Most relationships work best when there is mutual respect and a certain amount of give and take between two parties. In some marriages, however, there is an imbalance of power where one spouse takes more control. In cases where a power imbalance escalates to where one spouse attempts to exert more control over the other by withholding finances or engaging in behaviors that are physically or emotionally abusive, divorce may be the best option.
An individual's financial security is dependent upon many things including one's ability to access and obtain credit. In cases where an individual is planning to file for or is going through a divorce, it's important to take steps to protect or boost an existing credit score. To accomplish this goal, an individual must be aware of the ways that divorce can negatively impact a credit score.
The 2016 tax filing deadline is quickly approaching and individuals and couples throughout the U.S. have just 38 days to gather important tax documents and file their tax returns. For individuals who divorced during 2015, it's important to understand the related tax changes when it comes to filing status and claiming deductions and income.
In previous blog posts, we’ve discussed how married individuals and couples can benefit by having a prenuptial agreement. Such as agreement is drafted and executed by both parties prior to marrying and provides details related to the assets and debts that each spouse brings to a marriage and, in the event that a couple subsequently divorces, will retain after a marriage ends.