If you are considering a divorce, you may be ecstatic, scared, relieved or miserable, depending on the circumstances and your own outlook. One thing for sure though, is that the divorce is going to cost quite a bit of money. The more your net worth, typically, the more expensive the divorce. The more attorneys are involved, the higher the cost. For the affluent, the cost is usually $50,000 to a … [Read more...]
Archives for 2021
TAXES & DIVORCE Part 1 Minimizing Taxes
Divorce brings a new tax bracket, new filing status and, possibly, valuable tax credits. Let’s start with some basics. The tax reform in 2017 did away with any deduction for personal exemptions. This was mostly compensated by greater standard deductions. The current standard deductions for each filing status are: $12,550 Single$18,880 Head of Household$25,100 Married The “Head of Household” … [Read more...]