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Posts tagged "taxes"

For many Minnesotans, January may be a time for new beginnings

Whether it is the result of a desire to make change or simply to postpone tax consequences, divorce is particularly popular in the month of January. Regardless of why a couple decides to end a marriage, the fact is that divorce can be a long process, especially for high-asset couples with complex asset division. The following is some advice for Minnesota couples considering filing for a divorce. If nothing else, it might help some couples begin to prepare.

Raising cash for alimony can involve tricky tax consequences

Alimony is a financial payment that one spouse makes to another spouse following the end of the couples marriage. Following the end of a couple's marriage, they must work out a variety of financial details. One such detail, alimony, is a payment that one spouse must make to the other following divorce. Also referred to as spousal maintenance, alimony can be structured in either a lump some or monthly payment. How to structure the payments depends on the unique financial situation of the particular couple. Minnesota couples going through divorce might find the following piece on spousal maintenance and tax consequences interesting.

How to characterize payments in a high asset divorce

Family law attorneys provide a number of legal services, not the least of which are financial. Due to the nature of the disputes family law attorneys deal with on a day-to-day basis, most family law attorneys are actually quite knowledgeable about financial matters. In matters involving complex asset division this knowledge is essential. Minnesota couples, particularly those with family-owned businesses, might find the following information helpful.

Cruising to lower tax burdens after a high-asset divorce

It is virtually impossible to discuss the topic of divorce without mentioning Katie Holmes and Tom Cruise's split, which was recently settled in a rather quick fashion. While news of the celebrity split has involved a significant amount of speculating by tabloids, Minnesota couples considering divorce could learn a lesson or two from this case, especially couples with complex assets or family-owned businesses.

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.

What does income tax season mean for divorcing couples?

Getting everything in order to file income taxes can be a hectic time for Minnesota families. Yet tax season can be made more complicated if a couple is going through a divorce. Though this can be a stressful time of year for couples, there are a few ways they can find their way through divorce and income tax filings.