On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Jan 15, 2022 | Divorce |

Many people assume that they will have at least a slightly lower standard of living after divorce – even with a fair settlement. They’re willing to trade that for getting out of an unhappy marriage. However, that may not be the case for you – particularly if you’re the spouse with smarter financial instincts and habits.

Money is one of the primary sources of friction in marriages – not necessarily the lack of it but differing attitudes towards money that people bring into a marriage that are often based on their parents’ relationship to money.

There are a number of potential financial benefits to divorce. Let’s look at a few:

More control over your money

If you were the saver in the family and your spouse was the spender, having complete control over the budget and where your money goes can be a big relief. You don’t have to worry that your carefully crafted monthly budget will get blown within the first week.

More success with investments

If your spouse controlled the investments and was always looking for the next big thing, you may have ended up losing more than you invested – or at least not seen the steady increase you’d hoped for. Having control over what types of investments you choose based on your age and goals (and good investment advice) can result in a nice nest egg.

Financial priorities that are appropriate for you

Sometimes a good deal of the family income goes toward one spouse’s expensive taste in clothes, hobbies, cars and more. If you were the other spouse, you may be able to buy more of the things you want on one income than you were able to on two.

These are just a few of the potential financial benefits of divorce. There are others, depending on your age, whether you have children and more. It’s always best to have your own financial and tax advisors from the time you begin seriously considering divorce. This will help you and your legal team seek the best agreements for you.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Jan 14, 2022 | Divorce |

Marriage isn’t easy. In fact, sharing your life with the same person for decades is a true challenge. No matter how closely aligned you were at the time you got married, you will both grow and change, straining your bond.

Life’s circumstances will also put pressure on your relationship. Health issues, children struggling at school and financial problems can all lead to fights between spouses. For some people, those arguments will escalate, leading to a significant breakdown in their marital relationship. For others, addressing the underlying issues could lead to improved communication between spouses.

For those constantly arguing with their spouses, negotiating a postnuptial agreement can help them get their marriages back on track.

What is a postnuptial agreement?

Like prenuptial agreements, a postnuptial agreement is a contract between spouses. It can achieve several different things, all of which aim to protect the spouses and clarify the terms of their relationship.

Often, postnuptial agreements talk about the practical implications of a divorce. You can discuss now how you would separate your property and divide parental responsibilities if you can’t work out your marital issues. If you do end up filing for divorce, those terms will allow for an uncontested divorce, which can be much faster and potentially save you money.

A postnuptial agreement can also include restrictive covenants about certain spousal misconduct and terms that clarify the rights and liabilities of each spouse. 

You can protect yourself and also your relationship

In a postnuptial agreement, you have the option of setting aside certain property as separate so that you won’t have to divide it in your divorce. Postnuptial agreements can be useful for couples who frequently argue about financial matters, as one spouse could assume responsibility for certain debts or agree to a penalty clause if they engage in certain habits, like gambling.

When both spouses have a chance to really think about the underlying issues that have strained their relationship and what they want in the future, they can reach a new accord that leads to a healthier and happier relationship. Negotiating a postnuptial agreement could potentially help you save your marriage or could lead to a more civil divorce.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Jan 3, 2022 | Divorce |

Building a business as a couple can be a rewarding experience, but it’s one that might lead to challenges if the relationship ends. It’s necessary to take steps to protect your interests if you think your marriage is ending while you have a family business. 

One thing that can happen is that one spouse takes advantage of their knowledge of the company’s finances to get over on the other spouse who isn’t as knowledgeable about the financial matters. This is known as sudden income deficit disorder. 

What is SIDS in a divorce?

SIDS occurs when the knowledgeable spouse hides income from the other spouse for the purpose of walking away with a greater share of the property. This can be accomplished in a variety of ways, but the end result is that the company appears less profitable than it truly is. 

It’s often necessary to dig into the finances of the company to find this phenomenon. The knowledgeable spouse might create fraudulent vendor or payroll accounts to funnel money into. They may also choose to underreport cash transactions to hide the income. 

Anyone who’s facing a divorce that involves a family business should ensure they’re familiar with the financial matters related to the company. Even if you don’t think that your ex would hide income from the business, be sure to look into it. This is the only way that you can ensure that you’re getting the settlement you’re due during the divorce. It may behoove you to include a forensic accountant on your divorce team who can delve deeper into the finances of the company.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Jan 3, 2022 | Divorce |

Taxes are one thing that remain certain no matter what you’re doing in life. They are largely unavoidable and have an impact on how you live.

When you divorce, you will need to consider how your taxes may be impacted. If you are asking for child support or alimony, both of those things may have a significant influence on your taxes for that year.

How does spousal support or alimony impact your taxes?

Since the Tax Cuts and Jobs Act of 2017, alimony payments have been made nondeductible. That means that the payer cannot write off alimony payments and save money on their taxes. The recipient doesn’t need to claim those payments as income, either. Essentially, the person earning the money has to pay taxes on it. The recipient doesn’t have to claim the money as income.

That change was significant because it means that people now have to determine if they can afford to pay out as much in support as they did before. Those seeking it may find that their ex-spouses are less willing to negotiate over support and may want to resolve any support obligations with a one-off payment to prevent tax issues in the future.

Children and taxes: Who gets the credit?

Only one person is able to claim your children for the purposes of claiming child tax credits. Usually, the parent who claims that money is the one who is with the children more often. However, you may set up a different arrangement and switch off from year to year or allow the parent earning less to claim the credit to get cash back from the government or reduce their tax bill. Alternatively, it sometimes makes sense to allow the higher-earning parent to use those credits to reduce their tax bill and save more money to spend on their children.

There are several tax issues to consider when you’re going through a divorce, these included. This is something to talk about with your spouse and your attorney as you determine what a fair settlement will look like now and in the future.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Dec 17, 2021 | Child Custody |

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Nov 29, 2021 | Divorce |

Your house is the biggest asset that you own, and your spouse just filed for divorce. You know that it’s time to divide assets, but you can’t exactly split a home in half the way that you can with a bank account. So what should you do? 

This is a very common question, and there are a few solutions that you can consider. 

Buying half of the home 

First off, you can buy the other half of your own home from your former spouse. This is an easy way to keep the house if you can get a loan to buy out their investment. If you’re willing to give up other assets, they may even allow you to buy their portion for less than it is worth. 

Keeping the home together 

In rare cases, it may make sense to keep the home together as co-owners. For instance, you may feel that you’re in the middle of a market dip and you don’t want to sell right then, so you hold on to the house for a year and sell in the future. 

Selling the home and splitting the money 

As implied above, a third option is to sell the house, and this is probably the most common course that people take. Once you sell the home, you can pay off the mortgage and keep the money that you’ve earned. This money can then be divided between the two of you. 

When property division gets complicated, especially with so much money on the line, it’s very important that you understand all the legal steps you can take.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Nov 16, 2021 | Divorce |

Financial disagreements often play a significant role in a spouse deciding to pursue a divorce. Additionally, financial obligations and property rights generally form a key part of divorce negotiations. 

Embarking on a financially independent life after divorce can be a daunting prospect. However, there are some methods you can implement to make the transition easier. Outlined below are three ways to improve your finances after a divorce. 

Have a safety net

Having a safety net in place could offer you a great amount of financial security. Often, individuals like to designate a specific space for savings, that they refrain from using in day-to-day spending. Commonly, the sums of money set aside are small and frequent payments, which can mount up in the future. 

Work out a suitable budget

After your divorce, it is possible that your spending patterns and income will change. Paying careful attention to your income as well as outgoings could assist in setting a suitable budget. Frequently, people find it helpful to create an itemized list of financial obligations and priorities. Also, it is important to remember to allocate at least a little amount of money for enjoyable pastimes. 

Stay on top of your credit

While divorce can have an impact on your credit score, credit can be rebuilt over a period of time. Your credit score could start to improve again after only a few months of paying bills in a timely manner and making smaller purchases. 

Divorce can be looked upon as a new beginning and a chance for a fresh start. This also includes your financial circumstances. As a spouse in Maryland, it is important to remember that you have legal rights.  

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Nov 1, 2021 | Child Custody |

Recently, we discussed how parents can make the holidays happier for their children after divorce. But what about your own happiness during the holidays? Even parents who split custody over the holidays evenly can find themselves depressed that they may not have their kids on Thanksgiving Day or on Christmas Eve. If your co-parent has them for an extended stretch over winter break, it can be even more difficult.

One of the best ways to ward off sadness about the end-of-year holidays is to make plans for the time your kids won’t be around. By having a plan for those days, you can be more enthusiastic about what they’ll be doing and happy to listen to their stories when they return.

Ideas for those days when your kids are with your ex

You could arrange a “Friendsgiving” or a Christmas brunch or dinner with friends. For many people, volunteering in the community on those holidays can put their own problems in perspective and help them feel needed. If you have family members you don’t see much during the year, see if they’d like some company. If you have a divorce support group or just a group of friends you turn to for advice and reassurance, make extra time for them.

If you’re perfectly happy being alone, plan some things to do around the house or on your own. Maybe there are some closets that need cleaning out. Perhaps it’s been a while since you dove into a book.

Just because you may be spending a holiday alone, that doesn’t mean you can’t carry on with the rituals that bring you comfort. If you decide not to decorate for the holidays or watch all your favorite holiday movies because your kids won’t be there, you’ll likely just feel sadder. 

If you find that the holiday custody schedule you negotiated with your co-parent really isn’t working for your kids –- not just for you — you may want to consider seeking a modification before next year’s holiday season rolls around.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Oct 25, 2021 | Divorce |

Children often struggle to adjust to shared custody arrangements after their parents’ divorce. It can be hard to live life between two households, especially when it affects the things that someone enjoys in life.

A divorce will certainly change the way that a family approaches the holidays. Whether the parents split the day and each spends some of the holiday with the children or they alternate holidays, the children will probably be very conscious of who is missing on the holidays or how the traditions they enjoy have changed.

Thankfully, there are certain ways for parents to keep the holidays joyful even during a divorce. 

Focusing on preserving the best traditions and making some new ones

Children often make it quite clear over the years what they enjoy the most about different holiday celebrations. Does everyone look forward to seeing their aunts and uncles for a white elephant gift exchange? Are there certain foods or pastimes that everyone looks forward to all year?

A divorce is an opportunity for a family to reinforce those most popular traditions. They can also trim out other traditions that their children have outgrown or that they don’t engage with as much anymore. Some parents even create new ways to celebrate that are unique to their household after the divorce.

Being supportive and positive about everyone’s celebrations

If one parent really goes all out with gifts or decorating, that can be pleasant for the children. However, such efforts should be intended to bring joy, not to disparage the other parent.

What parents say will influence how their children perceive their holiday celebrations, so a positive attitude can go a long way. Parents openly communicating about gifts and schedules can also help make things go smoothly during both family celebrations.

Being inclusive

Although having and sticking to a schedule for shared custody is important, bending the rules can be beneficial occasionally.

Helping the children pick out a holiday present for their other parent and inviting them in briefly so that they can open it in front of everyone could be a way to share goodwill and rebuild a positive co-parenting relationship. Encouraging the children to include the other parent in all of their holiday excitement can also help make the season a little brighter for the children.

Keeping the kids as the focus of the holidays after a divorce can make a shared custody situation easier for a family to manage.

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On Behalf of Law Offices of Jayson A. Soobitsky, P.A. | Oct 18, 2021 | Divorce |

You and your spouse may have married each other anticipating a long, happy marriage. Different things may have gotten in the way of your plans to stay married and the two of you may now be in the middle of a divorce.

You and your spouse may have noticed that your children aren’t the same. They may cry more easily. They may lose their temper, which is not like them. Your children need your emotional support.

Give your children emotional support along with the child support

Once your divorce is finalized, you may be sending monthly checks to your ex-spouse. While you are following the child support order, don’t forget that your children may be hurting emotionally.

Your former spouse may tell you that Ricky “blew up in school and hit another boy.” Or Mia has been crying herself to sleep most nights. Your former spouse and your children are sending a clear message. Ricky and Mia need to know you love them.

Children are resilient but remember their emotional needs

Your children went through your divorce just as much as you did. They may feel lost or that they are to blame for your divorce. You and your spouse both love your children. You may have wondered how the divorce would affect them.

While children are resilient, the family’s split has increased their levels of stress or fear. They may not understand all the reasons for your split.

A few tips that may help

Post-divorce, keep your children’s routines as much as you can. Read to them over the phone at bedtime. Try to call them regularly so you stay up-to-date with their activities.

Support your former spouse, even though you may be angry at them. When you support them, you also support your children.

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