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Property Division Archives

Wedding, divorce can affect status in filing of year's tax return

Couples considering tying the knot in Colorado may be aware that a change in marital status can have a real impact on what federal taxes they owe, what tax credits they may receive and how any liability is shared between them if they are cohabitants. This is also true for spouses going through a divorce. Knowing the implications of being listed as married or as single on a tax return can help taxpayers understand their new status with the Internal Revenue Service.

Billionaire divorce set for trial, control of company is at stake

Denver residents facing a divorce may be interested in the story of a billionaire who is facing a legal battle over the division of the millions of shares of stock that give him control over in an oil company. While he won a recent victory in court, a different determination is yet to come.

Divorce, taxes and innocent spouse relief

When people in Colorado end their marriage, they want to go through the process as quickly as possible. They usually think of matters such as property division and child support and correctly believe those can be addressed through a divorce settlement. However, they might not realize that the IRS can get involved in a divorce and decide to audit a person's taxes. Here's just one way that might happen.

Keeping your assets safe during a divorce

No one ever plans on going through a divorce when they get married, but unfortunately, about half of all marriages eventually end in this way. In many divorce proceedings, property division is often a significant and sometimes contentious issue. Many Colorado residents contemplating a divorce look for ways to ensure that the resulting equitable division of property accounts for all assets.

Refinancing after a divorce

One of the issues that some Colorado residents run into after a divorce is when their spouse is obligated to refinance their home loan and remove them from the mortgage, but fails to do so. This can be problematic because continuing to be on a home loan may open someone up to future issues with their credit or recovery attempts from the lender.

Relief from ex's tax debt

While divorce marks a certain degree of finality, spouses in Colorado and throughout the country may continue to be intertwined well after the decree is entered. Such a situation can occur when one of the spouses owes taxes. In general, the Internal Revenue Service will hold both spouses on a joint tax return accountable, even in the event of a divorce.

Murdoch settlement approaching the end

After fourteen years of marriage, media extraordinaire Rupert Murdoch and his third wife, Wendi Deng Murdoch, have decided to call it quits. Their divorce has nearly been finalized. While most Colorado couples likely will not have to battle over the same level of divorce, they must also reach a settlement on their own or through court intervention before they can cut ties.

The Decision of Pet Custody after a Divorce

Most people consider pets to be beloved members of their family, but courts usually treat dogs and other household animals as personal property during divorce proceedings. In a href= "http://www.harkess-salterfamilylaw.com/Practice-Areas/Property-Division.shtml> divorce, a judge can award custody of a pet to one spouse even though it may be close to both individuals. Judges in Colorado and other states have begun to change the way they have treated pet cases and begun to look at owner suitability and relationships.

Protecting your credit rating after a divorce

One of the most important steps to take as a divorce finalizes or is the process of being finalized in Colorado is to close all joint accounts. This protects each party from the other's financial irresponsibility. A personal story illustrates the necessity of closing joint credit card accounts immediately after the divorce is finalized.

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