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April 2015 Archives

Parents going to jail for not paying child support

While there is no question that children have financial needs, one debate that is of concern to Connecticut parents is whether someone should go to jail for not paying child support. While some people believe that failure to pay child support should be a crime, others argue that jail is a draconian measure that does not take into account the financial situation of many low-income parents.

Divorce and designating beneficiaries

Divorcing spouses in Connecticut might benefit from understanding more about keeping beneficiary designations up to date. One of the most important steps in maintaining current records for an upcoming divorce is reviewing the names listed as beneficiaries on various documents. Divorcing spouses may need to ensure that they designate another individual as beneficiary instead of their ex-partner. Some of the documentation that has a designated beneficiary may include annuities, retirement plans, life insurance policies or transfer of death ban or brokerage accounts.

The income tax consequences of alimony

Connecticut couples whose divorce orders involve alimony need to be aware of how the payments are treated by the IRS for tax purposes. Unlike child support, which does not have to be reported as income and which cannot be claimed as a deduction, alimony payments must be reported by the recipient and can be deducted by the payor.

Retirement impact of high-asset divorce on Connecticut couples

For affluent couples who choose to divorce, particularly those over the age of 50, asset division may be far more complex than for a younger couple. In addition to the usual liquid or semi-liquid assets, including the contents of bank accounts, jewelry, art and real estate, retirement funds and portfolios must be included in the marital estate to ensure an equitable distribution of property.

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