Be cautious how you negotiate the value of your short term rental properties in a divorce
If you own short term rental properties and need to assign the value of those assets in your divorce to your spouse, this article was written for you. When you are going through a divorce the perspective about the value of short term rental properties changes from...
read moreDivorce: Why you may want to move out before June 30th
It may come as a surprise to you and your spouse that your decision when to move out of the marital home can have significant financial ramifications to one or both of you. You may even view this as an unkind divorce move that could unexpectedly saddle your spouse...
read moreCould a divorce upset an offer in compromise with the IRS?
The answer is potentially Yes. But, first what is an offer in compromise? If you, the taxpayer, believe the IRS has inappropriately assigned you or your spouse a tax liability that is in error you may file a letter with the IRS requesting a lower liability. The...
read moreIs phantom stock (RSUs) considered marital property in a divorce?
In short the answer is Yes. But, what if you have not vested in the RSU as of your settlement date? How is that handled in a divorce proceeding? Let’s talk about each topic further. An RSU is considered marital property unless the holder of the RSU can prove the RSU...
read moreCan I access my spouse’s personal credit report during my divorce?
In short, the answer is No. Why? According to the federal Fair Credit Reporting Act, to request a consumer report on someone else’s credit, even if they are your spouse, you need what is called a permissible purpose (i.e. a valid reason) to request the credit report....
read moreMy spouse is requiring me to file my taxes as married filing separately, not jointly
Most married couples file their tax returns as married filing jointly. Why? Even if the couple is going through a divorce, the effective tax rate is usually lower than a filing status of married filing separately. Yet if your spouse does not provide you an option to...
read moreNot all mediators are the same. Buyer beware.
The success of your mediation is highly dependent on how cooperative you and your spouse will be in mediation and the quality of the process itself. Not all processes are made the same. Not every mediation process will allow you to arrive a mental clarity to arrive at...
read moreThe 179 deduction provides a hidden asset to divide in a divorce
Most people do not know to ask the question how a 179 deduction impacts spousal benefits after a divorce. Let’s talk about this ever so briefly. In 2018 the tax laws expanded the 179 deduction from $500,000 per year to $1,000,000 per year. This can provide a...
read moreHow do you tell your spouse you want a divorce?
How you approach this conversation is critically important First and foremost before you think about having this conversation you need to know in your heart of hearts this is what you truly want to do. It is a life changing event for you, your spouse and your...
read moreWealth at risk in a divorce is more than you might think
Many people who are either thinking about getting a divorce or are actively going through one do not realize their wealth can become at greater risk based on a number of factors such as: The process (or lack of capabilities) they decide to unknowingly use as their...
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