If you are considering divorce or have already begun the process, being informed and appropriately planning for the future are the keys to a successful outcome. Although finances are usually prominent in the minds of those seeking a divorce, minor but important details are often overlooked.
In regard to investments: plan, plan, plan. Keep close track of your assets, liabilities and income before, during, and after divorce. If forced to sell your marital home as a result of the divorce, some tax exclusions (up to $500,000 in capital gain) may be available. Such exclusions traditionally apply to those who have lived in the home and considered it their primary residence for at least two of the five years leading up to the date of sale. However, if you are forced to vacate the marital home as a condition of the divorce, there may be ways to maintain your interest in the home and pass the two-out-of-five-years test, even if you technically no longer reside in the home. Click here to read more about the applicable law and click here to read a more in-depth article on IRS policies, tax exclusions, and how they apply to divorcing couples. As always, contact a local attorney for assistance with the requisite documentation.
Aside from the financial aspect, details of your personal life, dating and social media must also be considered while pursuing a divorce. Any updates, entries or photos on social media sites like Facebook, Instagram, and the information provided on dating websites may be used as evidence against you during divorce proceedings. Dating websites in particular provide a dangerous forum because they offer an opportunity for embellishment (i.e. saying you are “single” because you think a “married” status will ruin your chances for potential dates). Be aware that any untrue statements, or any posts showing “irresponsible” behavior on your pages may affect custody and/or asset distribution. According to the AAML (American Academy of Matrimonial Lawyers), attorneys across the country have seen a rise in social media evidence in divorce cases. Click here to read more about social media sites as they pertain to the divorce process.
If you are seeking a divorce or are currently involved in one, contact Miller|Conway, Goose Creek Divorce Attorneys, to plan and remain informed for the future. Call us at 843-764-3334 to set up a consultation. You may also like us on facebook, follow us on twitter, or visit the firm’s website for more information.