Money is a sensitive subject. It can cause people to behave differently than they normally would and can cause arguments between even the closest of family members and friends. One of the most dreaded parts of a divorce for many couples is coming to an agreement on finances, especially alimony. Some couples currently going through a divorce, however, are working together and making an extra effort to come to an agreement on their financial arrangement before the end of the year. Divorcees in Wyoming and across the country are attempting to get their arrangements finalized before tax laws change in 2019.
When going through a divorce, parents put the most care and consideration into the decisions that involve their children. There are times, however, that circumstances change, and the decisions that were based on what made the most sense at the time have to be changed at a later date. Child support arrangements, although carefully constructed at the time of divorce, often have to be modified later on. There are several situations that will lead a Wyoming court to modify a pre-existing child support order.
As Wyoming spouses prepare to end their marriage, a long list of to-do items awaits. Determining which of these tasks should take priority over the others is not always easy. Financial matters should rank near the top of that list, however, because there will be expenses that need to be taken care of well before matters of alimony and/or child support are finalized.
When a Wyoming couple or others around the country go through a divorce, there are countless issues to resolve. This is particularly true if the couple has children. Often, one parent is required to pay child support to the other to provide financial help in raising the children. Unfortunately, not every person who should pay child support does so. While these individuals may offer up a variety of excuses about why they don't pay child support, a judge in another state recently made efforts to squash one reason that is frequently given.
The Tax Cuts and Jobs Act that was passed last year by Congress created many changes for individuals and businesses alike in Wyoming and all across the nation. In particular, those couples whose divorces will be finalized in 2019 will witness a major shift in how alimony will be taxed. While this change will be apparent when each subsequent tax season rolls around, it will also have farther-reaching implications into future retirement planning.
Past-due credit card debt, delinquent personal loans or medical bills are no longer a worry if a person is collecting Social Security benefits. However, if money is owed to the U.S. government in the form of child support, alimony or income taxes, benefits may be in jeopardy of garnishment. In Wyoming and other states, creditors can still take legal action against other assets to recoup debts owed to them.
One of the most difficult-to-navigate processes of any divorce is negotiating spousal support. Experts say after everything else in a divorce has fallen into place, alimony is typically the last piece that completes the puzzle. In Wyoming and other states, preparation is often the best defense during complex alimony negotiations.
A professional baseball player has been ordered to pay more than $12,000 a month in child support to his ex-mistress. This amount is a far cry from the $100,000 a month she originally requested. The first baseman has also been court-ordered to finance the children's schooling, health insurance and extra-curricular activities. In Wyoming and other states, child support is often determined by financial disclosure documents.
What was once a constant in American tax law has recently changed, and has people clamoring to understand the long-term impact. The recent loss of the long-standing alimony tax break has some questioning whether it will add to the financial discomfort of divorce. Attorneys and other divorce professionals are scrambling to understand the new policies and react to them. In Wyoming and other states, some are worried that the change may make for messier divorces, but the jury is still out as to how exactly the change will affect those undergoing divorce.
The government is changing the way it treats the tax implications of marital separation. A new tax bill passed and was recently signed into law by the president. Within the bill lays policy changes that can affect the way that Wyoming residents will look at alimony.