Welcome to The Divorcierge divorce tip of the week. When you're negotiating
your financial settlement one of the most important things you need to
consider is the tax implications of the different components of the settlement. I
have heard many cases where people didn't really think about what the
long-term effects would be on their income and they agreed to something that
may not have been wise and may not have agreed to had they had somebody take a
look at the long-term consequences the long-term tax consequences. Now we all
know that that the tax code is changing and there are different effects on
divorce. Most importantly, after 2019 and going forward alimony or spousal support
will no longer be tax deductible for the payor which was the case up until or
will be the case up until the end of 2018. Another thing to think
about is the deduction of mortgage mortgage interest. If you have a mortgage
on your home and you are talking about transferring the home between one party
and another, the amount you can deduct is changing and that may affect how much
you end up getting in your settlement as well when it comes to the real estate.
You also want to think about tax implications of selling any assets. If
somebody owns a bunch of stocks and you're counting on selling them in order
to pay for your new lifestyle or to pay for something, you will be taxed on those
assets or on those stocks if they have have gained value since you purchased
them. There are many many other tax implications and it really depends on
your situation and what your assets are that you hold, what your debts are on and
on. The most important thing is that you think about these things, that you
have a financial professional look at your situation and make sure that you
have thought through or they have helped you plan through all these pieces that
will come into play in negotiations and in your final
settlement. If you'd like to have a little more information
perhaps figure out which financial professional might be the right one to
help you through your divorce, check out my website TheDivorcierge.com, sign
up for a free consultation.
For more infomation >> Divorce Bill - Duration: 2:08. 
For more infomation >> Why you should see a financial planner when getting a divorce - Duration: 3:18. 
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