My friend Arnold is a CPA. We often discuss the tax aspects of divorce. Recently over dinner in Tucson, he recently gave me an article by John F. Raspante, CPA and Arthur Garcia, Esq. from a publication of the New York Society of Certified Public Accountants dated of all dates April 15, 2010 entitled "5 Financial and Income Tax Pitfall to Avoid in Matrimonial Dissolution." I knew the items but they are worth repeating.
Pitfall 1: Sale of Principal Residence – Capital Gains
Pitfall 2: Qualified Domestic Relations Order (QDRO) – Alternate Payee (Pension)
Pitfall 3: Insuring the Property Settlement – The Revenge of Death (Life Insurance)
Pitfall 4: Unsecured Debt – The Irresponsible Former Spouse
Pitfall 5: Closely Held Business – The Investigation and Valuation
When you get a divorce you should make sure these and many more pitfalls are discussed with your mediator, attorney, and accountant.
As always, you can post any comment about this blog or Divorce Mediation, or just Mediation by following the directions at the right in the green column or at the bottom of this website. Learn more about mediation at http://www.center-divorce-mediation.com/ WM(174) 5/4/10
Pitfall 1: Sale of Principal Residence – Capital Gains
Pitfall 2: Qualified Domestic Relations Order (QDRO) – Alternate Payee (Pension)
Pitfall 3: Insuring the Property Settlement – The Revenge of Death (Life Insurance)
Pitfall 4: Unsecured Debt – The Irresponsible Former Spouse
Pitfall 5: Closely Held Business – The Investigation and Valuation
When you get a divorce you should make sure these and many more pitfalls are discussed with your mediator, attorney, and accountant.
As always, you can post any comment about this blog or Divorce Mediation, or just Mediation by following the directions at the right in the green column or at the bottom of this website. Learn more about mediation at http://www.center-divorce-mediation.com/ WM(174) 5/4/10