During this discovery phase is when I most often determine if a spouse is trying to hide assets. Hiding assets during a divorce has major implications on both proper estate division & spousal maintenance. Additionally, if the assets are income-producing, the spouse receiving support may receive a lesser amount than what he(she) is entitled to.
After Your Divorce
Tackling Your Taxes When You've Been in the Dark
There are specific rules to follow which can become complex depending on your individual situation. On top of all of this, the Tax Cuts & Jobs Act, TCJA, has created the most sweeping changes to the tax code since 1986. The following are some general guidelines that should help you navigate your tax situation this coming year.
To Keep or Not to Keep the House
If you and your spouse agree to sell the house immediately, you will have to work together to choose a real estate agent, assign an asking price and get the home ready to show. As a couple, you will be able to make up to $500,000 in profit without having to pay capital gains taxes, provided you both lived in the home two of the five years before the sale. Selling the home produces a clean break and the freedom to decide whether you’d like to downsize, rent or move to a different locale.
Avoid these 10 mistakes during your divorce
Dividing Assets in Divorce
At some point, one or both of you will leave the family home. This can be the most agonizing split because of the emotional bonds the home represents. Women often want to keep the house, perhaps to spare children from a disruptive move or because they perceive it to be the most valuable asset the couple owns. But that also means keeping the mortgage payment, home owner’s insurance, property taxes, utilities and upkeep – all on one salary instead of two.