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Nobody sets out to get divorced, but in the event this should happen, your financial situation can change dramatically. Many consider the obvious issues of divorce such as spousal support, dividing marital assets and who will have custody of the children. However, many people fail to consider the tax implications of divorce. This oversight can cost thousands of dollars. Tax Considerations:  Based on the change of marital status, who is eligible to receive the Child Tax Benefit and Universal Child Care Benefit? Will child support payments and spousal support payments be treated differently for tax purposes? Who can claim the Children's Eligible Dependent Credit? Who can deduct the child care expenses? What legal expenses are deductible?  It is important to schedule a meeting with a divorce attorney and take inventory of all shared and individually owned assets, liabilities, income and expenses to see where you stand financially. As well, we will help you to create a financial strategy for your new life that will include budgeting, savings, investments and lifestyle goals. Divorce can strain finances as well as emotions, but with some preparation and financial planning you and your children's financial interests can be protected. We can assist in creating a financial plan in preparation for your new life.

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Nobody sets out to get divorced, but in the event this should happen, your financial situation can change dramatically. Many consider the obvious issues of divorce such as spousal support, dividing marital assets and who will have custody of the children. However, many people fail to consider the tax implications of divorce. This oversight can cost thousands of dollars.

Tax Considerations:

Based on the change of marital status, who is eligible to receive
the Child Tax Benefit and Universal Child Care Benefit?
Will child support payments and spousal support payments
be treated differently for tax purposes?
Who can claim the Children's Eligible Dependent Credit?
Who can deduct the child care expenses?
What legal expenses are deductible?

We will help you to create a financial strategy for your new life that
will include budgeting, savings, investments and lifestyle goals.
Divorce can strain finances as well as emotions, but with some preparation and financial planning you and your children's financial interests can be protected. We can assist in creating a financial plan
in preparation for your new life.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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