May I deduct the dependency exemption of a child after a divorce?
The custodial parent usually has the right to the deduction. This is decided in the divorce agreement and the non-custodial…read more
Is the cost of a divorce deductible?
No, but some fees for advice regarding income & estate taxes may be deductible. Fees for deciding the alimony amount…read more
What happens to retirement plans or IRAs in a divorce?
These plans are separated as non-taxable if in accordance with the order of the court. However, if the accounts are…read more
What are the tax implications of a divorce?
Once divorced, you’ll file separately. Child support is not taxable, and also not deductible by the payer. Alimony is taxable…read more
After a divorce, what happens to my credit history?
To avoid additional inconvenience in a divorce, keep credit in your own name. Don’t use your spouse’s name (Mrs. John…read more
What can I do when my current or former spouse’s bad credit affects me?
You can separate your credit history from your spouse’s with a bit of work. If you can prove that the…read more
How should credit card accounts be dealt with during a divorce?
Immediately cancel all joint accounts. Creditors can legally pursue both joint owners, regardless of who accumulated the debt. As long…read more
Can you financially prepare for a divorce?
Yes, it is crucial to plan for financial separation if you are considering a divorce. All financial assets and liabilities…read more