The Financial Divorce Blog » Financial Considerations

Child Dependent Exemption Tax Deduction and Divorce

Dkane — Sat, 09 Jan 2010 04:22:47 +0000

For tax year 2009 and after, the rules for the Child Dependent Exemption Tax Deduction related to divorce have been changed.

The Internal Revenue Service amended the tax code related to the Child Dependency Exemption Deduction. Being able to claim the exemption for your dependent child has many significant tax advantages to the parent claiming [...]

Divorce Information Tips and Strategies to Protect Your Finances

Dkane — Mon, 07 Dec 2009 22:03:02 +0000

No one goes into their marriage thinking that they are going to have to pull things apart and pick-up the sometimes unfamiliar role of managing their finances. To some, this is what they are used to dealing with and to others, it becomes a very stressful task that is piled onto an already stressful [...]

Divorce is Overwhelming….Where to Start?

Dakane — Thu, 22 Oct 2009 10:59:07 +0000

Many people find themselves in marriages that are destructive but are too intimidated by the process and the unknowns to know where to start. This is one of the reasons divorce lawyers make so much money – they help people navigate the system, and are a shoulder to lean on in a very tough [...]

Taxation on Property Settlements in Divorce

Dakane — Wed, 09 Sep 2009 13:48:21 +0000

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 [...]

Financial Impact of a Properly Structured Alimony Agreement

Dakane — Sun, 05 Jul 2009 14:44:13 +0000

Over the years, we have seen cases in which separation or divorce instruments violate the requirements for structuring alimony payments correctly. These situations often produce a negative financial impact for the individual that is paying the alimony and can lead to additional lawsuits and ill feelings. In order to avoid this potential mess, [...]