|Tax Aspects of
(Please Read if this is your first time here.)
This material comes from seminars Ive taught for more than 10 years to Certified Public Accountants and attorneys as part of their continuing professional education requirements. Although written for professionals, lay persons should be able to understand the information. Each topic contains subjects grouped around a logical area or problem encountered in the separation and divorce process. Topics listed first usually arise early in the separation process; topics listed later usually involve areas of negotiation. Each topic is available for a nominal price as indicated on the Order Form that follows the List of Topics Available.
Most topics contain many references to the
Internal Revenue Code and its regulations with an explanation of the code. They also
contain relevant points and insights I have learned from over 20 years experience as a
Certified Public Accountant advising attorneys and their clients. The material is
generally in an outline form that follows the relevant Internal Revenue Code section(s)
applicable to that topic. There are many authoritative court decisions and case
The information in each topic is a condensation
of the tax laws applicable to marriage dissolution and is designed to provide guidance to
professionals advising clients in marital disputes. The material is provided with the
understanding that the author is not engaged in rendering legal, accounting, or other
professional advice to any particular divorce or separation. Although prepared by a
professional, this material should not be used as a substitute for professional services
in specific situations. The information contained in the material is believed to be
accurate as of the date stated at the end of the topic listing. Page counts are
approximate and based upon 11 point type.
The material has been prepared based upon common law principles.
Those readers in states having community property laws will need to consider each
states laws when applying the material. In a generic sense, in a community property
state, each spouse is considered to own one-half of the marital property (and owe one-half
of the debts) regardless of whose name the property is legally titled. The topics are
still relevant when property is transferred or divided. For instance, an IRA will be in
the name of only one spouse, but belong to both. How to divide a marital asset, and the
tax consequences of the division, is the subject of several of the topics and the
information contained in the topic is applicable to both common law and community property
There are numerous exceptions in the case of nonresident aliens,
residents of U.S. Possessions, refugees, and U.S. citizens living abroad. These situations
have generally been omitted from the materials.
Special exceptions for handicapped individuals may apply and
these have generally not been included, and when referenced are not meant to be an
exhaustive discussion of those exceptions. The reader should refer to the specific Code
section and do further research in a common tax reference service.