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Divorce has both personal and legal ramifications. For instance, there are certain Social Security rules after a divorce. When you’ve been divorced, you may be entitled to benefits from your ex ...
The general rule in § 1041(a) is that no gain or loss shall be recognized on a transfer of property from an individual to a spouse; [1] or a transfer of property to a former spouse if the transfer is incident to the divorce. This rule also applies on a transfer of property from a trust for the benefit of a spouse or former spouse if the ...
The right to receive property conveys ownership for tax Purposes. A decree of divorce transfers the right to that property by reason of the marriage and is also a transfer within a marriage. It makes no difference whether the property itself or equivalent compensation is transferred before, or after the decree dissolves the marriage.
Wages of an employee working for one's spouse are exempt from federal unemployment tax [5] Joint and family-related rights: Joint filing of bankruptcy permitted; Joint parenting rights, such as access to children's school records; Family visitation rights for the spouse and non-biological children, such as to visit a spouse in a hospital or prison
If the court orders your spouse to split their retirement account assets with you, you can roll the assets into a traditional individual retirement account to defer income tax and avoid a 10% ...
This can cause problems if the debt is joint and one ex-spouse misses a payment. The best solution may be to come to an agreement about who pays which type of debt and when, or to simply pay off ...
The Uniformed Services Former Spouses' Protection Act (or USFSPA) is a U.S. federal law enacted on September 8, 1982 to address issues that arise when a member of the military divorces, and primarily concerns jointly-earned marital property consisting of benefits earned during marriage and while one of the spouses (or both) is a military service member. [3]
When the relationship unraveled and divorce was on the horizon, the spouse demanded half of the apartment’s value — only to be hit with the reality that there was no equity to split.