The Best Books About Divorce and Money

Taxes & Divorce: Whether to File a Joint Return, Separate Returns, or No Return: It is one of the first questions that need to be addressed, often in an atmosphere of mistrust, hurt and hostility. Nonetheless, a decision must be made. Avoiding the issue will only make the government richer at the expense of the couple. Ordinarily, joint returns produce a lower tax on the joint incomes of a husband and wife than filing separate tax returns. But in many instances, filing separate returns may actually produce a lower combined federal and state tax. Consequently, separate returns should always be computed. If by filing separate returns, a lower combined tax results, one issue of disagreement can be resolved immediately by the filing of separate returns. However, when the combined tax liability is less by filing a joint return, several non-tax issues remain. During divorce proceedings a spouse may refuse to file a joint return because of hostility or vindictiveness, or fear of the resulting liability (joint and several) for tax, penalties and interest that is actually due (whether or not correctly shown) on the return. The price to be paid for not filing a joint return is not only higher tax rates, but loss of some elections, credits, and deductions or exemptions. Where one party insists, often at the advice of counsel, in filing a separate return at a higher tax cost to the couple, the spouse injured by the separate return filing could be compensated for the additional tax in a property settlement. In effect, this is an insurance premium paid by the spouse seeking protection from joint and several liability. Some judges follow this practice. Featured Download Manuals: The Download Center What Happens to the Marital Home Valuation of Businesses in Divorce Cases Identification and Division of Dissipated Marital Assets Identifying Unusual Types of Divisible Property Division of Intellectual Property Interest Upon Divorce Tracing Separate Property Through A Commingled Bank Account Domestic Violence & Distributing Property Upon Divorce Equitable Distribution of Stock Options Equitable Distribution of Lottery Winnings The Effect of Bankruptcy During Divorce Featured Books: The Divorce Bookstore The Property Division Handbook Asset Protection from Divorce Divorce & Money: Make the Best Financial Decisions Fairshare Divorce for Women Related Research Center Categories: Helpful Services: Accounts Antenuptial Agreements Appraisals Appreciation of Assets Attorney's Fees Bankruptcy Classification of Assets Closely Held Businesses Closely Held Corporations Corporations Creditor's Rights Debts Disabilty Benefits Dissipation of Assets Division of Property Double Dipping Employee Benefits Equal Division Factors in Award Financial Forfeiture of Assets Gifts Goodwill Income Inherited Property Interest on Assets Joint Titling Life Insurance Marital Home Military Benefits Pensions Premarital Property Prenuptial Agreements Prof. Licenses & Degrees Professional Practices Severance Pay Social_Security_Benefits Source of Funds Stock Options Tax Consequences Transmutation of Property Trusts Valuation of Assets Access to some research documents (those we license from independent legal research companies) are restricted to subscribers. In order to gain access to ALL of these documents, you must subscribe to establish an account. If you are already a subscriber, you may sign in before you begin your research. (Why Subscribe?)

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