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Divorce and Taxes


What To Know About Taxes In A Divorce Or Separation

Divorce is not an easy time for most couples and their families. However, a question whose answer is easy to respond to is the tax implications of a legal separation or a divorce. It has been observed quite often that there are several people who end up paying an exorbitant amount as tax after their…


Factors to Consider Before Accepting a Lump Sum In Your Divorce Settlement

Are you one of those couples who are in the most of your divorce settlement negotiations? If that is so, you should contemplate properly before angering to accept a lump sum as your settlement. In case the non-earning spouse is offered a lump sum in lieu of his or her divorce settlement. The money is…


Should You File Taxes Separately or Jointly During Divorce?

In case your divorce is not yet finalized, you could file joint return if you remain married at the end of a tax year or as of December 31. Both husband and wife must provide consent to this filing. If there is no consent and you are still married, then your options are to file…


Tax Issues That You Need To Know In A Divorce

Getting divorced? Be prepared to do your own taxes from now on. One of the many headaches of individuals who have recently gone through a divorce is coping with tax issues. Until now you must have filed your taxes as a couple but now the rules will change. You will realize that there are certain…


Preliminary Financial Disclosures Are Necessary In A Divorce

Preliminary financial disclosures have a crucial part in a divorce. Documents detailing the debts and assets of the parties (separately and jointly held) in a divorce need to be prepared. Omission of any debts or assets, intentionally or unintentionally, can affect the outcome of the divorce. California divorce laws require both parties in a divorce…


The Need for Financial Disclosures In A Divorce

In California divorce cases, a financial disclosure known as a “Preliminary Declaration of Disclosure” is a legal document declaring your income and your expenditures, what you own and how much you owe in terms of assets and liabilities is required.  It a legal document that both parties have to prepare and serve separately while filing…


Should You Keep Your Marital Home After The Divorce?

A divorce means dividing your properties and assets. For many couples, dividing their marital home becomes the biggest issue. It is their most valuable asset and neither of the two spouses wants to part with it. The primary residence has significant financial and emotional importance. But deciding whether to keep your marital home after the…


Marital Debt – What You Need to Know When Getting a Divorce

During a divorce, the division of assets – whether financial or property often take top billing. You’re probably also weighing options to decide whether you will be able to resolve differences and come to an agreement on how to split up your valuable possessions. But there’s one area that doesn’t always get center stage but…


A Guide to the IRS Release of Claims and Exemption Form

The IRS release of claims and exemption form, also known as the IRS Form 8332, is actually two forms instead of one. One of the forms is the release form, while the other is the revocation of release form. What is this release and revocation of release of? This is the claim of exemption that…


What Are The Tax Implications For Selling The Marital Residence? ( PODCAST)

  Welcome to The Maggio Law Firm’s PODCAST regarding the tax implications for selling the marital residence during a divorce in California and the United States.   [podcast]https://www.maggiolawfirm.com/wp-content/uploads/2014/12/What-Are-The-Tax-Implications-For-Selling-The-Marital-Residence-PODCAST.m4a[/podcast]

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