Ending a marriage in Wyoming can be a complicated process, especially when it comes to financial obligations. Often, one spouse is responsible for money matters in a marriage. After a divorce, someone may have to take on the duties of money management that has never handled it before. Since errors or poor judgment could result in expensive consequences, it is important to seek financial help when needed. However, there are recommendations from experts for those who are dealing with financial issues for the first time.
Counselors suggest that someone determine if there is any liability for delinquent taxes. Even if a person did not earn any income, there would be still be a tax liability for those spouses that filed jointly. However, the Internal Revenue Service does offer relief for an “innocent spouse” in cases such as this if a petition is filed.
It is also important to assess personal tax situation and project liability. By being proactive with this, someone could avoid any surprises at tax filing time, such as unnecessary tax penalties. Experts also recommend approaching the divorce proceedings with a businesslike attitude. Maintaining objectivity is crucial in protecting one’s interests in the divorce proceedings.
As an individual goes through the divorce process, it is important to ask questions on the road to financial independence. For instance, an individual would need to know if the ex-spouse has disclosed all income and assets. Also, it would be important to understand that someone could go back to court to petition for a change in support payments.
Going through a divorce is an emotional experience. However, having the guidance of a Wyoming divorce attorney is a valuable benefit during the proceedings. A knowledge lawyer will assist a client and work to achieve the best outcome possible in the process.
Source: montereyherald.com, “Tax Tips: Pending divorce brings financial struggles“, Barry Dolowich, April 18, 2017