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In light of divorce, skier Lindsey Vonn encounters tax troubles

Most people in Minnesota know Lindsey Vonn for her ability to tear down the slopes to victory. Within the last year, however, the Olympic gold medalist and St. Paul native has run into some trouble in her personal life. After going through divorce and complex asset division, it was recently revealed that Vonn owed the Internal Revenue Service over $1.7 million in back taxes.

Just before the income tax filing deadline this week, the IRS filed a lien against Vonn for money unpaid back taxes. Since the news of her tax troubles became public, Vonn has apparently taken steps to remedy the issue, according to a message she left for her fans on Facebook.

Responding to the reports about her back taxes, Vonn acknowledged the complicated year she has had, but indicated that the financial issues, which stemmed from her recent divorce, only recently came to her attention. Her statement indicated that the tax issue was for the 2010 tax year and has been resolved.

Furthermore, she expressed her disappointment that the problem arose from her lack of control over her finances during her marriage and divorce proceedings. Vonn and her husband did not sign a prenuptial agreement, which led to some issues regarding her tax filings. As a result, she has said she has definitely learned something valuable throughout the process.

Unfortunately, Vonn learned the value of signing a prenuptial agreement a little too late. Having a prenuptial agreement in her situation would have made things much easier and less stressful for her, considering the complex asset division required to split up her financial status. A prenutptial agreement would have been particularly beneficial, knowing that she has received major product endorsement deals since her Olympic victory.

Vonn's case also serves as a reminder of the important to make sure your tax filing situation is clear during the marital dissolution process. Filing income tax returns can be complicated on its own, so there is no need to add undue confusion over how your divorce will impact tax liability or returns.

The hope is that the former Minnesota resident will be able to emerge from this situation and continue to be a major force in the world of downhill skiing. Though her last year has been trying at times, Lindsey Vonn has undoubtedly gained the knowledge to protect herself against divorce-related complications in the future.

Source: USA Today, "Lindsey Vonn owes $1.7 million in back taxes," April 15, 2012

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