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I've been meaning to post this for quite some time...

Although this article indicates that this single mom (now 74 years old) won a sizable award for arrears of child support, it unfortunately demonstrates that Justice Delayed is also Justice Denied.  Yes, the mother finally came to terms and received money from her ex-husband (who refused to pay his child support when it was due and needed), but the fact of the matter is that both she and the child (now 52 years old) suffered for all those years without the financial support they so desperately needed.

In essence, the child lost both parents:  her dad by going to Canada and her mom because she had to work full time to support her - all because they did not have the financial means and support they deserved while the child was growing up. 

The father’s statement that he was glad to pay the mom the support that was owed 50 years ago is, in my opinion, too little too late.  Him wishing her the best in the future is an empty statement since he was not there when his child needed him most.

What are your thoughts?

Selected excerpt(s), photo and linked article courtesy of ABC News

Before making an election on your Social Security benefits it’s important to know what your options are. Make sure you seek advice and do your own research. For most people seeking benefits now, their election will be permanent. Did you know if you are divorced you are entitled to your ex-spouse’s security benefits? Most people are unaware that notwithstanding a divorce they may be entitled to their ex-spouse's Social Security benefit. If you were married for at least 10 years and then divorce, and are unmarried at the time you apply for your benefits, you are entitled to half of your ex-spouse's benefit if it is greater than your own.  However, if you were born after 1954, whatever election you make will be permanent and cannot be changed.   This does not affect your ex-spouse's benefit nor is your election affected by their remarriage. In fact, if you are eligible, you can collect on your ex-spouse’s benefits even if he or she hasn't yet applied for them, so long as you’ve been divorced for at least two years.

However, if you are remarried at the time of your election, you are not entitled to  your ex-spouse’s benefits. You may, however, be able to collect your new spouse’s benefits if you’re at least 62 years of age and your spouse is receiving Social Security benefits. It’s also important to know if you chose to collect early you will lose a significant portion of your benefit. In the event your new marriage ends due to death, divorce, or annulment, you may again be eligible to collect on your first spouse’s benefits.  If you were married more than once and divorced more than once and each marriage was for more than 10 years you can choose which ex-spouse’s benefits to utilize so long as it is more than your own.

Approximately 50% of all marriages end in divorce. Today’s generation generally appears less interested in marriage, and for those getting married, they are choosing to getting married later. Gone are the days of people marrying in their early 20s. According to the most recent estimates, the average age of first marriage is now late 20s. Most people only start to get an idea of who they really are and what is important to them some time after 25. It is easier to find a relationship that will last if you know yourself better.

Traditionally, stay at home moms have been looked at as guaranteed to win child custody.  However, obtaining their full share of the marital pot has always been problematic.  Not withstanding the evolution of shared custody, and men being recognized as entitled and able for child rearing when it comes to the money aspects of the marriage, stay at home moms often still receive less than half of the marital pot.

The breadwinner of the family inevitably believes that they are always entitled to the lion's share of the marital assets.  The non-tangible benefits of the stay at home spouse in rearing children, taking care of all household responsibilities, and enabling the bread-winning spouse to actually increase earning potential is often forgotten, negated, and never given it’s true worth. It may be time for a more equal split of the marital assets.

Selected excerpt(s), photo and linked article courtesy of Naomi Cahn, Forbes.

No matter what age a child is when their parents divorce, a litigated divorce can not only be toxic for the family but financially devastating.  The impact to older child of a gray divorce (a divorce later in life) is surprising not less impactful because they are older.  Gray divorces have doubled since the 1990s. Whenever a divorce occurs litigation is not the answer. Not only is a Collaborative divorce less toxic it is also extremely less expensive that a highly contested divorce. 

Selected excerpt(s), photo and linked article courtesy of Julie Halpert, Considerable.com

Keeping a primary relationship alive and well requires hard work and dedication. Respecting your partner and being open, honest and objective when conflict arises is imperative. Many would also be surprised how some simple acts of kindness and consideration toward your partner will strengthen a relationship.

Selected excerpt(s), photo and linked article courtesy of Kristine Fellizar & Andrew Zaeh of Bustle.

How do you get through a divorce and have your “family” survive?  More people have begun to understand that divorce does not have to be a total destruction of a family.  There is a better way.  Navigating your divorce through mediation or the collaborative process is the first step which leads to a future that mends the family.  Collaborative divorce gives a family the additional support to make choices that will benefit everyone.

Selected excerpt(s), photo and linked article courtesy of Wendy Smith Baruc, Mother.ly

Unfortunately, this article is correct.  There are many unforeseen and unexpected financial impacts to a dissolution of a marriage.  You should not only be cautious of capital gains implications when selling a marital home, but if the marital home is being transferred to one party, it is important to do a title search to make sure there are no Judgments and Liens, and the party is truly getting the equity that is believed to be the consideration for the transfer in equitable distribution. 

There should be no tax on the equitable distribution of certain assets, but as this article indicates, depending on cost basis and capital gains, significant tax impact consequence could be incurred.  Another good point that this article makes is the true impact of the cost of children.  Child support, although a statutory creature, only covers room and board, which obviously does not cover the myriad of expenses in raising a child, not to mention how those costs increase as the child ages and the ultimate cost of a college education. 

In addition, now that there is no deduction or tax write-off for maintenance, the tax implications are even greater and more must be considered in negotiating a settlement with respect to the tax implications and impact on the parties. 

It is very important to have a skilled attorney and tax expert review your dissolution so you know exactly what you are getting and the tax implications of your decisions.

Selected excerpt(s), photo and linked article courtesy of Chris Taylor, Considerable.com

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