News & Events

Follow our blog to stay up-to-date about current events and get tips about common legal situations!

Category Archives: Marriage

Equitable Distribution

Determining an equitable distribution of marital assets can be the most technically difficult part of a divorce. If you are dealing with complex property division issues, it is in your best interests to seek the help of an experienced lawyer. At GreeneWilsonCrow our family law attorneys are committed to giving you effective, professional representation.

In North Carolina courts use Equitable Distribution to approach to dividing assets during a divorce, which means that assets will not always be divided 50/50. There are several factors that go in to deciding how assets will be divided including, non-marital property, if one spouse has significantly more than another spouse, earning power of both spouses, and who acquired or maintained the asset, particularly in terms of a family business. Other things that are taken into consideration are services as a homemaker, including how that may affect future earning capacity, duration of the marriage as well as any and all premarital agreements.

Our Attorneys at GreeneWilsonCrow are dedicated to helping you through even the most difficult of equitable distributions cases. Call us or schedule a consultation today to get started.

To learn how North Carolina law may apply to your unique circumstances or to schedule a consultation, please contact GreeneWilsonCrow Attorneys at Law by calling (252) 634-9400 or visiting www.greenewilson.com.

Read More

North Carolina Child Support Guidelines

Child Support guidelines vary between states, if you are divorced, separated or looking to become separated knowing your states child support guidelines is extremely important. All of us here at the law firm of GreeneWilsonCrow are well versed in the ins and outs of North Carolina child support guidelines, and are ready to help you and your family though the process.

Child support is determined based on the gross monthly income of both parents combined, the portion of the health insurance premium that covers the child, any work related child care costs as well as any extra costs such as medical specialists or therapy for the child. The calculation can become complicated, a good resource to start at is www.nccourts.org, where guidelines as well as child support worksheets are available to start the process. If circumstances change, child support can also be updated. The court also designated that paperwork for child support can be resubmitted and changed 3 years after the initial filing and if there is a substantial change to anything that was part of the initial filing.

We understand that this can be a long and stressful process for you and your family, and are prepared to answer questions and help make the process as smooth and pain-free as possible. Call our office at (252) 634-9400 or stop by our website www.greenewilson.com to schedule an appointment or learn more about our firm.

To learn how North Carolina law may apply to your unique circumstances or to schedule a consultation, please contact GreeneWilsonCrow Attorneys at Law by calling (252) 634-9400 or visiting www.greenewilson.com.


(source: NC Bar Association)

Read More

New Tax Bill Just Erased Your Alimony Deduction

President Trump recently signed the giant tax overhaul that includes a provision scraping a 75-year-old tax deduction for alimony payments.

Alimony payments, typically defined in the terms of a divorce settlement, are the payments someone gives to an ex-spouse who earns less money. Statistics vary, but The IRS says that approximately 600,000 Americans claimed an alimony deduction on their 2015 tax returns, the most recent year for which data is available.

Under the prior law, ex-spouses paying alimony were able to deduct the expense from their federal income taxes. Ex-spouses receiving alimony payments were able to claim the money as taxable income. The recipient of alimony had to include any payments of alimony as income on their tax return, which subjected them to income tax on each dollar received.

That all changes soon. Although the recent repeal of the provision won’t impact couples already legally divorced or separated (not even those finalizing the process in 2018), but it will impact those ending their marriages in 2019.

In any divorce commenced after December 31, 2018, the spouse paying alimony can no longer deduct it and the spouse receiving the money no longer has to pay taxes on it. Divorce lawyers say the current setup tends to preserve more money overall to allocate between spouses, which helps them afford living separately.

Some experts worry the change will make negotiations tougher and lead to less spousal support as cash goes to taxes instead. Congressional tax writers say it’s only fair to married couples.

Why the Change?

The tax-writing House Ways and Means Committee calls the alimony deduction a “divorce subsidy.” Last month, the committee noted, “A divorced couple can often achieve a better tax result for payments between them than a married couple can.”

The panel also argued that alimony should be treated like child support, which isn’t tax-deductible for the payer or taxable for the recipient.

David George, a CPA/PFS in California, offered this opinion: “I believe the reason for the change was as a money-raising effort, since usually the payer who gets the deduction currently is in a higher tax bracket than the recipient.”

The non-partisan Joint Committee on Taxation estimates repealing the deduction will add $6.9 billion in new tax revenue over 10 years. That’s equal to less than half a percent of the $1.5 trillion tax cut plan.

Why the Worry?

If alimony is no longer deductible, the ability of an ex-spouse to pay may be limited due to other fixed expenses, such as child support payments and education expenses for children. New York attorney Malcolm S. Taub foresees future alimony recipients losing 10 to 15 percent of what they’d get under the current law. He says lawmakers are “taking money from people who’ve undergone the trauma of divorce, and they’re taking money from people at one of the worst times of their life.”

Most of us understand that divorce creates a trauma—not only for couple involved, but, most notably, for their children. Two separate families cannot live as cheaply as one. With this new tax structure, it will be difficult for divorcing couples to instantaneously make lifestyle adjustments which coincide with the necessary reduction of income to each spouse.

What About the Money?

New Jersey lawyer Madeline Marzano-Lesnevich says scrapping the alimony deduction “changes the economics of many divorces.”

As an example, let’s say high-earning Spouse A agrees to make alimony payments of $100,000 annually for 10 years to Spouse B. Spouse A might save $40,000 a year through the deduction, while Spouse B, who is in a lower tax bracket, could owe $15,000 on the $100,000.

Without the alimony deduction and tax benefit, maintenance payments to the lower-earning spouse will be smaller, says Marzano-Lesnivich. The higher-earning spouse may now be less willing to agree to lump-sum settlements because there’s no longer a discount for the tax deduction.

Divorce matters are complicated, especially in regard to financial concerns. Alimony is a matter to be resolved by an experienced and skilled divorce attorney, which is why GreeneWilsonCrow strives to offer you comprehensive legal counsel, care, and representation. Our team will ensure you and your rights are protected following the tax implications of this bill and your divorce.

For more information or to schedule a consultation, call (252) 634-9400 or visit www.greenewilson.com.

(Sources: PBS News Hour; Forbes Magazine; Associated Press; CBS News; Financial Advisor Magazine; Fox Business; and U.S. News & World Report.)


Read More
  • Latest News

  • Testimonials

    “Awesome representation. I’ve been represented by several lawyers in this area, and these guys are definitely top notch. I felt as though a friend was representing me in the courtroom. Accused of a crime? Definitely use Greene and Wilson” ~ Charlie Vereen Brock

    Read More >

  • Contact Us

    • This field is for validation purposes and should be left unchanged.