4 methods to allocate the tax liabilities in a divorce
If you are going through a divorce and filing as married filing jointly or married filing separately, be wary how the tax liabilities are allocated in your divorce. Why? If one of your goals in your divorce is to keep as much wealth in your pocket as you can, you need...
My spouse talks disrespectfully to me during my divorce
Is your spouse responding harshly to you during your divorce process? Did you ever think this is the way your divorce would go? You probably thought, like most people, your spouse would respect the boundaries you had established in your lives together. Simple things...
Should you file as married filing jointly or married filing separately in a divorce?
People who are concerned their spouse has (or will) understate income or overstate deductions question whether they should file their tax return as MFS instead of MFJ. When a return is filed as MFJ and the IRS identifies misreported information, the IRS holds each...
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...
How to obtain a head of household tax filing status in a divorce
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...
Could 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...
Is 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...
Can 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....
My 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...
How to choose a mediator for a divorce
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...