Going through a divorce is stressful, no matter what your situation is. Whether your decision to split was sudden or long over-due, the emotions of a divorce can be painful and overwhelming. Aside from the heartbreak you may be dealing with, you must also consider the short and long-term financial consequences of your divorce. You may be asking yourself questions like, “Are we going to sell our house?” “How much alimony will I get?” “Will my taxes be affected?” or “Can I support the children on my own?” While these are all very legitimate concerns, there are people who can [...]
Archive for the ‘Divorce Tax Issues’ Category
It is true: divorce can be costly. But there are ways to protect yourself from breaking the bank if you are simply aware of the present and future financial implications that come with a divorce.
Most people are already aware that the fees that come with a divorce settlement can be costly; attorney fees and other basic legal expenses are enough to stress someone with an average income. But it’s when unexpected things occur to escalate those fees, can divorce ruin someone’s finances. Many people going through a divorce are not focused on the financial changes they will face once they are single; they are focused on escaping from a marriage that they no longer want to be in. Both parties may be clouded by their hateful emotions and can’t see past their anger to make good decisions. But anyone dealing with a divorce must know that making good financial decisions is probably the most important job they have.
Parties to a divorce in Arizona should always consider the tax implications of a divorce before making any financial arrangements, especially if children are involved.
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