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Alimony Changes Coming – What you Need to Know

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Alimony payments won’t be deductible for parties signing divorce and separation agreements after 2018.  This will have a big impact on those who pay or receive alimony.  Those who pay lose the deduction and those who receive no longer have to declare the payments as income.  Be aware that deductions will still be allowed for agreements signed in 2018 and before. The changes can cause a negative impact on both parties.  Right now a household…

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Co-Parenting for the Holiday Season

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When sharing custody of your kids, inevitably one issue that always comes up is how to deal with the holiday season.  They will want to celebrate with both parents.  Here are some options to help you keep emotions down and the spirit of the holidays up: Splitting the holiday.  One parent can have the kids part of the day and the other parent the other part of the day.  This eliminates the need to decide…

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4 Tips For Running a Jointly-Run Business Together After Divorce

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A business partnership needn’t dissolve because the marital partnership ends in divorce.  There are more than a million husband and wife-run businesses in the United States. There are also close to 900,000 divorces filed every year in our nation. It follows that many marriages where a jointly-run business is part of the marital assets will end in divorce. However, the business partnership needn’t dissolve because the marital partnership has. When a marriage dissolves and a…

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Hiding Assets

To Hide or Not to Hide…Concealing Assets in Divorce Cases

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Something that happens too often during a divorce proceeding is the discovery of a hidden asset. People hide money or other assets in the belief they can keep them off the table in dividing property. Sometimes it is as straightforward as cash in a safety deposit box. Other people make deals with “straw men” to buy valuable assets at a fraction of their cost just to turn around and buy them back with a commission…

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How to Protect Inheritance and Gifts From Ending up in the Divorce Pot

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I’ve written before about prenuptial agreements and my concerns regarding their legal flimsiness. Prenuptial agreements may, or may not, be the best way to protect a couples’ separate assets. When it comes to inheritance or gifts, a prenuptial agreement alone is often not enough to protect those assets from ending up in the “divorce pot” to divvy up in case of a breakup. Loosely defined, separate assets are those items brought into the marriage, or…

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Prenuptial Agreement

Why You Probably Don’t Need a Prenuptial Agreement

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By John F. Schaefer Founder and Managing Partner, The Law Firm of John F. Schaefer Birmingham, Michigan With wedding season in full swing many engaged couples will consider a prenuptial agreement. These agreements have become increasingly popular over the past 15 to 20 years to the point that has become something that everyone thinks they should do, like making out a will. As I have drafted –and busted up – hundreds of these agreements, I…

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Marital Partnership Dissolve? Your Business Partnership Needn’t Also

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By John Schaefer, Esq. The Law Firm of John F. Schaefer   There are more than a million husband and wife-run businesses in the United States. There are also close to 900,000 divorces filed every year in our nation. When a marriage dissolves when a jointly-run business is involved, there are a limited amount of options available and all come with their own complications. One, the business can be sold; two, one of the partners…

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