When you find yourself amid a divorce or separation, it is hard to know what to do first, especially when it comes to dividing you and your spouse’s financial assets. And if you and your spouse own a business or professional practice, it will be one of the areas that will go under the financial […]
Life After Divorce
Welcome to the Life After Divorce blog. In this area of our website we hope to offer sound, easy to implement tax and financial strategies to assist divorced and divorcing individuals and their advisors in rebuilding their estates through maximizing their income, understanding sometimes complex tax rules as they relate to divorce, minimizing taxes and other unnecessary expenditures, providing for their dependents, and saving for retirement. Please stay tuned for regular updates.
Marriages dissolve for many different reasons – sometimes mutual, sometimes not. Either way, it can be a grueling process for all involved. There are so many questions that you need answered. One of them is, how will you go about protecting your finances throughout the divorce process? Here are some points to consider before starting […]
The new 2017 Tax Code will influence your spousal support payments. This law will go into effect January 1, 2019. If your divorce becomes finalized after December 30, 2018 this ruling will affect you. Here are the key takeaways and deadline dates to keep in mind: Before the 2017 change in the tax code: The […]
During a divorce situation the responsibility to report and pay income taxes on all sources of community property can prove to be a heavy financial burden (see previous post re Reporting Income and Deductions on Separate Returns). Fortunately, the IRS offers several sources of relief from this burden. The Community Property Laws with respect to […]
If married spouses elect to file separate returns (see previous post re: filing status), each should report only their own income, exemptions, deductions, and credits on their individual return. This reporting may be easier said than done. It may not always be clear who owns what investment and its income stream and who paid and […]
As most of you are aware, tax season 2015 is here. During tax filing seasons I am often asked to evaluate whether or not one of the spouses undergoing a marital dissolution should sign a “married filing joint” tax return prepared by their spouse (or their spouse’s advisors). The reason this question gets asked so […]