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Finances

Getting Divorce? 5 Tax Tips You Need to Know
Writer/submitter Angela McIlveen writes:



Using the Married Filing Joint Status during Divorce
Writer/submitter David Kane, CPA writes:

An area that needs to be examined while you are going through the divorce process is determining the tax filing status that will be the most advantageous to you. During the pre-divorce year(s), you have a couple of options that can increase or reduce your tax liability depending on which filing status you utilize.

Alimony versus Child Support Payments
Writer/submitter David Kane, CPA writes:

Alimony is also often called spousal support. Alimony payments are used to provide the spouse that is making a lower-income with funds to cover expenses that are not provided for through child support or through the division of property. Many factors come into play when determining the amount of alimony (spousal support) that can be awarded. Whereas child support is determined using strict guidelines provided by your state, the judge is often the deciding factor in whether or not alimony (spousal support) will be awarded.

Divorce Preparation Assessing Your Financial Condition
Writer/submitter David Kane, CPA writes:

No matter what your situation, your divorce attorney, divorce financial planner or the domestic relations court is going to need your financial information. Some financial topics will apply to you and others will not. Take the time to investigate and list out your financial assets and liabilities. This inventory will help you and/or your advisors assess your financial condition and will provide a basis to make recommendations that best fit your overall divorce financial strategy.

Splitting Individual Retirement Accounts during Divorce
Writer/submitter David Kane, CPA writes:

Individuals often get themselves into financial trouble by splitting retirement assets without the proper court order or by not using a QDRO (Qualified Domestic Relations Order)


 

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