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Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

DIVORCE & SEPARATION ISSUES

Taxpayers must resolve many tax-related matters when they separate or divorce. Failing to consider these tax issues can have a long-term financial impact. Taxpayers contemplating separation or divorce are encouraged to consult with this office before finalizing any agreements. The following articles discuss some of the frequently encountered issues.

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Alimony
Alimony is the term used for payments to a separated or ex-spouse as part of a divorce or separation agreement. The payments are taxable to the recipient and deductible by the payer but are not treated as alimony if the spouses file a joint return with each other.

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Spousal Buy-Out Debt
Generally, a taxpayer’s home mortgage interest is limited to the interest on acquisition debt and $100,000 of equity debt. In a divorce action sometimes one spouse will buy out the other.

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Community Property and Divorce
In community property states, community income must be divided between spouses as required by state law. In general, community income is that earned while spouses live together. Married taxpayers domiciled in the following states are subject to community property rules: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

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