The TaxGirl, Kelly Phillips Erb wrote a piece at TIME.com about divorce and taxes. While tax day just passed us by last week, it’s an interesting piece and answers many questions that I often receive from clients. Here’s a sneak peek at the 5 points in the article: Filing Status is based on the Calendar…
Category Archives: Financial Issues in Marriage
Are Your Lottery Winnings Getting Separted in the Divorce?
The Background Imagine being separated from your spouse for several years. When you were together, you didn’t really have any property or debts. You didn’t have a lot of money in general. You left because you were tired of being abused and so you could protect your children. Since you separated, it has been a…
Reporting Alimony Received on Income Taxes
Alimony is a tricky issue in a divorce case. Many people want it (or don’t want to pay it) but the tax implications of alimony are important to note and consider in the negotiation of your divorce settlement. In general, alimony is taxable income to the recipient and is a deduction for the payor. The…
Backing up Financial Information Before You Go
If you are contemplating leaving your marriage you may consider taking a few steps before breaking the news to your spouse or leaving the house to make sure you protect yourself and your financial interests. South Carolina family courts are courts of equity when it comes to dividing up marital assets. But before you can…
Filing Bankruptcy Can Improve Your Family Life
Parenting and stress go hand-in-hand. Mix in being buried in debt, and the financial pressures can begin taking a toll on your family, your health, and your emotional well-being. Going through tough financial times increases tension within the family and interferes with your relationship with your children and your spouse. Don’t let the situation make…