Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, they should be considered to keep taxes to a minimum. For example, if you sell your personal residence or one spouse remains there while the other moves out, you want to ensure you’ll be able to avoid tax on up to $500,000 of gain. A spouse’s retirement benefits and business are often part of a divorce settlement and must be handled carefully. You also must decide how to file your tax return for this year (married filing jointly, married filing separately or head of household). There may be other issues you have to deal with. We can help you cope with divorce financial issues.
