When it comes to divorce, could gray be the new black? The divorce rate in the United States of couples age 50 and over has more than doubled. According to research conducted by I-Fen Lin and Susan Brown, in 1990 1 out of 10 people that went through a divorce was over 50 years or older.
Here is a classic from Connecticut Psychotherapist Donna Ferber, first published on the Ohio Family Law Blog on July 10, 2010. Her advice about surviving your final divorce court date is still right on target!
Under Ohio divorce decrees, alimony (spousal support) payments have been typically deductible to the payor and taxable to the recipient. The income tax treatment of these payments has been a significant factor in negotiating the amount of alimony.
In the aftermath of Jeff Bezos recently announcing that he and his wife MacKenzie will be divorcing, I was asked if the divorce was in Ohio, how his purported affair would affect his divorce. In addition, I am assuming that there is no prenuptial agreement in my answer.
I thought this basic primer was worth posting once again especially now that we are at the start of “divorce season”. Division of debts and assets in a divorce is not always a simple or cookie cutter process.