Common Divorce Issues

Common Divorce Issues

The following issues should be considered in negotiating a divorce agreement:

    • What about college or other higher education expenses for children?
    • What about life insurance plans to ensure the payment of child support and/or spousal maintenance in the event of the paying spouse’s death?
    • Who will provide health insurance coverage for the children and what will the uncovered spouse do about health insurance after the divorce?
    • After the divorce, what happens when the spouse who was responsible for a joint credit card bill does not pay it, and the credit card company tries to collect from the other spouse?
    • What happens to the jointly held mortgage on the marital home if one spouse buys out the other’s interest and becomes the new title holder?
    • What are the relevant tax issues, including the following:
      • Tax aspects of the transfer of property from one spouse to another.
      • Tax ramifications for each spouse when spousal maintenance is paid.
      • The most beneficial way to file income taxes.
      • Who takes the child tax dependent deduction?
      • Who has the responsibility for tax audits resulting in payment of back taxes or penalties for the years when the parties filed joint returns?
      • Tax ramifications of dividing a retirement plan.
      • What are the tax consequences of selling a house after a divorce?

© Copyright - Peter D Axelrod