why? Because the tax repercussions can heavily impact your financial future. 📊 Divorce is more than just splitting assets; it's about making informed decisions that safeguard your financial security. Let us help you understand the nuances and prepare accordingly. 💼 Before you make a move, make a plan. Contact us for expert guidance and ensure your financial stability is not left to chance. 🔍 Ready to take the next step? Reach out to our team today! https://loom.ly/WhnIjWY #DivorcePlanning #RetirementDivision #TaxImplications #FamilyLaw #LegalAdvice #McKenzieTehrani

Estate Planning Guide: Ensure Your Money Goes Where You Want It to Go Discover how to navigate estate planning for women in their thirties and forties, who may have gone through a divorce. Learn how to secure your financial future by checking your accounts, updating beneficiaries, and making informed decisions. #EstatePlanning #FinancialSecurity #DivorceRecovery #AccountManagement #BeneficiaryUpdate #FinancialFuture #WomenEmpowerment #FinancialWellness #WealthManagement #EstatePlanningTips