With boomers living longer and marrying multiple times, the argument for premarital agreements for these couples is compelling. A premarital agreement defines the property rights of the parties when the marriage ends at death or divorce. Not all marriages between mature people will last until death. Property Rights at Dissolution. A premarital agreement will typically […]
Many couples establish savings for the college education of their children. A Section 529 account is an attractive vehicle for these savings, as discussed in Adam Swaim’s article. What happens to a 529 account if the parents divorce? The appeals courts of D.C., Maryland, and Virginia do not yet appear to have wrestled with a parental dispute about a 529 account […]
The Tax Cuts and Jobs Act has eliminated the tax treatment of alimony that has been in place for more than 75 years. Under the old law, alimony is deductible from the income of the payor and includible in the income of the recipient, provided the parties comply with the specific requirements of the Internal […]
In December 2017, Congress rushed to pass the Tax Cuts and Jobs Act: a 503-page document that drastically alters several of the popular tax credits and deductions around which many divorcing families structure their financial planning. This first major tax reform in decades affects taxes beginning in 2018 and will have a significant impact on […]
A premarital agreement is a contract between persons intending to marry. It determines spousal rights when the marriage ends by death or dissolution. All states enforce properly made premarital agreements. However, laws governing validity vary among the states. What if a couple signs a premarital agreement in Virginia and later moves to Maryland? Will a […]
In July 2016, the Uniform Law Commission (ULC) adopted the Uniform Family Law Arbitration Act (UFLAA). It can now be considered for enactment by state legislatures. Ideally, it will be enacted by all states and the District of Columbia so that there will be a uniform approach to arbitration of family law disputes across the […]
Alternative dispute resolution embraces a variety of processes designed to resolve legal disputes outside of a formal court proceeding. One such option is binding arbitration. In binding arbitration a neutral decision-maker, who could be a retired judge or a lawyer with expertise in the subject matter of the dispute, is appointed make a decision to […]
This article was originally published in the American Bar Association’s Family Advocate, Vol. 38, No. 2, (Fall 2015) p. 10-13, and is reprinted here with permission. PDF available here. Adequate financial disclosure is essential to a valid and enforceable premarital agreement. When one party is the beneficiary of a third-party trust or the settlor of his or her own trust, […]
