Connecticut residents who are planning for or are going through a divorce may be interested in how they could be affected by their ex-spouse's tax penalties. The bad news is that the Internal Revenue Service considers any penalties related to a joint return to be the responsibility of both parties. The good news is that there are methods for obtaining relief from liability due to a former spouse's tax mistakes.
In most cases, a dad in a contested divorce dispute is told by family law mediators that he will lose a majority of child custody rights and property division rights to mom, and he will also be expected to pay a hefty child support each month. This can lead to a feeling of hopelessness for divorcing fathers, but fortunately there is a remedy on the rise. Collaborative divorce and co-parenting are both holistic approaches to uncontested divorce that are gaining recognition in the mediation system as an alternative the gender-based process.
According to insiders, media titan Rupert Murdoch is finalizing the terms of his divorce from his wife of 14 years, Wendy Deng Murdoch. Connecticut residents may not have known that among their high-asset real estate holdings, the Murdochs own a vineyard and mansion in Bel Air worth $29 million, a penthouse apartment on Fifth Avenue purchased for $44 million from Laurance Rockefeller, and a Beverly Hills estate.
People in Connecticut who are going through divorces might want to make sure that they close all joint accounts that they hold with their former spouses to prevent problems from occurring later on. Even after couples are divorced, creditors may continue to pursue both of them for debts that they accumulated during the marriage. The same goes for debts that are incurred on joint accounts after they divorce as well.
When a couple is going through a divorce, managing finances is often a concern for both spouses. In Connecticut, spouses may be awarded permanent alimony. A spouse who wants to avoid making payments for the rest of his or her life may wish to come to an alternative agreement with the other spouse and also save on legal fees. Being frugal during a divorce proceeding may be of interest to both parties. From keeping a friendly tone during negotiations to taking care to accurately report income to the court, there are many ways to save money during a divorce.
Many people in Connecticut and around the country who are negotiating divorce settlements will enter into the world of mediation. It doesn't have to be scary or difficult if both parties take the time to prepare for the sessions in advance.
Division of assets, particularly high-value assets, can become a battlefield when it comes to couples getting a divorce. Wives need to be especially alert to the couple's financial picture if they are to get their fair share of community property in the divorce. If they have more assets than their husbands, then women need to make sure they keep as much of them as possible. Determining ownership of houses and splitting joint bank accounts are only the tip of the iceberg when it comes to division of assets. Finances are more complicated than ever today, with some women having their own financial portfolios in addition to any that may be held jointly with their husband.
Baseball fans as well as Connecticut residents who are currently involved with divorce issues may be interested to learn about a family law case currently in the news. Robinson Cano of the New York Yankees is in the process of being sued for child support.
Many Connecticut residents who are considering divorce dread the idea of a lengthy court battle, but in some cases they can avoid the time, expense and emotion of litigation and instead pursue a negotiated settlement. The advantages of a negotiated divorce, in addition to staying out of the court room, include the process taking less time and having more control over the outcome of the divorce.
A recent assessment of divorce laws and proceedings in Connecticut and other states revealed that women whose divorces will leave them without a reliable source of income may need to take precautions in advance. Many women who plan on filing for divorce find that their lack of knowledge about their own finances leaves them highly susceptible to financial misdoings committed by their spouses. As such, more and more women are taking the additional step of setting money aside for themselves before they split.