Most Common Financial Issues of Divorce

Most Common Financial Issues of Divorce

Divorce can become a financial roller coaster if you are not careful. You and your former spouse have to make tough decisions regarding your finances, which can impact your future and the future of your children. It is important you don’t make these important decisions uneducated and alone.

Divorce Property Division

If your marriage is coming to an end, you probably wonder how your marital property will be divided. Most couples accumulate a lot of belongings during the course of their marriage. Dividing marital property fairly is what every couple wants. After all, it will benefit the whole family and help you avoid costly legal fees and unnecessary legal battles in the future.

Dividing Debts

This is also an important aspect of your divorce process.

Debts are often more difficult to divide. In order to properly divide them, you will first have to calculate how much you owe. You should order your joint credit card report. Some divorce parties run up debt without the former’s spouse's consent, particularly if he or she is considering a divorce.

Tax Problems Most divorcees talk about child custody, alimony, asset, and debt division but they forget about other important issues such as the tax implications of divorce. Some tax issues you will have to deal with include: ❖ Tax exemptions for dependents if you have children ❖ Claiming the Head of the Household status ❖ Tax-deductible attorney fees ❖ Avoiding non-deductible child support ❖ Avoiding non-deductible maintenance payments

Hire An Attorney It is important you secure your financial future and the future of your loved ones. Contact a Salt Lake City divorce lawyer Emy Cordano at Emy A. Cordano, Attorney at Law. She has successfully represented many men and women in some of the most complex family law cases.

Contact Details Address

6465 S 3000 E, Suite 103 Salt Lake City, UT, 84121 Contact No.

801-804-5152

Website

https://www.cor-law.com /contact-us/