Parvey, Larson, and McLean, PLLCLawyer & Law Firm in Fargo, North Dakota
Divorce touches all of us in one way or another, whether it’s you personally or someone you are close to. We often forget the effects it can have on our children. Jason McLean sat down with North Dakota Today this morning to discuss some of the issues and misconceptions families face as they consider divorce and how it will impact their children’s lives. If you would like more information or need to discuss your situation, please feel free to contact our office.
Thinking of Divorce? How the new Tax Bill will affect your bottom line.
As the year begins, a new tax season is upon us. For many people, this means that a child support review may be coming. In North Dakota, the law requires that the previous year’s earnings be used to determine the proper guideline child support award. This information is normally taken from the obligor’s W-2, unless that information is no longer indicative of the obligor’s income. That is why the begin...ning of the year is often the best time to conduct a review of support, whether through the State agencies or a private attorney. Child support awards may be reviewed at any time, but generally are not until one year from the date they are entered.
In addition to the support review issue, this past year saw the passage of a sweeping tax reform bill. This bill will not only affect how Americans pay taxes starting next year, but it will also impact how children are claimed and what constitutes income.
Starting in 2018, the personal exemption is eliminated, as are exemptions for children. The tradeoff is a greater standard deduction for each filing status. While the exemptions may have been eliminated, the child tax credit will double from $1,000 to $2,000 per child.
Starting in 2019, spousal support is no longer taxable income to the recipient. This means that the ability to claim spousal support as a deduction is also no longer available to the payor.
These changes may affect your current judgment or your decisions as you look to the future. Tax laws can be complicated, and we recommend consulting with an accountant or tax preparer about these changes and how they will impact you. For more information, please see the following articles:
Whether you are a parent interested in a child support adjustment, recently received motion papers, or are thinking of a divorce, our experienced attorneys are here to help you through the process.
Giving Hearts Day. Call it just another reason we love where we live. Please take a minute on Thursday to honor local and national charities and the countless volunteers who make their work possible. We’ll be donating during this annual 24-hour give-a-thon. Will you?
Divorce, at any time, for any reason, can be hard on a family. But if parents work together to remember how their children feel, and try to put them first, that can make things a lot easier. Listen to this little girl giving divorce advice to her mom. We couldn’t say it better. https://youtu.be/SFpTIUF2TXQ
New year, new us…new you?
We’d like to welcome you to our new Facebook page and our new business. What an exciting way to start off the new year!
Parvey, Larson, and McLean, PLLC is law firm in Fargo, devoted to the practice of family law. Our partners have a combined 32 years of experience in this area. We’ve been helping families in North Dakota and Minnesota for our entire careers. It’s what we know, and it’s what we love....
We also know all about change. It’s daunting, challenging, and can be exhilarating.
We started 2018 off with a bang. Maybe you’re struggling, wondering whether it’s the right time to move forward and make a change in your life, too.
We stand by our motto: we’re people first, lawyers second. Please reach out if you’re looking for guidance about the next big steps in your life. Call us at 701-532-0702 to see if we can help. Free initial consultation.
Cheers to a brand new year!