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Financial factors to consider with a Florida divorce

For Floridians, there are a number of divorce legal issues that will come up at the end of a marriage. Some are focused on more than others, but that does not make the ones that recede into the background any less relevant. In fact, these can cause the most problems. This is true whether it is a high asset divorce or one of more modest means. Finances are a prime factor in any divorce dispute and these must be managed. One aspect that must be considered when planning a divorce is taxes.

For one whose divorce was concluded before December 31 or after the new year, there are different tax implications. Getting divorced before the year ends will mean that the taxes must be filed individually and the filer will be viewed as unmarried and the head of a household for the whole year. This can be important when determining how much will be paid, what can be deducted and other factors. Paying support for a child will not affect the taxes, but a person who is receiving spousal support must pay tax on that.

Since documents are used as evidence when the case goes to court, it is wise to have access to all accounts from the marriage. This includes bank accounts, retirement accounts, records for purchases, credit statements, loans and more. Having copies of these is imperative. Another smart piece of advice is to gather this information prior to the filing just in case there is a dispute and the other spouse does not want to cooperate. Assets need to be calculated. Of course, homes and vehicles are assets but investments that might be shielded from taxes could have their status changed when the marriage is ended are also important.

When a couple shared a marital home, one spouse might decide to leave when the divorce is underway. This can result in no longer having access to the property and could cause problems later. These are some of the situations that can be concerning when a marriage ends. To be protected and understand how best to proceed, speaking to an attorney who is experienced in divorce is the first step to take.

Source: The Street, "Divorce Tax Tips to Make Your Split Less of a Financial Burden," Jan. 29, 2017

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Zachary A. Vandyke, P.A.
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Panama City, FL 32401

Phone: 850-851-0864
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