When divorce is not an option dating

20-Dec-2020 05:49

If not, you may have to consider selling the home, other assets or significantly decrease your expenses in order to meet your budgetary needs.

The effect of your settlement on various taxes can be very costly if not addressed thoroughly.

Too often, a divorcing individual accepts an unfair settlement and finds that a few years later he or she is experiencing serious financial challenges. Following are brief summaries of these seven mistakes.

Each of these areas can be quite complex, so we strongly recommend that you consult a professional prior to making a financial decision that may affect the rest of your life.

This list is not exhaustive, and depending on the complexity of your case, there may be many more areas that require thorough analysis.

Liquidity refers to the ability to access the cash value of an asset.

(Here are some divorce tax tips if you don't trust your husband's accounting.)If you were divorced after 12/31 and you qualify, filing as head of household versus single can also save considerable tax dollars.

Your best course of action is to consult with a tax professional regarding these options.

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An antique automobile, however, is nearly illiquid because it is very difficult to quickly sell this asset to access the actual cash value.Capital gains refer to the fair market value of an asset minus its cost.