What Gets Taxed in a North Carolina Divorce?

Even under the best of circumstances, most of us don’t relish the idea of paying taxes. This can be particularly true in difficult times. Facing a divorce and worrying about how your divorce might affect you from a tax perspective is doubly unpleasant. It’s an...

What is the Impact of the 2018 Tax Code Changes?

Changes are inevitable. This includes tax changes. When a tax change occurs someone will be affected, but the question is, is that someone you? Based on the 2018 Tax Cuts and Jobs Act (TCJA), those who make alimony payments may find themselves affected by this tax...

Common Financial Mistakes Made During Divorce

The decision to get married is, in so many ways a decision to make two lives one – and finances are no exception to this rule.  More often than not, married couples combine their debts, assets, and bank accounts, and budget together.  This is understandable, and is...

How Divorce Can Impact Your Taxes

Taxes. Most of us don’t love thinking about them, and most of us would certainly agree that in many respects, tax time is a headache. This is true almost every year, but in some years, it is more true than others. If you are in the midst of or have recently finalized...

Tax issues involving children in a divorce

Child Support Payments Unlike the alimony payments that are deductible by the paying spouse, and taxable as income to the receiving spouse, the IRS has mandated that child support payments are never deductible and taxable. Dependency Exemption The dependency exemption...

Tax issues involving property division

The tax issues that can arise when you and your spouse split marital property can be extremely complex. It is important that you ask your attorney about these tax consequences and address them early on in the process. Your attorney may advise you to consult a...