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You could be eligible for some tax breaks once your divorce is finalized. Keep reading to learn about what they are and how they may apply to your situation. 7 Overlooked Tax Breaks After Divorce ...
Income splitting is a tax strategy of transferring 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 the tax paid by the spouse who earns more and increasing the tax paid by the spouse who earns less, with the ...
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.
Divorce is a tough process on a personal and emotional level. It can be disruptive to families and impacts your life on nearly every level. Beyond these challenges, divorce is a major financial ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
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.
According to the Financial Industry Regulatory Authority (FINRA), the only way to split an IRA in a divorce and avoid taxes is to have a court-ordered divorce decree and roll the separated funds ...
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 ...