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It’s important to consider your life insurance needs prior to the divorce so that you can include appropriate provisions into your settlement. If you pass while married, in most states, the property passes to the spouse who then presumably passes property along to their children. Divorce makes these decisions and inheritance paths [...] 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 [...] When divorcing and structuring your property settlement, there are important tax considerations to keep in mind. Internal Revenue Code section 1041 provides guidance on the taxation of transfers of property between spouses. The general rule states that property transfers between divorcing spouses are treated as tax-free gifts and no gain or loss [...] What is Alimony? 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 [...] |
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