September 14, 2012 (Press-News.org) Divorce alters many areas of people's lives, such as social situations and emotional states. However, when thinking of the changes that divorce brings, people might not consider the place where divorce might have the greatest effect: finance. Those considering divorceshould be aware of the ramifications that divorce can have on people's finances.
Two Households
When a couple parts ways, they necessarily incur more expenses, since it costs more to maintain two households rather than just one. Bills such as rent, utilities and homeowner's or renter's insurance double. People also no longer save on buying groceries in bulk, either.
Additionally, each party is maintaining their household on only one income, when in many cases they used to have dual incomes.
Tax Implications
When a couple needs to divide property in a divorce, they may be hit with unexpected taxes. Selling a house or liquidating stocks could result in capital gains taxes. If a party empties a 401(k) or other retirement account before they reach age 59 1/2, they could also face penalties for early withdrawal.
Support Obligations
Even though the marriage is ending, the financial relationship between the two parties might not be over. If the couple had children, the non-custodial parent will have to pay child support. A spouse who earns more than the other may also need to pay spousal support. These costs can quickly add up to a significant amount of the paying spouse's income.
Legal Fees
Both parties will also be paying attorney fees. The more acrimonious the split, the more legal costs the couple will incur, since the attorneys will have to spend more time on the case if the couple cannot reach agreements on issues such as property division, child custody and support obligations.
Even those who split amicably will have some legal expenses, as they will need assistance drafting property division and child custody agreements and will need to pay court costs and filing fees.
Talk to an Attorney
Divorce can be a huge undertaking, due to all the changes that it brings and the many different ways it affects people's lives. Facing such an event without legal assistance is unwise. If you are considering divorce, contact a seasoned divorce lawyer who can discuss your situation with you and advise you of your options.
Article provided by The Law Firm of Hauer & Snover
Visit us at http://www.hauersnover.com/
Financial Impact of Divorce
People considering divorce should be aware of the effects that divorce can have on their finances.
2012-09-14
ELSE PRESS RELEASES FROM THIS DATE:
Speeding Accident Kills Three Virginia Pedestrians
2012-09-14
A recent car accident in the small town of Pamplin, Virginia, resulted in the deaths of three pedestrians. The three men were standing on Route 460 around 10:30 pm when they were struck by a vehicle. The driver of the car was taken to a hospital, and one of the two other passengers in the car was seriously injured. Police said it did not appear that alcohol was a factor. They did, however, note that the car was speeding when the accident occurred.
Consequences of Speeding
Speeding is the third most common risk factor in traffic accidents. According to the National ...
Danger of Car Accidents: The Popularity of Texting Behind the Wheel Among Teens
2012-09-14
When a teenager gets his or her driver's license a new feeling of freedom often follows, but parents of teenagers may experience a new feeling of worry as they think about the safety of their teenager on the road. Unfortunately, parents may have another reason to worry. Thanks to the widespread use of cellphones among teens, distracted driving has become a significant source of car accidents for young drivers. In Pennsylvania, it's against the law for teenage drivers to use cellphones while behind the wheel, but like older drivers, teens still text and talk while driving.
How ...
What To Do When Stopped on Suspicion of DUI in Colorado
2012-09-14
It is important for Colorado drivers to know their rights when they are stopped by a law enforcement officer who suspects them of driving under the influence. DUI is a criminal offense, and anyone suspected of a crime is innocent until proven guilty. In support of this principle, limits have been established regarding what police can do when they perform a DUI traffic stop.
When Stopped by Police
In the first place, although a driver can be stopped if an officer observes the driver committing a traffic violation, the officer cannot pull over or arrest a driver for ...
Distracted Driving Causes Over 5,000 Deaths Per Year
2012-09-14
It is hard to picture a teenager without a cellphone in hand. Unfortunately, the teenage preoccupation with mobile communication is proving to be very dangerous when it comes to distracted driving. Distracted driving contributes to the death of over 5,000 people each year, and teens are involved in more distracted driving fatal accidents than any other age group.
Cellphones and Driving, a Dangerous Combination
Texting while driving multiplies the risk of crashing a large vehicle by 23 times. In cars, just dialing a phone number more than doubles the crash risk. Even ...
New Legislation Aims to Make Repeat OWI Conviction In Wisconsin a Felony
2012-09-14
Wisconsin is not known for having harsh Operating While Intoxicated (OWI) laws. In fact, it was one of the last states to lower the legal blood alcohol concentration (BAC) limit to 0.08 percent.
In an attempt to change the state's reputation, some legislators are pushing for more stringent OWI penalties. Currently, Sen. Alberta Darling of River Hills is heading the most recent push. Her plan includes an effort to introduce a bill that would increase the severity of penalties for drivers who receive repeat OWI convictions.
Current OWI Law in Wisconsin
In Wisconsin, ...
The Growth of Dog Bites: Understanding Liability and Steps to Recovery
2012-09-14
Dog bites are a growing concern in New Jersey and across the United States. The number of dog bites occurring each year seems to be increasing, while the costs associated with dog-bite injuries also continue to climb skyward. When a dog bite occurs it's important to understand where responsibility lies and what steps should be taken afterward to preserve your right to recover related expenses.
According to the Centers for Disease Control and Prevention, an estimated 800,000 people in the U.S. seek medical attention for dog bites, half of them children. Of those who seek ...
Preventing Car Accidents: New Jersey Reminds Motorists to Move Over
2012-09-14
For drivers in New Jersey, moving over for emergency vehicles and roadside workers is more than just a good idea -- it's the law. Drivers who fail to do so face fines, and those who cause accidents and injuries by failing to move over can expect to face greater legal repercussions. Unfortunately, too many New Jersey drivers have failed to make room for workers on the side of the road and thousands of crashes have resulted. In response, New Jersey's Division of Highway Traffic Safety has started a campaign to remind drivers to move over for roadside workers and emergency ...
New Criminal Expungement Law in North Carolina
2012-09-14
On July 16, 2012, North Carolina Gov. Bev Perdue signed a bill into law changing the way the state handles criminal expungements. The new law gives more people an opportunity to clear their records after demonstrating that they have remained law-abiding for a number of years after being convicted of a criminal offense. People in North Carolina should be aware of what a criminal expungement is and how the law changed eligibility for expungements.
Expungements
Arrest records, criminal charges and criminal convictions are all a matter of public record. Having a record ...
Defending Against a DWI Charge in North Carolina
2012-09-14
North Carolina has some of the most stringent Driving While Impaired laws in the nation. The state has five different levels of severity of DWI charges, but even drivers convicted of the lowest level may face jail time and stiff fines. Drivers in North Carolina should know some of the ways they can defend against DWI charges.
Get Help Early
One of the most critical steps to mounting a good defense to DWI charges is to seek legal assistance as early on in the process as possible. Immediately upon arrest, drivers suspected of DWI should insist on exercising the right ...
New Start-Up Aims to Create Mobile App for Comparison Bus Shopping
2012-09-14
New York City resident Ben Silverstein is working to bring the success of comparison travel shopping to buses in an easy to use and free mobile app called "bustripping." He plans to raise $33,500 through the crowd-funding site Indiegogo to officially release the new app by the end of 2012.
"Over the past few years, long distance bus travel has outpaced both planes and trains as a mode of intercity travel," Silverstein said. "However, unlike the airline industry which is dominated by a number of major travel sites such as Kayak and Expedia, there ...
LAST 30 PRESS RELEASES:
Further evidence of developmental risks linked to epilepsy drugs in pregnancy
Cosmetic procedures need tighter regulation to reduce harm, argue experts
How chaos theory could turn every NHS scan into its own fortress
Vaccine gaps rooted in structural forces, not just personal choices: SFU study
Safer blood clot treatment with apixaban than with rivaroxaban, according to large venous thrombosis trial
Turning herbal waste into a powerful tool for cleaning heavy metal pollution
Immune ‘peacekeepers’ teach the body which foods are safe to eat
AAN issues guidance on the use of wearable devices
In former college athletes, more concussions associated with worse brain health
Racial/ethnic disparities among people fatally shot by U.S. police vary across state lines
US gender differences in poverty rates may be associated with the varying burden of childcare
3D-printed robotic rattlesnake triggers an avoidance response in zoo animals, especially species which share their distribution with rattlers in nature
Simple ‘cocktail’ of amino acids dramatically boosts power of mRNA therapies and CRISPR gene editing
Johns Hopkins scientists engineer nanoparticles able to seek and destroy diseased immune cells
A hidden immune circuit in the uterus revealed: Findings shed light on preeclampsia and early pregnancy failure
Google Earth’ for human organs made available online
AI assistants can sway writers’ attitudes, even when they’re watching for bias
Still standing but mostly dead: Recovery of dying coral reef in Moorea stalls
3D-printed rattlesnake reveals how the rattle is a warning signal
Despite their contrasting reputations, bonobos and chimpanzees show similar levels of aggression in zoos
Unusual tumor cells may be overlooked factors in advanced breast cancer
Plants pause, play and fast forward growth depending on types of climate stress
University of Minnesota scientists reveal how deadly Marburg virus enters human cells, identify therapeutic vulnerability
Here's why seafarers have little confidence in autonomous ships
MYC amplification in metastatic prostate cancer associated with reduced tumor immunogenicity
The gut can drive age-associated memory loss
Enhancing gut-brain communication reversed cognitive decline, improved memory formation in aging mice
Mothers exposure to microbes protect their newborn babies against infection
How one flu virus can hamper the immune response to another
Researchers uncover distinct tumor “neighborhoods”, with each cell subtype playing a specific role, in aggressive childhood brain cancer
[Press-News.org] Financial Impact of DivorcePeople considering divorce should be aware of the effects that divorce can have on their finances.