Category: Taxes and Divorce
Divorce and the New Tax Law
The new tax law, Tax Cuts and Jobs Act of 2017 (“TCJA,”) impacts many of the most commonly negotiated terms in divorce. I’ll briefly cover just a few here. Please be sure to review your tax status with your tax planner or attorney before next year. Alimony: For divorce decrees after December 31, 2018, alimony … Continue reading Divorce and the New Tax Law
Inherited IRAs in Divorce
Inherited IRAs could be mistaken for traditional IRAs in divorce. The consequence can be dramatic and costly. An Inherited IRA could inadvertently be treated as a traditional IRA, included as a community asset and divided in the decree – mistakes that could cost the beneficiary of the Inherited IRA thousands in both the amount included … Continue reading Inherited IRAs in Divorce
Converting Rental to Primary Property in Divorce
When couples own a primary residence and rental properties one idea for asset division is for one spouse to stay in the primary residence and for the other to move to one of the couples’ rental homes. While this is convenient, the tax costs should be considered when valuing the properties. Section 121 IRS rules … Continue reading Converting Rental to Primary Property in Divorce
Four Reasons Why Great Family Law Attorneys use Certified Divorce Financial Analysts®
Experienced family law attorneys and Certified Divorce Financial Analysts™ (CDFAs) are ideal referral partners and more. CDFAs Build a Financial Picture CDFAs do the homework. We gather the tax returns and other financial documents that attorneys need. We know which additional documents will help get to the real picture. Then we organize financial information and provide … Continue reading Four Reasons Why Great Family Law Attorneys use Certified Divorce Financial Analysts®
Increasing Financial Resources in Divorce
I recently attended the annual conference of the Association of Divorce Financial Planners. A presentation from my colleague Nancy Hetrick of Arizona highlighted something I’ve been able to achieve in my own practice – increasing the amount of money available to be divided in divorce without borrowing money. There is often a better way than … Continue reading Increasing Financial Resources in Divorce