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Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. Here are four tips to help such partners better manage the situation: Take inventory. Identify the assets and liabilities each person brings to the union. If one...

Selling in the Year of Divorce or Later When a couple is divorced as of the end of the year their principal residence is sold, the tax law considers them divorced for the entire year. Therefore, they are unable to file jointly for the year of sale. Of course, the same is true...

For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you’re getting divorced and selling a home, you may need to plan ahead to take advantage of the tax break. If you’re unmarried, you can potentially sell a...

Having an employee sign a separation agreement upon ending the employment relationship amounts to a form of insurance that he or she will not later take legal action against your company, based on the termination. Whether a separation was friendly (for example, due only to a...

What’s known as “double dipping” is generally understood as the double counting of a marital asset in a marital dissolution — once in the property division and again in the spousal support award. Typically, courts frown on double dipping. But not always. For example, in the...

What type or quantity of evidence is needed to establish the value of a business for marital dissolution purposes? This was one of the key issues in Hugh v. Hugh. On appeal, the wife argued that the trial court had erred in declining to value and equitably distribute the couple’s...

Divorce can be messy, especially when it involves a controlling interest in a closely held business that has the power to set compensation levels. A professional valuator can help evaluate owners’ compensation, providing objective data sources that enable you to arrive at a fair...

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Here are some key tax tips to keep in mind if you get divorced or separated. Child support. If you pay child support, you can’t deduct it on...

How assets are split up in a divorce can have significant tax consequences, especially when the marital estate includes a private business interest. Valuation is just part of the picture. Equitable distributions require the parties to premeditate tax issues, too. What’s at stake?...

When it’s critical to revise your estate plan There are few events that can completely upend a person’s life more than divorce. Of course, there’s the emotional toll on you and your family to contend with, but you also have to consider the divorce’s impact on your estate plan....