One of the complications of going through a divorce is deciding how to divide assets. This becomes even more complicated when considering the tax implications of the division. Even if division seems equitable on the surface, it may be more of an unfair division when...
Tax Considerations In Divorce
Tips for divorcees in light of proposed tax increases
In 2021, the president proposed a tax rate on the wealthiest 1% of Americans. The current income tax rate in this demographic is 37%, and the increase would raise it to 39.6% on income and capital gains. The proposed tax hike would impact people who earn over $400,000...
How your birth date can affect your Social Security spousal benefits
If you want to apply for your ex's Social Security benefits, there are many elements to consider. For one, courts have always looked at earnings when dividing benefits. The duration of your and your spouse's marriage is also essential. Your marital status is another...
How will your taxes change after a divorce?
Going through a divorce in New York means you’ll have a lot of things to consider. Once your divorce is final, your taxes will change. This is something many people don’t know, but having information ahead of time can help to prevent unpleasant surprises. What happens...
Can you be responsible for back taxes after divorce?
Before you file for a divorce in New York, New York, you need to consider how the divorce will impact your taxes and what you owe. You may also want to think about how your taxes will be affected when the divorce itself isn't fully finalized. How do back taxes work in...
How to file your taxes after a divorce
New York couples who are undergoing a divorce have a lot on their minds. One particular area they may not be considering is the tax consequences of their divorce. It's necessary to let each spouse understand any tax consequences that are a result of property division...
Managing investments through divorce in New York
Making the difficult decision to file for a dissolution of marriage can bring with it a great deal of stress. Not only are you facing the prospect of beginning a new chapter of your life, but you may also be struggling to responsibly manage your existing investments....
How can divorce affect your tax return?
When you get married in New York, you're eligible for extra tax breaks that you didn't get before. Once you get divorced, those tax breaks go away. However, you might still be able to claim a deduction on your taxes if you file at a certain time. How can divorce...
Alimony and taxes: What you need to know during your divorce
People who are divorcing will sometimes want to know whether they qualify for alimony or not. The laws in New York regarding spousal support payments are strict, so not everyone will qualify. Some individuals might be able to work out these payments as part of the...
What are some tax implications associated with getting divorced?
Divorce isn't just trying on former spouses' emotions but can be financially taxing as well. Your tax filing status changes after your divorce. There are also other tax implications associated with splitting up that you need to be aware of before you negotiate a...