Although alimony is not awarded quite as often as it used to be, it is still a factor in some divorces. On one hand, alimony may balance out the financial struggle that a disadvantaged spouse faces after divorce. Yet, on the other, there are tax implications that could present a potential issue. Learn more about alimony and taxes with help from the following.

Taxes are Governed by the IRS

Some spouses believe they can mitigate the tax implications of alimony payments by speaking to the court. Unfortunately, this is not accurate. Taxes are governed by the Internal Revenue Service (IRS), not the courts. As such, spouses should discuss any concerns they have over the tax implications of alimony with their financial advisor, and their attorney.

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When parents divorce, everyone in the family is affected, including the children. Unfortunately, parents sometimes become so overwhelmed with their own feelings and emotions that they forget to acknowledge and address the feelings of their children. This, paired with a desire to "win" divorce, can lead to serious mental and emotional implications for kids. In fact, some may even become at risk for troubling or long-term behavioral issues.

How Do You Mitigate the Risks?

First, you understand that children do not always "bounce back" from divorce. Some spend years, if not the rest of their lives, struggling with self-esteem and romantic relationships. So if you suspect there may be a problem, seek help and support immediately. Second, you continuously remind yourself that your child's needs should and must come first. Make their best interests the center of your divorce and work hard to create a nurturing co-parenting environment for your child.

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Divorce is a complex process with numerous financial pitfalls. Some are devastating enough to cause long-term divorce-induced poverty. Others can take years to overcome. Thankfully, there are ways to reduce your risks of money troubles during and after the divorce. It all starts with preventative measures, such as those covered in the following information. Learn what you need to know about protecting your finances during divorce, and where you can find experienced help.

Avoid Sentimentality When Choosing Assets While some assets may be straightforward, others, like a family home, can have emotional attachments. Those feelings can cloud your judgment and make choosing which assets to keep a difficult task. Yet it is critical that you consider your options with objectivity. Consider whether you can actually afford to keep an asset. Include tax considerations in this analysis as well. You may also want to examine your day-to-day living situation. For example, if you were to keep your home, could you properly maintain it? Let your conclusions guide your decisions. Insure Child Support and Alimony Payments If you are awarded child support or alimony in your divorce, it is critical that you protect them with an insurance policy. This can ensure that you continue to receive payments if something happens to your spouse. Make sure that you are the one who owns the policy though. If your spouse owns it, they can change the beneficiary without your knowledge, which could ultimately result in a complete loss of any funds after their death. Get Experienced Assistance The internet is full of alternative divorce options, including DIY ones. Many promise to save you money - and they might, in the short run. Yet they have the potential to create serious problems in your divorce. In a best-case scenario, they might end up costing you more money to fix. In a worst-case scenario, they can cause irreversible damage and place your long-term future at risk. Do not take a chance! Get experienced assistance and ensure your divorce is done right, the first time around, and increase your chances of a favorable settlement. At Stock, Carlson & Duff LLC, we know how to handle even the most complex of divorce cases. Seasoned and experienced, our DuPage County divorce lawyers can protect your interests and rights, every step of the way. In every situation, we pursue the most favorable outcome possible. Learn more about how we can assist with your situation. Call 630-665-2500 and schedule your initial consultation with us today. Source:

http://www.cnbc.com/2016/12/22/headed-for-divorce-court-here-are-your-top-5-financial-musts.html

Divorce and custody issues are complex, often contentious, and sometimes extremely messy and heartbreaking. The Lebanon kidnapping case, in which a mom had custody of her children, let them visit their father, who then never returned the children, is a prime example. What can parents going through divorce currently take away from this case? Some rather important lessons.

Trust Your Instincts

The mother, who had been awarded full custody of the children, had reservations about sending the children to another country to spend time with their father. In one interview, she even mentioned that the father had done something in the past to warrant concern. If you have an instinctual feeling that something may be "off," talk to your family law attorney before proceeding. They can help you understand the laws, your obligations, and your rights as a parent.

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