6. Who Handles the Taxes?
It’s no surprise that your divorce will also affect your filing status. Typically, a woman’s income will be affected more than a man’s post-divorce, especially if she was a stay at home mom.
Is alimony part of your divorce? Then remember that it is no longer included as adjusted gross income, meaning that the effective tax rates for recipients will be lower. On the other hand, the person who is paying alimony won’t be able to deduct those payments from their taxes anymore.
By this point, you should either contact a financial adviser or tax professional. The last thing you want to do after a divorce is to make a mistake and have Uncle Sam knocking at your door!
We hoped this article has helped! Divorces are often messy and lengthy but we’re sure this article has helped at least some of you figure out where to start!
1 thought on “Getting a Divorce? 6 Financial Tips to Keep You Going!”
All this is very informative, and deserves to be remembered. The one really big obstacle is the attorney, and his cooperation and HONESTY. My attorney and my former spouse’s were in cahoots with each other, and the way they handled this was to delay answers from letters that were sent, deny that letters were sent as they didn’t receive it, go on vacation for a few days, delay answering important mail, and anything else that could be a hitch in completing the job quickly and to the best of their ability. I guess these two reprobates learned how to make money, but never protected their client. My attorney, who had questions on the real estate, that went unanswered, called my real estate agent to get an answer, then billed me for the time. He was NO WINNER. This person was recommended by another attorney. Too bad I didn’t check out both attorneys from the beginning. I say that $40,000.00 was a lot of frivolous waste of my hard earned dollars. I only worked forty some years before deciding to divorce this narcissist, who died three years after the divorce was final. Too bad it wasn’t before that. BTW, I never found out the amount of how much the attorney for my former husband fleeced him for.