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Always relevant, certainly in 2021: divorce-tied tax considerations

On Behalf of | Feb 5, 2021 | High-Asset Divorce |

The financial publication Kiplinger notes in a recent article that “divorce rates are expected to rise sharply in 2021.”

We don’t imagine at the established Oakland County family law firm of Hauer & Snover in Bloomfield Hills that a declaration like that surprises too many of our blog readers.

After all, stress enveloping the country and the world is at an arguably unprecedented level. Tension-inducing triggers incoming from many sources have understandably challenged legions of married couples in Michigan and nationally.

There is the ongoing health pandemic, of course. It is ever concerning (although positive developments are now emerging that will hopefully spell its steady decline).

And there are a host of related stress-promoting catalysts as well. Those range from job losses, money woes and lack of a social life to remote learning for the kids, ultra-close proximity to a spouse at virtually all time and other factors.

Kiplinger duly notes that “being cooped up with each other for months can spell disaster for certain married couples.” Thus, the above nod to 2021 and its expected status as a year for increased divorced filings.

It merits noting that the Kiplinger piece is not all about doom and gloom. Divorce is, after all, an optimally sensible and rational decision for couples whose marriages are irretrievably broken. Post-dissolution life has provided for a second chance and fresh start for millions of disaffected spouses.

What the Kiplinger article does stress to its readers – especially those with comparatively higher assets – is this: If you are getting divorced in the near future, take the purposeful steps required to maximally promote your financial situation.

A proven high-asset divorce legal team routinely helps diverse and valued clients secure that key goal. Protecting interests during the divorce process can necessitate a focus on identifying, valuing and distributing varied forms of property. A business might loom large, as can matters relevant to custody and support considerations.

And then there are tax implications, which Kiplinger underscores are ignored only at great peril for splitting spouses. Tax changes and updates relevant to current filings make a close focus on divorce-tied tax matters especially important now.

Questions or concerns regarding divorce-linked money issues can be directed to an experienced and empathetic family law legal team.