One of the most stressful times in a person's life can be going through a divorce. There are so many factors to consider, so many decisions to be made, and so many emotions to manage. With children, a home and assets in the mix, it can be even more daunting.
Sometimes clarifying taxable events during the negotiation stage can help to ease some tensions between the parties.
And sometimes it's helpful to bring an unbiased tax professional into the process--even if it is to financially protect one spouse from the other.
During the negotiation process, Delfau Tax & Financial Services will review a divorce agreement for tax impact items including:
» Adherence to Section 1041 rules
» QDRO inclusions
» Alimony vs. child support allocations
» 401(k) plans division
» IRA divisions
» IRS exemption forms and agreements
» Appropriate division of tax deductions (e.g. mortgage interest)
» Life insurance policies (in-force or required) included in the negotiation
» Contentious financial issues delaying an agreement
» Other items specific to the divorce agreement under negotiation
Help is also available for related divorce issues such as:
» Paperwork completion (e.g. IRA transfers) to ensure that transfers do not trigger a taxable event
» Completion of IRS exemption declaration forms
» Determining which divorce-related expenses can be treated as allowable tax deductions
» Tax preparation for current or future year tax returns
» Life insurance policy placement or upgrade as required by the divorce agreement
Delfau Tax & Financial Services can help attorneys and their clients work through the tax and insurance aspects of a divorce agreement--with the goal of making it less stressful for all parties involved.
If you are considering a divorce, (or are in the middle of one), it is never too late to consider working with a divorce mediator instead of battling it out in court.
If you are interested in exploring divorce mediation, Kristin is happy to refer you to a great divorce mediator in the area--as always, with no strings attached. Be sure to choose "Divorce Mediator Info" on the contact form below.