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Here are seven avoidable mistakes when it comes to splitting assets as part of a divorce. 1. Keeping the marital home when it’s not financially feasible ... Not understanding the value and tax ...
Post-divorce, an advisor can help you create a new financial plan, establish a budget as a single person, help you understand the tax implications of selling assets and provide guidance on how to ...
Learn more: 7 financial mistakes to avoid when splitting assets during a divorce Just like primary mortgages, home equity lines of credit (HELOCs) or home equity loans are typically considered ...
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
Ferguson, 639 So.2d 921 (Miss. 1994), [2] the court described equitable distribution of marital property at divorce as more fair, or equitable, than the separate property system. The court may consider such factors as "substantial contribution to the accumulation of the property, the market and emotional value of the assets, tax and other ...
Income splitting is a tax strategy of transferring earned and passive income of one spouse to the other spouse for the purposes of assessing personal income tax (i.e. "splitting" away the income of the greater earner, reducing his/her income for tax measurement purposes), thus reducing the tax paid by the spouse who earns more and increasing the tax paid by the spouse who earns less, with the ...
Splitting an IRA in a divorce proceeding starts with understanding how much of the money in the account is marital property. For that, you'll need to know: When the IRA was opened
The Virginia Department of Motor Vehicles (Virginia DMV) serves a customer base of approximately 423,000 ID card holders and 6.2 million licensed drivers with over 7.8 million registered vehicles in Virginia. Virginia DMV has more daily face-to-face contact with Virginia's citizens than any other state agency.