Years after the divorce was over and the papers had been signed, a doctor found himself on the wrong side of the Internal Revenue Service. He ended up in Tax Court for failure to pay taxes on $140,000 in IRA distributions he paid to his wife several years earlier in 2014. Residents who divorce in Wyoming and other states can avoid tax burdens when transferring from an IRA with the help of their legal advisor.
When couples decide to end their marriage, it usually means making decisions about who gets the house, separating bank accounts and child custody arrangements. Some also have to decide what to do with the family pet. A growing trend to pass laws that would allow pets to be treated like children during a divorce. In Wyoming and most other states, while battles may rage over who gets to keep the family dog, pet custody is not formally recognized.
Children can play a major role as dependents when filing taxes. Claiming children on income taxes is normally cut and dry, but sometimes, another person will claim those same dependents. This problem most commonly surfaces after a divorce when both parties want to claim the children for tax purposes. In Wyoming and other states, taxes can be complex, and it may be in one's best interest to contact a qualified tax professional.
Financial freedom isn't often achieved overnight. In fact, it can take many years or decades of hard work to get to a comfortable place financially. For many, during and after a divorce is a cash-strapped time. Individuals in Wyoming may be feeling financially vulnerable, but the experts offer some common tips to improve the money situation.
An appearance in court is often the final step in the process of ending a marriage with a partner. This may not be true in every case, but for some, the divorce court proceedings are a serious last step, so the court date is treated with reverence. In Wyoming, preparation and presentation can possibly help a person from taking the wrong path in the courtroom.
Wyoming residents who are at the end of their marriages often lean on family and friends for support during this challenging and emotional time. More than likely, they know at least one other person who has been through a divorce and, with good intentions, will attempt to tell the friend or loved one starting the process how it will go. The problem is that no two divorces are exactly the same, and it would be a mistake to think so.
Individuals at the end of a marriage may be wondering how to avoid common mistakes. Luckily, people with previous divorce experience are willing to share some methods that have worked for them. Wyoming residents may be able to take some helpful advice from the following list of pitfalls to avoid while dissolving a marriage.
It's that time of the year when an individual is more likely to decide to call it quits with a partner. Divorce filings tend to peak right after the New Year, and also in March and August. It is a rhythm that some researchers are clamoring to explain, while other experts focus on helping individuals get through the process of the marital dissolution. A person in Wyoming facing a divorce after the New Year may be interested to learn some of the most common tips.
The end of a marriage doesn't necessarily shrink the family unit, according to researchers. All across the United States, Wyoming included, families are getting bigger due to remarriage and stepfamilies. A person facing divorce may have some fears of reducing the number of individuals with whom to share life, but actually, the opportunities can continue to grow over a lifetime.
Understanding Social Security benefits is an important part of retirement planning. These payments can be affected by divorce, so a person in Wyoming will likely want to understand just what might happen if they choose to stay married, get divorced or remarry. When the person chooses to file for benefits also affects the Social Security payout.