- You may want to include language about the tax consequences for your last year of marriage in the decree. Clarifying that any liability or refund for that year is shared, could save you effort later in the year when one or both of you have a claim to the other’s refund/liability.
- The IRS does not care about the specifics of your property division. Unless it is explicitly in the decree, the IRS will not consider whether one of you received more property in exchange for less tax liability. The IRS operates on its own and you should obtain attorney advice on tax liability before finalizing the divorce.
- You may want to look at the tax implications of filing as Head of Household v. Single post-divorce. Who will claim the dependent exemptions? Do the exemptions need to accompany other benefits claimed such as healthcare reimbursement or child care benefits? Taking the time to think through these issues before finalizing the divorce could save you time and money later.
KIDS CORNER | Modeling Behavior We Want Our Children to Emulate
I hope that young children were not still up and watching the *Academy Awards broadcast when Will Smith got out of his seat, walked up the concourse, and forcefully slapped Chris Rock for making a poor joke at the expense of his wife Jada Pinkett Smith. But even if...
