We often think about divorce in terms of dividing a couple’s assets: cars, homes, real estate, bank accounts, and investments top the list. Property division in divorce can be challenging. Sometimes, our most treasured assets don’t carry a price tag. Family keepsakes are a source of contention in divorce. They often lack monetary value, and
One of the important considerations with a divorce involves tax issues. Alimony payments are deductible to the payor, and must be reported as income by the payee. The reverse is true for child support. Assets, such as retirement interests, should be divided in way that accounts for tax consequences.
Harrison & Hannah: Two With An Interest In Taxation
Tax season is in full swing. Thanks to Jeanne Hannah, Michigan divorce lawyer, for her summary of the IRS tax resourcesthat may be of interest to current, and former, divorce litigants.
Hannah’s recent post provides links to the IRS forms and publications that address an individual’s filing status, exemptions, tax interceptions and claims for…
Eight Tax Tips For Divorcing Couples
Today we wrapped up a complex case involving property division and spousal support. The litigants thought they were miles apart from each other, only to find a new best friend in Uncle Sam. With the assistance of a terrific tax accountant, we were able to craft a settlement that took full advantage of the Internal…