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Income splitting is a tax policy of fictionally attributing earned and passive income of one spouse to the other spouse for the purposes of assessing personal income tax (i.e. "splitting" away the income of the greater earner, reducing his/her income for tax measurement purposes), thus reducing tax rates paid by the spouse who earns more and increasing rates paid by a spouse who earns less (or ...
Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
This is equivalent to "income splitting", meaning that the tax due is the same as if the two persons use the schedule for single persons, but with each declaring half the total income. At higher incomes, this equivalence is lost but there is still an advantage if the two incomes are sufficiently different.
In dividing shared assets during a divorce, it can be tempting to want to keep the marital home for any number of reasons, but it’s important to be sure this is the best financial decision for you.
Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
Divorce is always complicated – emotionally and financially. While a lot of the focus in a divorce goes to dividing assets, figuring out who is responsible for various debts can be just as ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...