Division of assets and debts may sound easy, but it is often not. Read on about the tax consequences of property and debt division in divorce.
Taxes and Divorce
4 Common Divorce Regrets – and How to Avoid Them
While a divorce can greatly affect you emotionally, it can also impact you financially. As you go through the divorce process, remember that the decisions you make now will have long-term effects on your future. As a Certified Divorce Financial Analyst (CDFA), I’ve seen people make numerous mistakes as they went through a divorce, especially when […]
Structuring Tax-Free Property Settlements Between Divorcing Spouses
Utilizing Section 1041 of the Internal Revenue Code, divorcing spouses can achieve tax-free property settlements. Read on to learn more.
What to Do with the Family Home: 3 Options to Consider
Some people think the house is the trophy. Most likely it will prove to be the booby prize. Financially, it can become a rock around your neck. How so? Think about it: When you bought that house, your household income was double, or more, of what it will be in the future. That house was […]
How to Improve Your Credit Score Before Getting Divorced
To keep divorce from destroying you financially, you should prepare in advance to protect yourself. One important step is to ensure that you have good credit before you get divorced, which can be invaluable both as you pay for the expenses associated with divorce and when you’re moving on with your new life. Before a divorce, […]
6 Crucial Pieces of Financial Information Your Tax Return Can Reveal
When divorce is on the horizon, it becomes necessary to compile a list of marital property (assets and debts) and supporting documentation as early in the process as possible. But many people have difficulty locating the necessary information. Tax returns are a good place to start when trying to verify sources of income, and to […]
6 Excuses for Not Hiring a Divorce Financial Professional
So, you’re beginning to believe that you need a divorce financial professional. However, you’re just not making it happen for yourself. Read and see why.
Tax Planning for Retirement Plan Distributions Between Divorcing Couples
Distributions from qualified retirement plans made in the context of divorce negotiations could have unintended tax consequences if not structured properly.
7 Ways to Keep Costs Down During Divorce
Divorce has a way of pulling the rug out from under you, even if you are the one who initiated the divorce. The adversarial nature can cause the process to be extremely expensive, and there are usually no “winners” in divorce. Splitting one household into two only multiplies the cost. However, education, planning and rational […]
Potential Tax Filing Statuses for Divorcing Couples
After a divorce, tax filing can become tricky as several filing statuses become a possibility. Find out what the options are for divorcing couples.
Follow Us on Social Media