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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.
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 ...
Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
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 ...
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 ...
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 ...
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. [1]