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Divorce and taxes -- go together during a divorce

Divorce is not what most couples would choose when they are entering into a marriage, but many marriages still end up in divorce. Going through a divorce as a celebrity or famous athlete is even harder because of the publicity that surrounds the break-up. Lindsey Vonn, the Olympic and World Cup champion skier has been in the news not because of her skiing accomplishments, but her divorce announcement. Now over the weekend, the media reported that the Internal Revenue Service filed a tax lien against Vonn and her soon to be ex-husband for failing to pay more than $1.7 million in delinquent federal taxes.

Like most wealthy people, she entrusted her finances to someone else and assumed that everything was being properly filed. According to Vonn, "I just recently became aware of the outstanding balance and I have done everything in my power to settle it immediately. The money owed was for the 2010 tax year, which was filed on time, and it has been paid in full. This is an important lesson for me. Not being in control of my finances and relying on someone else who you believed had your best interest at heart was a mistake and one I will not make twice."

Vonn is currently making her living as a professional skier and has many high-profile sponsors that help fund her career and include: Red Bull, Under Armour, Procter and Gamble and Rolex. Her ex-husband was her coach until the divorce papers were filed.

According to Vonn's spokesman, Vonn has paid off her federal back taxes and is clear of the IRS debt. She also stated that Vonn is disappointed with the situation, but feels that she has done everything she needs to do to remedy the situation.

While this back tax situation has been resolved, the impending divorce could bring up more issues with the couple. It has been reported that the two did not sign a prenuptial agreement and there could be a lot at stake for Vonn.

If you are going through a divorce and have questions about your tax situation, you should seek the advice of an experienced Georgia family law attorney or tax professional.

Source: USA Today, "Spokesman: Vonn pays off IRS tax debt," April 15, 2012

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