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June 2013 Archives

How divorce can affect a home sale

Some Florida residents planning to divorce may wonder about the tax implications. Divorce often includes the sale of a home. The Internal Revenue Code may allow a spouse to exclude some of the gain from a home sale from being considered income. Knowing how to take advantage of these laws can become important in a complex asset divorce.

The complexities of high asset divorce in Florida

When a couple gets divorced, many financial matters have to be settled. This is especially true for people with numerous assets. Because Florida is an equitable distribution state, assets are divided in a fair and equitable manner but not necessarily 50-50. A spouse who is divorcing in Florida should be aware of the factors that judges take into consideration when dividing assets.

Divorcees may face surprises during tax time

Many Florida divorcees may forget to consider the tax consequences of their divorces. There are many things that recent divorcees may not consider when filing their taxes, such as alimony. The divorced couple should discuss who will be claiming the children on their taxes because this can make a significant difference in overall tax liability. Many divorcees may also want to consult a professional tax service to make sure that they are doing their taxes properly, particularly in the first year after their divorce.

Push for alimony changes continues

Those in Florida who are attempting to change alimony laws faced a setback with the vetoing of a proposed law by the governor, but they have not given up the fight to change how spousal support is handled in the state. Alimony tends to be a point of contention during divorce because few people want to pay their ex after it has gone through. Still, there are very valid reasons why alimony was developed.