The Latest News May 2019

What Should Stay-at-Home Moms Get at Divorce?

Posted On: May 28, 2019

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.

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The Emotional Toll of Being an Adult and Seeing Your Parents Divorce

Posted On: May 20, 2019

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

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7 Silent Killers That Can Lead To Divorce In Relationships

Posted On: May 20, 2019

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.

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We Divorced - And Our Family Thrived

Posted On: May 07, 2019

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

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These Are The Biggest Money Surprises When You Get Divorced

Posted On: May 06, 2019

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

Concetta Spirio: A compassionate and aggressive lawyer providing the highest level of legal representation for over 30 years.

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