Divorced spouses in Maryland who pay alimony have been allowed to deduct these payments on their tax returns since the Revenue Act was passed in 1942. However, this rule will be changed in January 2019 when certain provisions of the Tax Cuts and Jobs Act go into effect. Under the new income tax rules, alimony is no longer a deductible expense for those who pay it. Furthermore, those who receive spousal support are not required to report the payments as income.
Resolving parental conflicts over rules
When parents in Maryland go through a divorce, they may face a difficult adjustment period, especially when each party takes a different approach to house rules and other child-rearing decisions. Parents who have joint custody may see their kids switch back and forth from one set of rules to another. However, both parents can work together in order to support their children and help to avoid confusion and disorientation.
Understanding child support cases
Parents in Maryland may sometimes find themselves confused about the topic of child support payments. This is often because there are multiple ways the payment arrangements could be set up. While having different types of child support cases can be confusing, they are necessary so that the government is able to be aware of the families that require additional financial assistance.
Educational debt factor in divorces
While finances are often a source of tension in marriages, Maryland couples might be surprised to learn that college loans have been identified by some people as the reason their marriages failed. As the costs of college continue to rise, it seems that the consequences resulting from the loans taken to pay for higher education are also rising.
Can a forensic accountant be helpful in your divorce?
In divorce cases that are financially complex, there are specialists who you can call upon for assistance. Your marital assets may be extensive, and your spouse may know more about them than you do.
After divorce, moving towards co-parenting
Maryland parents planning for a post-divorce future may be thinking about how best to accomplish their goals for successful co-parenting. While the two parents may no longer be interested in a romantic relationship with one another, their commitment to their children is in no way lessened by their decision to divorce. This means keeping some key guidelines in mind to help provide a supportive environment for the children in both parents' homes.
