If you live in New York and recently ended your marriage, you may wonder how this significant life event will alter your tax situation. Divorce can bring a sea change in various aspects of your life, including your tax obligations. Grappling with such changes can seem...
Tax Considerations In Divorce
Could separation of liability relief help you?
When you divorce, you have to split all assets and debts. Debts include any taxes you may owe. But in some cases, you may not feel you should be responsible for tax debts. If the court orders you to pay anyway, you may be able to seek separation of liability relief...
Understanding important tax implications during divorce
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...
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...