The ability to claim the dependent child exemption can be a significant advantage for a divorced parent. It’s important that this exemption be consciously planned for as part of the divorce process. Clearly state in your divorce decree which parent has the right to take the exemption during the year(s) of separation, the year of [...]
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An area where many individuals get into tax trouble is when splitting their Qualified Retirement Accounts (QRPs) and Individual Retirement Accounts (IRAs). Once you have come to the revelation that your assets must be split you may be tempted to start the process by making pre-divorce transfers prior to receiving an official judgment, decree or [...] One of the situations that we see in many family situations is where one spouse is the primary caretaker of the financial obligations for the family. That person may have been in charge of paying the bills, setting up the investment accounts, making investment decisions (stocks, bonds, real estate, mutual funds, etc.), buying and maintaining [...] |
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