If you are involved in marital dissolution proceedings or you may be later this year, taxes may be the last thing on your mind. After all, April 15 passed a few months ago. But you can be best prepared for tax consequences when you know what to expect. This article will help you do that, giving the five top tax tips for when you’re going through a divorce.
Child and spousal support are sometimes ordered when a marriage is dissolved. When that happens, the dissolution decree will specify the amount and terms of payment. As time passes, however, the ordered payments may not be made on a timely basis or for extended periods. If you are the payer, the amount you owe will accumulate quickly and accrue interest while you are not paying. If you are the payee, you will have to begin thinking about how to get the money you are owed.