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Common financial mistakes to avoid when going through a
divorce include:
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Not communicating with your spouse.
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Not understanding 72(t)(2)(c) section of the tax code
regarding retirement plans.
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Not understanding, or making mistakes on Qualified
Domestic Relations Orders, thus losing critical retirement
benefit rights when retirement funds are divided.
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Excessive front loading of maintenance can mean a loss
of tax deduction.
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Not understanding the tax link between child support and
maintenance which can mean loss of tax deduction if the IRS
believes you have claimed payments to be alimony instead of
child support.
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Not obtaining life
insurance to cover maintenance and child support obligations.
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Not considering the tax basis in property.
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Paying tax on interest on property settlements.
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Not getting credit for carry forwards on tax returns.
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Not understanding the complexities of military and
government pensions.
For more information on these topics, see the
articles page. |
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