Untangling the affairs of a failed marriage is full of financial & tax pitfalls. It is prudent to speak to an impartial professional before either party engages in the service of an attorney. The major items of concern are whether divorce is the only option, what do both parties really want?
8 Important things to consider when going through this process:
•Timing of the divorce
•Payment of Alimony
•Custody if minor children & child support
•Qualified Retirement plans & IRA
•Filing of back, current and future tax returns
Attention to tax and financial issues helps the parties involved create certainty and avoid problems later on.