Yesterday I wrote about love and why the million dollar lifestyle is not so great if you have no one to share it with. It is also true that not all love has to cost millions or even thousands. You can live richly on a budget and some people have a significant other to help them do just that. But what if you and your partner live without the advantages of a conventional marriage and the associated legal benefits? Maybe you opted out for that reason or maybe you just chose to avoid the ceremony.
Georgia recognizes common law marriage, and while you still do not have a wedding ring or an official license, there are benefits to living as a couple that Georgia provides under the law. So today let’s look at Georgia Common Law Marriage: How it Works & What to Know as an interactive legal resource for you as you consider whether marriage is right for you and how to maximize its benefits.
Primarily, the search keyword does Georgia recognize common law marriage is answered with: yes! But as I stated above, you will still not have a wedding band on your finger, or a government issued certificate. So how does the law protect you when you and your partner decide to live as an unmarried couple?
Answers to this query, along with others, are covered in detail on the above linked page from Cambridge Prints. I would add that the legal benefits of common law marriage in Georgia may seem like no big deal when you’re steadily making money and enjoying your youth. But as you age, and especially after retirement, asset protection becomes essential. You want to avoid pitfalls such as gainfully supporting your spouse’s grown children, or possibly paying more than is your fair share of assets.
And if you are unsure of the benefits of common law marriage, do not go around telling your spouse. We do not want any issues with insurance payouts, debt collection, or any other legal matters. So read the article now and see why Georgia recognizes common law marriage and what that means for you and your spouse.
Living together or getting married? Exploring choices within the Florida state framework Cohabiting couples today have more options than ever, especially in Florida. But how can you figure out what works best for you? Exploring the range of relationship commitments within the Florida state framework is key to living richly on a budget. Learn how living the high life doesn’t always mean getting lawfully married. What is the legal definition of a common law union in Florida? In Florida, a common law marriage exists if you have: While common law marriage may seem like an excellent solution to loving partners without funds or time for a full-blown wedding, it’s subject to various stipulations that make it a legal option in certain circumstances only. The concept of common law marriage was immutable until relatively recently. Beginning January 1, 2016, the state of Florida officially announced the end of customary marriage for all who decide to practice this style of relationship going forward. However, couples who lived together as husband and wife prior to January 1, 2016, and who meet state requirements may still be legally married through common law status.
Exploring why legally recognizing your union is so important While you may have heard of couples living “common law” in other states, Florida is very specific when it comes to recognizing cohabitation unions in legal terms. Namely, common law marriage isn’t available to new partnerships in the sunshine state. Previously married and legally recognized common law partnerships do remain in place; however, couples previously unmarried are simply not entitled to the same benefits and protections under the law.
How does common law marriage affect your finances? In terms of financial responsibilities and growing equity as a couple, recognition of your legally defined relationship matters quite a lot. For instance, past due debt, tax or penalties may place your current earnings at risk when banks, credit organizations, and other financial institutions consider including your partner in the equation. Explore the possibilities of living a fulfilled partnership without legal marriage While living together without getting legally married offers some striking advantages – like maintaining your individual ability to file into certain tax brackets instead of being taxed as jointly-married- you may be required to file together or separately. Since you have made the choice to eschew marriage, you will need to prepare for the contingency where you achieve financial success as individuals only to find it difficult to share the wealth with your partner come tax time. Getting married will entitle you and your partner to make joint filings, potentially saving you a significant amount of money come tax time. Furthermore, the continuation of your partnership once the death of a partner occurs would legally entitle you to protection, reducing the chances of being kicked out of your own home in a worst-case scenario.
Need to celebrate in style? Here are 10 ideas! While you and your partner are not entitled to any legal recognition as a common law union, it doesn’t mean you don’t deserve to celebrate your relationship in style. In lieu of booking an expansive ballroom venue for your nuptials, consider smaller scale events that allow you to enjoy the celebration without regard to extensive financial outlay.
Legal documentation couples should consider when living in Florida While you may enjoy the freedom of living together without the commitments of traditional marriage, there are few ways to get around acknowledging a significant relationship. Here are a few important legal documents every couple should consider: More incredible weekend getaways and experiences in beautiful Florida While destinations like Orlando and Tampa are world-famous for fun times all year-round, there are other beautiful spots throughout the state to explore. Consider these ideas for a great getaway: Where to find more information on laws related to recognizing romantic relationships in Florida While it may be tempting to see living together as a potential loophole toward achieving a fulfilling yet affordable life, the reality is that there are few options available to non-married couples in Florida.
Understanding Court Settlements and Their Tax Implications
We all want to be budget savvy! We want to look good when we go out with friends, don’t we? We want our houses to look like they came from the pages of some decor magazine, don’t we? We want to have careers that impress our friends – and of course we want our bank accounts – and investments & assets – to make us feel secure and comfortable. So now we have become our own budget socialite!
We have parking enforcement’s all around us these days, so it seems that we have more and more people that are putting money towards whatever defense they can for parking tickets – or rather for the lack of appropriate parking spaces. These tickets aren’t inexpensive. We have a lot of hard working people who give up their hard earned salaries so that they paid their mortgage or rent, go out and have dinner or lunch. The problem is – they didn’t plan on being dinged by parking enforcement officers. We have learned that life isn’t always easy or fair.
One day you walk down the street to grab lunch when you see a flyer that announces an event where you can earn cash during the day, and eat for free. Who doesn’t eat for free in Europe!? If you care to load your Friday schedule with one meeting after another, bobbing and weaving through traffic and the needs of your four or five clients before heading to the venue – you can earn cash working a few hours.
An ‘event’ isn’t a ‘party’ which is why you may not get dressed up for work. An event is like a ‘court settlement’ – who would have thought we would be talking about court settlements within the confines of our lunch hour!? But here we are, conjecturing how to handle an abrupt and unplanned influx of cash into our accounts.
What is a court settlement? A settlement occurs when the plaintiff and defendant agree to resolve a dispute without further legal proceedings. A court decision is when a judge makes a decision about your case. Most court cases end up with a settlement, so that each party saves time and expense. A plaintiff is a person that applies to a court for a legal remedy. A defendant is a person that’s been accused of committing a crime or a person that’s been accused of causing harm or discomfort to the plaintiff, provided that the evidence of such actions have been backed by supporting documentation.
A court settlement is typically reached with the assistance of mediation or arbitration. Mediation is when a third party helps both sides negotiate an agreement or settlement. Arbitration is when a third party listens to both sides and makes a decision in favor of one of the party’s involved. Typically, a plaintiff would like to settle a case because it’s less likely that a jury or judge will have difficulty proving their side of the dispute and it’s less likely that the plaintiff will have to wait to receive their compensation.
So, you’re wondering whether court settlements are subject to taxes, aren’t you? Well this is where we make the connection between our discussion about court settlements and the Budget Socialite! You are a budget savvy person, aren’t you? Do you want the full amount of your settlement in your account? If the answer is yes, then you need to understand that those funds will be subject to tax.
The article by LalaSicecream outlines the possible tax consequences following an award or settlement. Typically, the legal professionals, accountant or tax advisors for the plaintiff will be able to assist you in managing the funds and ensuring the correct forms are provided in your windfall. Make sure you ask your professionals what is required.
Although the issue of whether or not a court settlement may be taxed, understanding that it may be subject to the tax man, is an important tip in your lifestyle and behaviour as the ‘Budget Socialite’.
Once you have confirmed that you will be receiving funds from a settlement then you don’t want to be hiding under a rock until you’re ready to spend those funds. You want to budget the funds to avoid, as much as possible, the inflating your lifestyle. We touched on inflation as a budget concern a few days ago, but suffice it to say that you want to avoid spending money you don’t have.
Making adjustments to your weekly or bi-weekly budget is essential. You’re not likely to put all the extra money into savings – but you can make reductions across the board. You can make a commitment to only spend 50% of the windfall for entertainment and food and 50% for your taxes and bills. You will find many ideas about budgeting for your windfall as the Budget Socialite evolves. A financial adviser is a great professional resource as you digest your good financial fortune.
Of course, if a settlement is reached, you don’t sign off on the dotted line without clear understanding of the requirements of the funds and your obligations. We can help you understand your legal obligations.
