Tag: Divorce

My Parents Gave Me Money During My Marriage, Can I Get That Back in My Divorce?

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When you are going through a divorce, you will hear property being described as “marital property” and “separate property.” Generally, marital property are assets which were acquired during the marriage. If property is deemed marital during a divorce, then it will be subject to division by the divorce court.  Separate property can include property that was owned by you prior to the divorce, or a gift/inheritance which has been acquired during the marriage. If something as deemed is your separate property, then it will be not be subject to division by the divorce court.

If you are trying to claim that an inheritance or gift was made just to you, you will need to provide evidence of that, as your spouse may try to claim the inheritance or gift was made to the both of you. For example, if you are claiming that your parents gifted you $15,000.00 as a down payment on your house, you may want to produce bank statements or some kind of record showing that the money was gifted solely to you. If not, then the money can be considered marital property, which means it would be subject to an equitable division during your divorce. 

If you are filing for divorce or have more questions regarding property division during your divorce, contact Amanda Crowell at Kane & Crowell Family Law Center at www.kane-law.com or by phone at (615) 784-4800. We handle cases in Wilson County, Sumner County, Trousdale County, Macon County, Smith County, and Rutherford County and are happy to put our experience at work for you.

Amanda Crowell Attorney, Divorce, Marital Assets

Alimony Taxation: What you should know

           

            Signed into law on December 22, 2017 the “Tax Cuts and Jobs Act of 2017” makes changes to the existing tax code.  One of the important implications for our clients is the changes to alimony. 

            Under the previous law, alimony was deductible by the spouse paying alimony (the obligor).  Alimony received was considered taxable income on the tax return of the spouse receiving the spousal support (the obligee).  Accordingly, such alimony was taxed as the oblige spouse’s income.    

            The 2017 Tax act now changes this law going forward.  For divorces after December 31, 2018, alimony paid cannot be deducted by the obligor spouse.  At the same time, the obligee spouse does not have to pay taxes on alimony received. 

            This is a marked change in the existing tax laws regarding alimony, which has been the norm for seventy-five years.  It is important to note that the new law only affects divorces entered after December 31, 2018. 

            If you have any questions about divorce or alimony, contact Angel Kane at (615) 444-8081. 

Divorce, Family Law

MEDIATION – WHEN IS IT A GOOD THING?

I get asked all the time – if we go to a mediator, can we save money?

The answer, in Tennessee, is no and yes.

Going to a mediator – before you file for divorce – before you’ve hired an attorney – before you know your rights – is not anything I’d recommend.

Why? Mediators are there to help us resolve our differences. They are there to help us save money, so that we don’t have to both hire an attorney.

In a perfect world that may be true. Mediators, however, can not represent either of you, nor give any of you advice. They can’t tell you, as you are sitting across from your Wife – that the deal you are about to enter into, is a big mistake and that a Judge would never order you to pay her that much money.

Sure – it makes your life simpler (at that moment) and your Wife’s life simpler and the mediator’s life simpler – if you just sign the papers in front of you. And it saves you tons of money (at the moment).

But after a few months of living under the terms of this agreement (that is completely unaffordable), you call the mediator to have the papers reworked and you find out – that the mediator can not represent you in changing those papers.

Now you have to hire an attorney, to go back to Court, to fix the legal papers you entered into – and it’s never that easy to get out of these agreements! In fact, most of the time, you can’t get out of them.

My advice is hire your own attorney at the very beginning. Know your rights, before you sign anything!!!

If you want an uncontested, affordable divorce – tell your attorney up front.

Tell him or her, you don’t want to spend thousands of dollars on a divorce.

You don’t want to go to court.  You don’t want to fight and argue for one year.

Tell her what your top three goals are in getting this divorce.

Let that attorney tell you what the law is, what the Judge will do and if those goals are possible. Let that attorney negotiate the divorce for you, with your spouse.

In the end, you will spend as much money as you did on a mediator. But the difference is, that you will have an attorney representing you in the process and you will have made a very informed decision about your divorce.

No regrets.

When is mediation good a good thing? When you are in the middle of a heated battle. When you both have attorneys that are charging you loads of money and you are headed to Court to fight the battle of a lifetime.

Before you go down this path, take three hours, with your attorney present, with his attorney present and with a mediator present, to see if you can resolve the major issues that are causing this battle.

Let your attorney choose a mediator who is a practicing Wilson County divorce attorney, who knows the attorneys and knows the temperament of your Judge.

One that your attorney knows does a good job.

Don’t pick one that your attorney has never heard of or one that has never tried a case in front of your Judge. In my opinion, you are wasting your money if you do this.

Let the mediator be a second sounding board for you, your spouse and your attorneys. In these instances, mediators do their best work.       

Divorce, Mediation

Kane & Crowell, PLLC
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