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?