Divorcing couples need to be informed about the potential tax consequences of any financial decision they make. The wrong decision can cost you thousands of dollars. The surest way of avoiding these mistakes is to have the help of a financial professional like a certified public accountant (CPA) participating in the divorce process. Not all assets are equal, even if they seem to be. For … [Read more...] about Tips for Avoiding Tax Implications When You Divorce
Archives for September 2022
Key Financial Records for Your Divorce
One of the main issues in divorce is the division of assets and liabilities. It seems both parties are always concerned that they won’t be treated fairly. The first step to making sure the community property is divided appropriately is to gather all financial records for review. You must provide all financial documents to the court if you are using traditional litigation, or to your … [Read more...] about Key Financial Records for Your Divorce
Business Valuation and Divorce in these Uncertain Times
Divorce and a business can make an already complicated process even more complex. When there is a business involved there must be a value placed on that business. If the business was owned by one party prior to the marriage the value of that separate property interest must also be considered. Even in the best of times, this is a contentious issue, and a divorcing couple may have different … [Read more...] about Business Valuation and Divorce in these Uncertain Times
What Makes a High Asset Divorce Different?
The divorce process is always stressful even for couples who agree a divorce is in their best interest. The stress is compounded when there are a lot of assets involved. The one who generates most of the income fears losing a lot of money. The one who generates less fears not getting enough. In an ordinary divorce, couples may own a home, one or two vehicles, and maybe a family business. In a … [Read more...] about What Makes a High Asset Divorce Different?
Divorce and Bankruptcy
A couple’s financial situation is a primary focus of the divorce process. Sometimes a potential bankruptcy of the couple or a business owned by one of the spouses throws an additional wrench into the mix. How to make all this work is often the source of conflict and animosity. One of the advantages of the Collaborative Divorce process is the neutral financial professional, who helps couples … [Read more...] about Divorce and Bankruptcy