You should approach taxation issues with the goal of preserving as much of the marital estate as possible. Not only for distributing assets at the time of settlement, but also for future financial planning for the family. The more taxes you save, the more you will have left to divide in the end. With more income and assets heading into divorce, you will both be better prepared to live in separate households and adequately support your children (as the case may be) after the divorce.
In
this excellent blog posting, Chris Pastore outlines 6 tax issues you should discuss for a fair divorce settlement:
- Changes in Tax Rates in Year 1 of Divorce
- The Dependency Deduction
- Mortgage Interest and Property Tax Deductions
- Alimony Payments and Taxes
- Transfers of Marital Property Incident to a Divorce
- Spousal Buyouts in a Divorce
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