If you are like many divorced or divorcing people in Indiana, you are aware that your financial situation is likely to be quite different after your divorce than it was while you were married. All of a sudden, two households must be supported on the same income amount that supported only one before. On top of that, you might be ordered to pay child support or spousal support every month. As much as you might want to join your friends for an evening out, you can feel pulled to stay in because you cannot afford the luxuries of going out as often as you used to.
If you have not reviewed your prenup or post-nuptial agreement yet to see if it fits with the new tax rules about spousal support, maybe it is time for a review. Alimony payments are no longer deductible from income tax, and that could be a significant issue for you in a divorce.
While the term "broken home" is simply meant to indicate a family in which the parents are divorced, the phrase nonetheless has an extremely negative connotation. The fact that studies show that children tend to thrive in households where both parents are present is seemingly irrefutable (indeed, information shared by the online life science publication STAT shows that children who are allotted equal access of 35 percent of their time with each parent perform better academically, socially and psychologically). However, that does not mean that children from divorced homes cannot succeed in the important areas of life.
Most people in Indiana probably know at least one couple or one person that has gotten divorced. No longer an uncommon or even a taboo experience, divorce is still something that most people would say they would rather avoid. It is also something that many people hold misconceptions about. One of those misconceptions is about how many divorces happen in America today.
When getting divorced, many Indiana residents get so focused on the mechanics of the divorce process and the obvious everyday life changes that must be tended to that they can easily overlook some of the other things that require their attention. According to Fidelity Investments, a divorce is one of the many life changes that necessitates an update to a person's estate plan.
Many fathers in Indianapolis may feel picked on during divorce proceedings. That may be due to the perception that the processes generally favors mothers. According to the law, no preference is supposed to be given during divorce proceedings (particularly when coming up with a custody arrangement) on the basis of sex. Yet statistics show that this standard may appear to be more of an ideal than an actual practice. Indeed, information shared by the U.S. Census Bureau shows that as of 2013, only 17.5 percent of custodial parents were fathers.
Some people in Indiana might have heard references to a trend called "gray divorce". This term pertains to a divorce that happens when the spouses are over the age of 50. While property division settlements may result in the loss of assets for spouses regardless of their ages, the financial hit taken by a person over 50 has the ability to be more damaging than the hit taken by a person in their 30s.
For many couples in Indiana who get divorced, one person may end up paying spousal support to the other one for some period of time. Despite many social changes in the United States, the person ordered to pay alimony is most frequently the husband as he is often the spouse who earns the higher income in the marriage. When ordered to pay alimony, a man has historically been able to deduct the payments from his federal income tax return. This has to some degree helped to make it easier for men to accept making these payments.
Life can be challenging for divorced parents, whether they are the custodial parent or the one who sees the kids on the weekends. As the parent who pays child support, you understand that your ex-spouse has difficulty making ends meet, but money can be tight for you as well. A big chunk of your paycheck goes toward supporting your children. Like other Indiana parents who pay child support, you may be concerned with how the money is being spent.
For years now, many people in Indiana have heard reports bemoaning the ongoing rise in the nation's divorce rate. Many have pointed to this trend as some sort of evidence of a breakdown in traditional societal values. Others have considered it a reflection of the changing times. New research has recently come to light that may indicate this previous increase in the divorce rate may be changing, at least for some people in specific generations.