Divorces can be tricky, especially when tax season comes around.
At some point after a divorce had taken place, a husband agreed with his former spouse to make a single $20,000 lump-sum payment. In doing so, his wife assured him that he would then be relieved of his $500 per month spousal support obligations.
Earlier this month, we touched on a few potential implications of family law issues on income taxes. With the federal tax filing deadline fast approaching, we thought it might be a good time to revisit that topic and add some clarification on how a child custody order or agreement could affect your income tax filing.
With spring fast approaching, many people in Georgia are looking forward to a fresh start. For some, that means doing something relatively minor, such as cleaning out a closet or a new fitness regime. For others, spring motivates them to making a major life change like quitting a job, selling a house or ending a marriage.
Earlier this week, we wrote about some of the many tax considerations of a couple who is recently divorced or who are in the process of ending their marriage. Thus far, we have discussed whether couples should file jointly or as individuals during or after a divorce, and which parent should claim the child or children as dependents.
Although there is still more than a month until the federal income tax filing deadline of April 17, many Georgia couples have likely begun the long and often-complicated process of preparing their tax return. While taxes can be confusing on their own, they become even more so if you are going through a divorce or similar life event.
The division of marital property in a divorce proceeding can be of significant, if not overriding, importance. In many ending marriages, there is much to consider, including the family home, alimony obligations, pension and retirement accounts, investments of various types, as well as tax consequences that are often at play.