DOES IT MATTER WHO FILES FOR DIVORCE FIRST? Why It Matters. There are several reasons why the moving spouse may have an advantage over the non-moving spouse: The spouse that files for divorce often controls how fast the proceedings move. The initial divorce paperwork contains the moving spouse's allegations as to CONTINUING TO CO-OWN THE HOUSE AFTER A DIVORCE If you own the house together for a significant period of time after your divorce becomes final, you also risk losing the important tax benefit of IRS Section 1041, which is the rule that says transfers between spouses as a result of a divorce are not taxable. Section 1041 applies as long as the transfer takes place within a year of the

divorce

REFINANCING OR BUYING OUT YOUR SPOUSE: INSIGHTS FROM A This means your ex is entitled to half of the remaining equity, or $50,000. Therefore, you would have to borrow $150,000 to pay off your existing loan and buy out your ex. However, you would be borrowing at 75% "loan to value"; that is, you are borrowing 75% of the value of the house. Due to risk-based pricing, your rate could be anywhere from CHILD CUSTODY AND RELOCATION IN PENNSYLVANIA Pennsylvania courts determine custody based on what is in the child's best interest. In Pennsylvania, no parent can relocate to another area unless either every person with custodial rights consents to the proposed relocation, or a judge approves the relocation. If a parent wants to relocate with a child, that parent must give every other LEGAL SEPARATION IN MICHIGAN FAQS No. But, Michigan law offers a similar divorce alternative called separate maintenance. Separate maintenance is like legal separation in that the court (or couple) will resolve the same issues as divorce, but the couple remains married. (M.C.L.A. 552.7.) It's crucial that opposite-sex parties understand that because you're still legally

married

ATTEMPTING TO HIDE ASSETS BEFORE DIVORCE? The primary reason people want to hide assets before divorce is because the law requires a split of marital assets when a couple divorces. Each state has a different set of rules for how assets and property are divided in a divorce, but generally, states can be categorized into one of two groups when it comes to how they divide

property:

NEGOTIATING A HOUSE BUYOUT AT DIVORCE For example, you and your spouse might have a mortgage loan with a principal balance of $150,000, and an equal amount of equity ($150,000) in your house. If you are buying out your spouse's half of the equity, you would need a loan for at least $225,000. You'd pay $150,000 to pay off the original loan, then pay $75,000 cash (half of

the amount

COMMON LAW MARRIAGE IN KANSAS How do I establish a common law marriage in Kansas? Kansas is among a minority of states that continues to allow common law marriage. Kansas recognizes existing common law marriages that were established while the spouses were living in another state, provided that those marriages meet the legal standards required by the other state.New common law marriages which began while the spouses HOW TO FIND HIDDEN ASSETS IN DIVORCE Unfortunately, some spouses attempt to hide assets before or during a divorce in order to avoid sharing them with to their soon-to-be ex. However, divorcing spouses in all states can use powerful legal tools, called "discovery," to help them find hidden income and other assets

(discovery is

CAN MY MARRIAGE BE ANNULLED? FAQS ABOUT ANNULMENT A void marriage automatically qualifies for an annulment, because it's based on an illegal act. In a voidable marriage, however, legal reasons for an annulment may exist, but they won't invalidate the marriage unless one of the spouses requests the annulment. The most obvious effect of an annulment is that it renders the marriage null

and void.

DOES IT MATTER WHO FILES FOR DIVORCE FIRST? Why It Matters. There are several reasons why the moving spouse may have an advantage over the non-moving spouse: The spouse that files for divorce often controls how fast the proceedings move. The initial divorce paperwork contains the moving spouse's allegations as to CONTINUING TO CO-OWN THE HOUSE AFTER A DIVORCE If you own the house together for a significant period of time after your divorce becomes final, you also risk losing the important tax benefit of IRS Section 1041, which is the rule that says transfers between spouses as a result of a divorce are not taxable. Section 1041 applies as long as the transfer takes place within a year of the

divorce

REFINANCING OR BUYING OUT YOUR SPOUSE: INSIGHTS FROM A This means your ex is entitled to half of the remaining equity, or $50,000. Therefore, you would have to borrow $150,000 to pay off your existing loan and buy out your ex. However, you would be borrowing at 75% "loan to value"; that is, you are borrowing 75% of the value of the house. Due to risk-based pricing, your rate could be anywhere from CHILD CUSTODY AND RELOCATION IN PENNSYLVANIA Pennsylvania courts determine custody based on what is in the child's best interest. In Pennsylvania, no parent can relocate to another area unless either every person with custodial rights consents to the proposed relocation, or a judge approves the relocation. If a parent wants to relocate with a child, that parent must give every other LEGAL SEPARATION IN MICHIGAN FAQS No. But, Michigan law offers a similar divorce alternative called separate maintenance. Separate maintenance is like legal separation in that the court (or couple) will resolve the same issues as divorce, but the couple remains married. (M.C.L.A. 552.7.) It's crucial that opposite-sex parties understand that because you're still legally

married

ATTEMPTING TO HIDE ASSETS BEFORE DIVORCE? The primary reason people want to hide assets before divorce is because the law requires a split of marital assets when a couple divorces. Each state has a different set of rules for how assets and property are divided in a divorce, but generally, states can be categorized into one of two groups when it comes to how they divide

property:

NEGOTIATING A HOUSE BUYOUT AT DIVORCE For example, you and your spouse might have a mortgage loan with a principal balance of $150,000, and an equal amount of equity ($150,000) in your house. If you are buying out your spouse's half of the equity, you would need a loan for at least $225,000. You'd pay $150,000 to pay off the original loan, then pay $75,000 cash (half of

the amount

COMMON LAW MARRIAGE IN KANSAS How do I establish a common law marriage in Kansas? Kansas is among a minority of states that continues to allow common law marriage. Kansas recognizes existing common law marriages that were established while the spouses were living in another state, provided that those marriages meet the legal standards required by the other state.New common law marriages which began while the spouses HOW TO FIND HIDDEN ASSETS IN DIVORCE Unfortunately, some spouses attempt to hide assets before or during a divorce in order to avoid sharing them with to their soon-to-be ex. However, divorcing spouses in all states can use powerful legal tools, called "discovery," to help them find hidden income and other assets

(discovery is

CAN MY MARRIAGE BE ANNULLED? FAQS ABOUT ANNULMENT A void marriage automatically qualifies for an annulment, because it's based on an illegal act. In a voidable marriage, however, legal reasons for an annulment may exist, but they won't invalidate the marriage unless one of the spouses requests the annulment. The most obvious effect of an annulment is that it renders the marriage null

and void.

CONTINUING TO CO-OWN THE HOUSE AFTER A DIVORCE It's not unusual for spouses to continue owning the family home together after a divorce, especially where kids are involved. For example, if one of you wants to buy the other out but can't afford to do it all at once, you might agree that payments can be made over time while both of you keep an interest in the house. Co-ownership also an option in a weak real estate market if you believe RATE YOUR MATE: THE DIVORCE & COMPATIBILITY TEST The "Rate Your Mate Divorce Quiz" is a multi-part test based on the author's experience as a divorce lawyer. The test highlights key areas such as mutual respect, common interests, children, money, and personal safety. While the test is not scientific, it deals with issues most couples face. HOW TO FIND HIDDEN ASSETS IN DIVORCE Your search could uncover additional assets, such as a hidden trust. Schedule B - Part III: Foreign accounts. In addition to the sources of dividend and interest income, Part III of Schedule B may contain a list of your spouse's foreign accounts and trusts. Schedule C: Profit or loss from business. LEGAL SEPARATION IN NEW YORK FAQS Essentially, a separation agreement is a written contract that the spouses enter into. Like an action for separation, its goal is to resolve issues addressed in divorce, like custody and parenting time (visitation), child support, spousal support (alimony), and distributing the couple's property. As with any valid contract, the

spouses are

MISSISSIPPI DIVORCE FAQS Court costs will vary, depending on the county in which you file your divorce complaint. The cost of filing the forms for divorce is around $52. There may be additional costs for serving (delivering) copies of the divorce complaint to your spouse ($25 usually covers the formal delivery of divorce papers). WYOMING CHILD CUSTODY LAWS The two main concepts in Wyoming state child custody laws are “legal custody” and “physical custody”. Legal custody relates to making important decisions in raising the child, such as education choices, non-emergency medical care, and whether the child will practice a certain religion. Physical custody refers to where the child will

reside.

ADULTERY IN OHIO: DOES CHEATING AFFECT ALIMONY? 7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-05-24_10-55-33. Discovering that your spouse has engaged in adultery can be very painful and often leads to hurt, anger, and even divorce. If you've decided to end your marriage due to adultery, you may have questions about how it will affect the legal process in

your case.

MARYLAND DIVORCE FAQS In order to obtain an "absolute" divorce (the legal term for a real and final divorce) in Maryland, the spouses must meet one of the legal criteria (grounds) for divorce. If a couple is divorcing on no-fault grounds, they must have been living apart for at least a year without interruption. Rather than waiting a year before filing, however CAN CHILDREN EXPRESS PREFERENCE IN WASHINGTON CUSTODY In Washington, the court will consider a child's preference whenever that child is mature enough to make an intelligent judgment on custody. There's no specific age when the court will listen to a child's custodial preference, but generally older children's opinions carry more weight than those of young children. POSTSECONDARY EDUCATIONAL CHILD SUPPORT IN WASHINGTON Under Washington law, postsecondary educational support is the court-ordered payment parents have to make for costs incurred when a child receives additional schooling after graduating from high school. "Secondary" educational expenses, by contrast, are expenses that parents have to pay when their children are in high school. By using this site, you agree with our use of cookies. More Information Privacy Policy * Market Your Law Firm

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