Tax Planning Tips for Divorce: What You Need to Know

In this episode, Dr. Friday discusses the tax implications of divorce. Learn how to navigate financial pitfalls, minimize taxes, and avoid unexpected liabilities before finalizing your divorce. Transcript: G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Taxes and divorce. I can’t tell you how many meetings I take on this particular subject. Sometimes I actually am fortunate enough to have both people getting divorced in the office, and we’re really able to do serious tax planning because there are ways that you can save money when you’re divorcing, and there are ways that you can make that other partner pay big if that is your dream. But either way it looks, you do need to consider—if you’re in the process of getting divorced or getting married—sit down. Talk about the finances. Talk about the taxes. Again, how many people even ask the person they’re marrying if they’re up to date on their tax returns? If not, you could end up paying that person’s tax bill. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.