Many states and provinces consider your marital standard of living and your pre-divorce lifestyle as major factors in awarding spousal support.
Tax and Divorce
Podcast: Rosanne DeTorres on Financial Issues Related to Divorce
Rosanne DeTorres, an Attorney from New Jersey, explores the financial aspects of divorce, including equitable distribution of assets and debts.
What are the dangers in signing a joint tax return? We live in IL.
“Should the spouse who has no knowledge of the ex or soon-to-be ex spouse’s business activities sign a joint individual tax return? What are the dangers in signing a joint tax return?”
Podcast: Amanda Figland & Shari Veisblatt on the Legal Aspects of Divorce
Amanda Figland & Shari Veisblatt, New Jersey Family Lawyers, discuss the aspects of your separation that may have an impact on the ruling of your divorce.
How could my income taxes be affected by my divorce in WI?
Divorcing couples must file their income taxes as “married” until the divorce is final. The marital status on the last day of the calendar year will determine the filing status for the whole year. For example, if a couple’s divorce becomes final on December 10, 2013, they will file as unmarried on their 2013 taxes. […]
How could my income taxes be affected by my divorce in Wisconsin?
Divorcing couples must file their income taxes as “married” until the divorce is final. The marital status on the last day of the calendar year will determine the filing status for the whole year. For example, if a couple’s divorce becomes final on December 10, 2013, they will file as unmarried on their 2013 taxes. […]
How do taxes impact my divorce settlement in IL?
All assets are not equal in a divorce settlement. Retirement accounts have embedded tax liability and a $100,000 IRA may only be worth $75,000 after taxes while a $100,000 investment account may have a $90,000 tax basis and be worth $98,000 after taxes. Anyone going through a divorce should be aware of the impact […]
How will the new tax laws impact your divorce settlement in IL?
New legislation magnifies the impact of taxes as there are increased income tax rates, limits on deductions and a Medicare surtax that all became effective January 1st. To estimate how much the embedded tax liability is when calculating the after-tax value of proposed divorce settlements, it is critical to pay attention to key terms […]
If my husband doesn’t report all of his income, can I be held responsible by the IRS?
I know that my spouse has not been reporting all of the income he earns on his tax returns, and given that we’re now divorcing I’m wondering if I might be responsible in the future if the IRS finds out?
Can I make my spouse sign a joint tax return if we divorce? We live in California.
Once the divorce is final, you are no longer married and therefore you may no longer file a joint tax return. Even if you were married the entire year and you divorced on December 31st, it causes you to be ineligible to file a joint tax return for that particular tax year. Depending upon the […]
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