Who’s getting married? Who’s getting divorced? Census numbers tell the tale.
Feb 10, 2012 by Brian S. Demidovich
The U.S. Census Bureau has gone back through its data from the 1940s to the present, and has compiled a new report analyzing marriage and divorce in America. Who’s getting married? Who’s getting divorced? And how are the answers changing over time?
One of the most interesting findings is that the divorce rate has started to level off and decline. But that’s not necessarily because couples are more likely to stay together for life. Rather, a lot of couples are simply not getting married in the first place, so that when they split up, it doesn’t result in a divorce.
Here’s a closer look at some of the findings:
People are waiting longer to get married. Back in the 1950s, the median age for a first marriage was 23 for men and 20 for women. By 2009, though, the median age had risen to 28 for men and 26 for women.
More people are not getting married at all. As recently as 1986, 73% of women had gotten married before they were 30. By 2009, that figure had fallen to only 53%. Similar declines were registered for other age groups. For instance, in 1986, only about 3% of women reached age 55 without having gotten married. By 2009, that figure had tripled to more than 10%.
Attorney Brian Demidovich of The Law Corner Receives AV Preeminent Peer Review Rating
Jan 27, 2012 by Brian S. Demidovich
Raleigh, NC attorney Brian Demidovich of The Law Corner has received the prestigious AV® Preeminent™ Peer Review Rating(SM) from Martindale-Hubbell®. The AV® Preeminent™ rating is the highest such peer review rating available to any individual lawyer.
Brian Demidovich has 11 years of legal experience and was admitted to practice in North Carolina in 2004. Brian Demidovich is the Managing Member of The Demidovich Law Firm, PLLC d/b/a/ The Law Corner. Brian has lived in Raleigh, North Carolina since January 2001 when he started his legal career in corporate contract, merger and acquisition law with SpectraSite Communications in Cary, NC. After three years of uncertainty with SpectraSite ’s future, Brian and two attorneys decided to form a law practice together where Brian focused on matters involving all areas of family law, general contract litigation, traffic, and estate planning. Of the three attorneys, Brian Demidovich notes he was known as, "the one who goes to court," handling all of the firm’s litigation. After a couple years, Brian decided to take control of his own destiny and in October 2006, The Law Corner was created.
Congress creates ‘window’ in 2011 and 2012 for big tax savings.
Jan 20, 2012 by Brian S. Demidovich
Congress has created a temporary “window” – between now and the end of 2012 – in which many people can save a lot of money in estate and gift taxes.
You might be able to take advantage of this opportunity by transferring significant assets to a trust. But as they say on TV, hurry – this is a limited-time offer from the federal government. During 2011 and 2012, the federal estate tax exemption will be $5 million, meaning the tax will be applied only to estates that are larger than that. Importantly, the lifetime exemption from the federal gift tax has also been raised, from $1 million to $5 million. The gift tax applies to transfers of assets. In general, any person can give any person up to $13,000 a year without there being any gift tax. If you give someone more than $13,000 in a calendar year, then the excess is subject to gift tax. However, you also have a “lifetime exemption.” In the past, this amount was $1 million. That meant that over your lifetime, you could make up to $1 million in gifts over the $13,000 annual threshold without immediately paying a gift tax.
Taxes can get complicated when people get divorced.
Jan 09, 2012 by Brian S. Demidovich
Divorce can involve a number of difficult issues, such as child custody, who gets the house, how other assets are divided, and how support and alimony are determined. But one thing a lot of people don’t realize is that taxes can also become very complicated when people get divorced. That’s why it’s always a good idea to seek advice from an attorney or other professional if you’ve recently split up. Even if you’ve always done your taxes by yourself, there are a lot of tricky issues after a divorce, and it’s easy to make a costly mistake.
For instance, a key question is whether to file a joint return or separate returns. If your divorce has become final by December 31 of a given year, the IRS considers you as single for that entire year and you can’t file a joint return — even if your divorce didn’t become final until December 30! On the other hand, if your divorce isn’t final on December 31, you can still file jointly — even if you officially divorce well before taxes are due on April 15.
Do surviving spouses have a right to a 401(k) or an IRA?
Sep 26, 2011 by Brian S. Demidovich
When choosing a beneficiary for a retirement plan, it’s important to understand how your spouse will be treated under the plan. The rules are different for 401(k)s and IRAs.
With a 401(k) plan, a surviving spouse is the automatic beneficiary of the plan. If you want to name someone other than your spouse as a beneficiary, your spouse must agree to this in writing.
There are some exceptions; for example, the rule might not apply if you and your spouse have been married for a very short time. But in general, it’s a strict rule. In fact, even if your spouse signed a prenuptial agreement saying that he or she has no right to your 401(k), that might not be good enough, because he or she wasn’t your “spouse” at the time of the signing.
Congress creates ‘window’ in 2011 and 2012 for big tax savings
Sep 26, 2011 by Brian S. Demidovich
Congress has created a temporary “window” – between now and the end of 2012 – in which many people can save a lot of money in estate and gift taxes.
You might be able to take advantage of this opportunity by transferring significant assets to a trust. But as they say on TV, hurry – this is a limited-time offer from the federal government.
During 2011 and 2012, the federal estate tax exemption will be $5 million, meaning the tax will be applied only to estates that are larger than that. Importantly, the lifetime exemption from the federal gift tax has also been raised, from $1 million to $5 million.
Facebook may be involved in 20% of all divorces
Sep 26, 2011 by Brian S. Demidovich
Facebook is playing a role in as many as a fifth of all divorces in the U.S., according to a study by the American Academy of Matrimonial Lawyers.
Facebook can come up in a divorce case in several ways. One is that marriages sometimes end because people have affairs with people they met – or re-connected with – over the social networking site.
One of the most common uses of Facebook is getting in touch with old friends. But if a marriage is in some trouble already, and a spouse gets back in touch with an old friend (or an old flame) who is emotionally available, a simple “hello” could turn into something much more.
Husband’s credit card debt was his problem, not his ex-wife’s
Sep 26, 2011 by Brian S. Demidovich
Generally, whatever assets and debts a couple accumulates during a marriage can be split between them at divorce.
But what if a husband racks up an enormous amount of credit card debt without his wife knowing about it? Should she still be responsible for half the bill?
In one recent case, the Kentucky Supreme Court said “no.”
The couple in that case divorced after being married for 42 years. Late in their marriage, the husband ran up $65,000 in credit card debt trying to help their adult son recover from financial setbacks.
Texting While Driving - More dangerous than drunk driving?
Jul 07, 2011 by Holly M. King
Is texting while driving more dangerous than driving while impaired? This article will highlight what you need to know about the relationship between texting and driving and driving while impaired.
Estate Planning
Jun 21, 2011 by Brian S. Demidovich
Learn the importance of the probate procedure in North Carolina.
Criminal Defense: What does the future hold for NC DWI laws?
Mar 23, 2011 by Holly M. King
Proposed changes to North Carolina DWI laws may dramatically increase punishments for Driving While Impaired offenders. Read more to learn about the proposed changes, how they may affect you, and what can be done to prevent drinking and driving.
Criminal Defense: How to handle old traffic tickets and criminal charges
Mar 17, 2011 by Holly M. King
Do you have an old traffic ticket or criminal charge that is hanging over you? Read more to learn why you clear this up and how to go about it.
Criminal Defense: The importance of pleading "Not Guilty"
Oct 13, 2009 by Holly M. King
Have you been charged with a crime? Just because you think you may be guilty, does not automatically mean you will be found guilty of your criminal charge or traffic violation. Under the law, you are presumed to be innocent until proven guilty! There are many evidentiary, procedural, and tactical scenarios that may result in you being found not guilty or having your charges dismissed.