The importance of attending to divorce taxation matters

A national association that researches and analyzes business and tax issues related to divorce is holding its ninth annual conference on divorce taxation in New York this coming weekend.

A central focus of this year’s gathering is tax misconceptions that are commonly held by divorcing persons, some of which might be particularly relevant to high-asset divorce considerations.

Why is it crucially important for tax-related matters to be fully understood and accounted for during the divorce process and set forth in crystal-clear fashion in a separation or divorce agreement?

“It’s important to remember that avoiding tax issues during a divorce may likely make the government richer at the expense of both parties,” says Carl Palatnik, the Executive Vice President of the Association of Divorce Financial Planners.

The association’s president, Lili Vasileff, puts it more bluntly: “When it comes to divorce and taxes, there are actually three parties involved; the wife, the husband, and the government,” she says. “When divorcing spouses don’t cooperate, the only one who benefits is the IRS.

Most divorcing parties would certainly agree that such an outcome should be skirted, whenever possible. The question is, “How?”

The answer is hardly surprising, and centers on a client buckling down with a planner — often a divorce attorney — to take a close and exacting look at finances in a marriage. Those include all manner of assets and liabilities, and consider issues such as dependency exemptions, deductions, capital gains taxes, the best manner for disposing of property, special tax issues related to alimony and child support, and a host of other potential considerations.

A person with questions or concerns regarding tax matters and divorce can get candid and confidential answers from an experienced family law attorney.

Related Resource: Insurance News, “ADFP Conference to Address Divorce and Taxes” Sept. 1, 2011

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