Things to Steer Clear of When Getting a Divorce Pt. 3

This is part three of a three part series on things steer clear of when getting a divorce. The other two articles covered more preparation tips than anything else. The third part of this series will attempt to discuss just how vital it is to pay especially close attention to anything and everything with taxes. The rest of this article will attempt to jump in and explain this.

There are two things in life that are certain: death and taxes. It is for this reason that you need to not pretend like your taxes are invisible. You need to ask yourself the questions prior two getting a divorce.

• Are you currently in debt?
• Do you stole money on taxes from a previous year
o If you do will taxes still, how much money is this?
• Does your spouse know about your tax situation?
• Do you file the single or joint tax return?
o In the year that your divorce was finalized will you file separate returns or a joint?
• Are their children under the age of 18 in the household?
o Have you and your spouse mutually agreed on who gets custody of their children which in turn means claiming dependents on the return?
• Is there alimony involved?
o If this is the case, how will this change how you currently file taxes?
• Is their child support being paid out?
o Once again, will money being doled out result in a different tax filing?
• Which of the parties will get taxed when the house is sold? This is known as the capital gains tax
• Are you your spouse or both of you in line to receive a childcare credit?

The cardinal sin in a divorce proceeding is to concede your wants and needs in exchange for your spouse’s feelings. By giving in to their request, you may be doing yourself some long term damage in the long run. Giving your soon to be ex spouse what they want is not a way to salvage the marriage. Instead, it is just confusing you from a decision that you have decided was the rational one. By allowing your emotions to come into play, a divorce could then turn into a separation. It is no surprise that a large number of people fall prey to these feelings of remorse and try to work things out with their spouse.

If you have made up your mind, go with your brain and your rationalized thoughts. Reconciliation Is certainly an option but more times than not a divorce ends up happening not that much further down the road.
This is the last part of a three part series on things to steer clear of in a divorce proceeding. Armed with this information you can seek out better help through your attorney and/or accountant.

Things to Steer Clear of When Getting a Divorce: Part 1
Things to Steer Clear of When Getting a Divorce: Part 2
Things to Steer Clear of When Getting a Divorce: Part 3