Most people who receive alimony get their payments on a monthly basis. However, in some cases, people negotiate a deal where they receive a lump-sum alimony payment. They usually agree to a lower overall payout, but receive it all up-front. If the paying spouse can afford to do this, there are advantages for the receiving spouse.
Are you considering divorce but haven't thought about the tax implications? Now that you've gotten serious about your relationship with your current spouse, it's time to get serious about your relationship with the Internal Revenue Service (IRS).
Most people would rather have as much wealth and abundance as possible. However, when it comes to divorce, a large marital estate means more complicated divorce proceedings. Indeed, divorce may be one of the few arenas in which the less you have the better off you are.
Addiction can lead to divorce, even when the spouse who eventually asks for the divorce really wants to save the marriage. In some cases, it can get so bad that there's simply no other option.
It used to be that asking your soon-to-be spouse to sign a prenuptial agreement was one of the most controversial things that a fiance could do. However, these days would-be spouses, and society, in general, are a lot more open to the idea of a prenuptial agreement. After all, so many marriages end in divorce that a prenup just makes sense.
In a divorce, Nevada residents want to retain as much money and assets as possible. However, the division of substantial assets can be difficult to apportion. That's why high asset divorces usually involve what family law attorneys refer to as "complex property division."
When a couple shares their investment accounts, those assets will likely need to be split up during the asset division process in a divorce. However, splitting up assets in an investment account is not as easy as looking at the value of the investments. Couples also have to consider the potential tax liabilities or tax write-offs attached to those investments.
If you're considering divorce, you might be interested to know that Nevada was the leading state for divorce for decades. In the 1930s and into the 1960s, it was the go-to destination for spouses to bring their marriages to a close. The state had some of the easiest divorce laws on the books for that period. All you needed to do was live in Nevada for at least six weeks, and you'd be granted a divorce.
In the state of Nevada, inheritance money falls under the category of "separate property." It's not subject to asset division during a divorce, unless the spouse who received the inheritance co-mingled it with marital assets. Co-mingling of an inheritance happens when you deposit your inheritance money into a joint marital account, or when you use the money to benefit both you and your spouse or your family.
The longer a couple is married, the more assets they acquire during their marriage. When the marital estate involves different kinds of assets, like bank accounts, investment accounts, businesses, multiple real estate properties and multiple vehicles, the process of dividing these assets can become very complicated.