As people in Roswell head into their divorce proceedings, they may conflicted as to how to handle the division of their 401k accounts. The contributions made to such accounts during a marriage are considered to be marital property, and thus subject to property division. Yet some may want to retain the full value of those accounts in order to stay on track to meet their individual financial goals once they reach the age of retirement. Is that possible?
Co-parenting is tricky enough on its own, but when stepparents are involved it can be a minefield to navigate. While stepparents can make meaningful contributions to a family, there are certain boundaries that must be respected at all times. Parents Magazine explains some of these boundaries and why they're so important.
When many people in New Mexico think about divorcing couples, they might think about people who are still young enough to have kids at home before they would think about someone about to retire. However, the fact of the matter is that divorce among people aged 50 and older has been on the rise for some time now. These divorces are commonly called gray divorces, as people at this stage of life may have graying hair.
Whether you are currently going through a divorce or you are considering filing papers, there are a myriad of issues to tackle. If there are children involved in your situation, the process becomes more complicated, as you must determine what type of living arrangement is best for your kids. The judge presiding over your case will often look at several factors before deciding whether to award sole-physical custody to one parent or choose a joint-physical custody living arrangement. Before making this crucial decision, however, there are several factors to consider.
When residents of New Mexico are going through a divorce, there are two potential categories it could fall under: contested and uncontested. The circumstances of the marriage and what led to the divorce itself usually help determine which it may fall under.
For many married couples in New Mexico, money can be a common source of woe. Many a marital argument has involved finances. For some couples, financial troubles can become so severe that they even contribute to the irrevocable breakdown of the marriage. When this happens, one of the things people must find a way to do is split up their debt.
Residents in New Mexico who are getting divorced generally have to endure the process of splitting up their marital estate. Most people commonly think about how to divide assets but also involved in this process is the division of debt. Figuring out how to assign a couple's debt can often be a complicated thing.
When getting divorced in New Mexico, some couples have historically agreed that one spouse will pay alimony to the other for a period of time after the divorce is finalized. These monies are generally considered a way of assisting the person who earns less money while they adapt to living on a reduced income. The person who receives spousal support payments has added these payments to their income tax return as actual income. The person who makes the spousal support payments has been able to deduct the money from their income tax return.
Getting through a divorce is tough enough without having to continually live on the edge emotionally in the aftermath. If children are involved, it is even worse for them and of course, you want to minimize their pain. If you are going through a divorce, the legal team at Sanders Law Firm knows it can be an emotional roller-coaster. We have helped many clients in this situation and we have some ideas that can help you co-parent through the tough times.
Going through a divorce is hardly an easy task, especially when it leaves one in a financial predicament. Although New Mexico operates like most other states when it comes to divorce and alimony, studies show that some struggle financially more than others after this life event. Despite the challenges, there are ways to find financial freedom and ultimately peace of mind.