Some people don’t dive too deep into their spouse’s financial history. In fact, some people may not even have a full grasp on the financial situation of their marriage. That’s just the way some couples are, and we aren’t here to judge. However, it is important to note that if that marriage does fall through and the two of you head to divorce court, your lack of knowledge in regards to your family’s finances could hurt you.
For example, the property that you and your spouse have is obviously of great value. Transferring that ownership, though, can not only be complicated, but it can also have tax implications for you. If you sell the property, or even obtain the property, how will your taxes change? What will your obligations be? These are important questions that you need to know the answers to.
Along the same line, there could be numerous other assets, bank accounts and pieces of property that dramatically affect your taxes. You could be bumped up into a different tax bracket, or you could pay more in taxes as a result of having or selling certain things. Business that you and/or your spouse runs can also be included in this discussion, as can retirement savings.
The point is this: if you are going through a divorce, the tax implications are immense. Getting an experienced tax attorney is important. Not only can that lawyer help you with your tax situation, but your attorney can also work with your divorce attorney to work towards getting you through this difficult time in your life.