The new tax law will affect people differently, depending on whether they’re paying or receiving alimony. In divorce situations, one spouse or ex-spouse may become legally obligated to make payments to the other party. Because these payments are often substantial, locking in tax deductions for the payer has often been an important issue. Before the new Tax Cuts and Jobs …
Misunderstanding the Type of Retirement Plan to Be Divided in a Divorce:
This is probably one of the most common mistakes in settlement agreements and even final judgments, since often times attorneys prepare the final judgment which the judge simply signs. It often erroneously states “retirement plan” without ever defining the type of plan(s) to be divided. Retirement plans can be defined contribution plans, defined benefit plans or some type of hybrid. …
Divorce and Tax Filing Status
Tax law distinguishes filing status because filing requirements, certain credits and above-the-line deductions, tax brackets, and the standard deduction depend on the filing status. Additionally, filing status determines the income threshold for which Social Security is taxed. The main purpose of grouping taxpayers according to filing status is based on the presumption that, with the same income, single people can …
40 Secrets Only Divorce Attorneys Know
The Divorce process is a stressful process that can easily bring out the worst in people. Some people even see divorce as a way to seek revenge on a spouse by seizing money and assets. Although divorce can get you out of an unhappy marriage, it can also milk you for all you are worth if you don’t know your …
5 tips for making sense of taxes after a divorce
Did you know that, in America, there is one divorce about every 36 seconds? That’s nearly 2,400 divorces per day, 16,800 divorces per week and 876,000 divorces per year. With tax season upon us, that means approximately 876,000 people are newly navigating the realm of post-divorce taxes. Taxes are complicated enough as it is, but when you add in assets, …
Tax Issues and Divorce – Part 2
The Filing Status to Use While the Divorce is Pending. How the Property Division Can Impact Taxes. Info on Divorce and Taxes.
Tax Issues And Divorce – Part 1
Every person going through a divorce must also consider a variety of tax issues that arise once a marriage ends