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Tax Traps to Avoid During Divorce
It is recommended that you hire a CPA to complete your tax return the first year after your divorce. This will ensure that it is the return is done properly and you receive all deductions for which you qualify. Your divorce may finally be over, but the tax effects can continue for years.
Please consult your tax advisor concerning the information addressed above to ensure it applies to your unique situation. Take the time to understand the numbers before you sign your divorce settlement. Secure your future. Getting a financially smart divorce also includes properly wrapping up the loose ends (changing your will/beneficiaries, Health Care Power of Attorney etc.) once the divorce is over.
The Tennessee court may award the family home and effects, or the right to live there for a reasonable period of time, to either party, but shall give special consideration to the spouse having physical custody of a child or children of the marriage.
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