In his article Steering Clear of Financial Landmines Andrew Hoffman lists out some important factors to be aware of when getting divorced.
Being knowledgeable about the financial and tax ramifications of your/your spouse’s actions (or inactions) cannot be over emphasized. Like they say in football- “defense, defense, defense”.
- Take Taxes into Account
- Review Tax Returns
- Understand Retirement Plans
- Short-Sales may Result in Taxable Income
- Structure Spousal Support Carefully
- Check your Health Coverage
How you decide to respond to your divorce will quintessentially affect its outcome, and ultimately, your future.
This is why I stress that it is very important to hire strong, dedicated professionals to assist you during your divorce. Again, your action (or inaction) will either set you up for failure, or success.
By Kim Onisko, CPA
Kim Onisko is a Partner with Onisko & Scholz, Certified Public Accountants, LLP. He has been in public accounting for over 20 years and has a specialty in forensic accounting.