Another issue individuals contemplating divorce must resolve is who gets to claim the Dependency Exemptions for the children. In general, a taxpayer may claim a Dependency Exemption for each child who is under age 19, or under age 24 if a full-time student, and lived with the taxpayer for more than ½ of the year, […]
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.
There are a lot of tough decisions to make in situation when your marriage is failing including if/when to separate, if/when to file for divorce, how to handle child support and alimony, child living arrangements, and the division of property. A very important decision tha t is often overlooked at this time (i.e. before a […]
If you are in a situation where divorce appears to be the only option, you should probably retain the services of a competent experienced family law attorney as early as possible to help guide you through the process and protect your interests. Just the same there are technically five distinct options for obtaining a divorce […]
Right after concern for the welfare of the children, the biggest concern during and after the divorce process generally relates to the fear of the unknown financial impact. During the divorce process, costs generally rise dramatically as the spouses often incur new outlays for legal and forensic representation, emotional counseling services, and separate housing. This […]
I took a hiatus during tax season and have had a tough time getting back on track. In any event, a client of mine recently raised a question which I believe may be relevant to many of you – how long should I keep my records?