The Cost of Proving Separate Property in Divorce
The spouse claiming property is separate in divorce has the burden to prove it. In a long term marriage the proof can be hard to find, and expensive to provide. It requires that the source of the funds used to create and maintain separate property be “traced” by a forensic accountant or CPA and requires, … Continue reading The Cost of Proving Separate Property in Divorce
Taxes and Divorce: It’s NOT “All About that Bass”. It’s All About that BASIS – that Cost Basis
Although often ignored, the cost basis in taxable accounts and for property is critical to a long term efficient asset division in divorce. What is cost basis? Cost basis, sometimes referred to as just ‘basis’ or ‘tax basis’, is generally the original cost (purchase price) of a stock, bond, mutual fund, other financial security or … Continue reading Taxes and Divorce: It’s NOT “All About that Bass”. It’s All About that BASIS – that Cost Basis
In divorce, who should pay for college?
This is an important debate. Parents can either ask or offer to pay for college as part of a divorce settlement. However, in divorce, a commitment to pay for college is a negotiating point, not a legal requirement (as some may think). Should it be? I’m not sure. That’s where there’s room for debate. Here’s my thought. If a married couple … Continue reading In divorce, who should pay for college?
How Should Retirement Assets be Valued in Divorce?
Many a highly trained family law attorney will “tax affect” retirement accounts by using the after tax value of a retirement account on a couple’s inventory of assets. As a divorcing man or woman you need to know that this method of valuation is more of a negotiation tactic then economics. Left unchecked, the spouse receiving more of the … Continue reading How Should Retirement Assets be Valued in Divorce?
Credit Cards in Divorce
Divorcing couples often use their credit cards to pay attorneys and other professionals so these expenses can be tracked and divided at settlement. During divorce, credit cards can get “maxed out” to their limit. Divorcing couples are often concerned about the cost and the impact to their credit scores. They are also concerned about the … Continue reading Credit Cards in Divorce