One of the most challenging parts of divorce is splitting marital property. Contention can arise over who gets what and how much. To protect assets, your spouse may try to hide them. He or she may try to do so during the divorce process, or she or he may have already done so long before divorce was a consideration.
There are a variety of scenarios in which a person in California or elsewhere may experience a change in financial stability. For some, this process may involve little more than a need to cut back on expenses and form a strict budget. However, for parents with an existing child support agreement in place, the challenges of experiencing a change in circumstances can be substantial, and these changes could prompt a need to revisit the original arrangement.
The new year is underway, and with its start comes changes to how spousal support payments are taxed. Under this new law, alimony payments will no longer be eligible as a tax deductible and they will no longer be considered taxable income for recipients. These changes could have a substantial impact on the decisions one makes during divorce, and they may leave many individuals in California in search of advice in understanding all their available options.